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d answears

Question	Answer
The following reasons accounts for why bridge loans are not used much anymore	D. Both A and B
The following is true of a government loan	D all of the above
A point is	D 1% of the amount of the mortgage
the principal is	D both a and b
Which of the following best describes a broker	D all of the above
a term used by appraiser to estimate the physical condition of a building it may be different from the building's actual age	the effective Edge
where is a real estate transaction considered to be closed	D both b and c
Fair market value could be defined as	D both b and c
a home inspection is	D both A and C
Which of the following is true of a lease option	D all of the above
Which of the following is true About an origination fee	D both A and B
Why would a public auction take place	to sell property to repay a mortgage in default
which of the following does a survey not show	location of Furnishings within the dwelling
if a veteran is eligible for a VA loan he or she would receive a document from the VA called	Certificate of Eligibility
count points refer to	D both B and C
Which of the following can the Equal Credit Opportunity Act(ECOA) not discriminate against	D all the above
A late charge is	D both A and B
Common area assessments are	D all the above
Following would not be paid by escrow disbursement	D personal property taxes
The following is true of a home equity conversion mortgage(HECM)	D all the above
A lender is	D both A and B
A margin is	The difference between the interest rate and the index on an adjustable rate mortgage
Which of the following describes prepayment	D both B and C
What is private mortgage insurance	D both B and C
What is a recorder	D all the above
Enjoy Tennessee if one person dies and the other inherit the property this is called	D right to survivorship
Of the following is true at the Veterans Administration(VA)	D all the above
What does the term buy down mean	D all the above
Which of the following is true of condominium	D both A and C
Following would not be considered an encumbrance the fee simple title on a piece of property	D furniture not paid for
An earnest money Deposit is put into this and until delivered to the seller when the transaction is closed	D an escrow account
Which of the following is true of the Federal National Mortgage Association (Fannie Mae)	D both A and B
Which of the following Is true of the government National Mortgage Association also known as Ginnie Mae	D both A and C
Sometimes called a first deed, this is a legal document pledging a property to the lender as a security for payment of a debt	D mortgage
Which of the following is true of the term mortgage Banker	D all the above
Which of the following describes prime rate	D both A and B
A no Cash out refinance is	D both B and C
Of a servicer include	D all the above
Birds of a property which of the following to be true	D both A and B
Which of the following applies to closing cost	D all the above
Which of the following are duties of a loan officer	D all the above
This is a way of holding title to a property where is the mortgagor does not actually own the property but rather as a recorded long-term lease on it	leasehold estate
which of the following is true of negative amortization	D all the above
Four components of a monthly mortgage payment on impounded loans are	Principal. Interest,taxes,insurance
the term periodic rate cap refers to	D both A and B
What is a recording	D both B and C
Which of the following is an example of tranfer of ownership	D both A and C
What are assets	D all the above
Which of the following is true of common areas	D all the above
I a condominium hotel you would find the following	D both A and B
Which is true of the cost of funds index(COFI)	D both A and C
Which of the following is not part of loan servicing	Sending a monthly statement to the owner
The term servicing describes	D both A and C
Many states determine the order of water rights According to which users of the water hold a recorded beneficial use permit the allocation of water rights is determined by	the doctrine of Prior appropriation
which of the following types of ownership cannot be created by operation of law but must be created by the parties expressed intent	tenancy by the entireties
which of the following is/are considered to be personal property	patio furniture
All of the following are physical characteristics of land except	scarcity
personal property includes all of the following except	fixtures
homeowner Jenny acquired the ownership of land that was deposited by a river running through her property by	accretion
Jim and Sandy are next door neighbor's Sandy tells him that he can store his camper in her yard for a few weeks until she needs the space and it did not charge him rent for the use of her yard Sandy has given Jim and what	license
Evan lives in an apartment building the land and structures are owned by a corporation with one mortgage loan covering the entire property like the other residents even own stock in the corporation and has a lease on his apartment this type of ownership	cooperative
Tom leases store space to Kim for a restaurant and cam installs ovens boots counters and other equipment when do these items become real property	when the lease expires if the items are not taken by the tenant
Jim Manny and Harry are joint tenants owning a parcel of land Harry conveys his interest to his longtime friend Wendell after the conveyance Jim and Manny	remain joint tenants owning a 2/3 interest
In a gift of a parcel of real estate one of the two owners was given an undivided 60% interest and the other received an undivided 40% interest the two owners hold their interests as what	tenants in common
when a company furnishes materials for the construction of a house and is subsequently not paid it may fall out	mechanics lien
a mechanic's lien would be properly classified as a	statutory lien
the condemnation of private property for public use is exercised under which government right	eminent domain
when a claim is settled by a Title Insurance Company the company acquires All rights and claims of the insured against any other person who is responsible for the loss this is known as what	subrogation
a savings and loan institution would be violating the federal fair housing act button on a loan to mr. And mrs. Happy borrower for which of the following reasons	minority background
what type of a listing agreement allows the owner to appoint an exclusive agent to sell his property but retains the right to sell the property and self	exclusive agency
Jim Jones the landlord rents a property to Tom Smith a handicapped person mr. Smith with mr. Jones permission modifies the house to suit his needs when the lease expires which of the following requirements would not have to be met by mr. Smith	mr. Smith must restore the wide doorways that were installed for him to their original size
all of the following are duties of the property manager except	securing tenants of a particular ethnic origin in accordance with the owner's wishes
if upon the receipt of an offer to purchase his property under certain conditions the seller makes a counteroffer the prospective buyer is	relieved of his original offer
when a prospective buyer makes a written purchase offer that the seller accepts then the	buyer receives Equitable Title to the property
a breach-of-contract is a refusal or a failure to comply with the terms of the contract if the seller breaches the purchase contract the buyer may do all of the following except	to the broker for non-performance
which of the following type of agency relationships is recognized in Kentucky	All the Above
at which point in proceedings would an agent be considered particularly remiss in their responsibilities if they written disclosure regarding agency relationships has not yet been distributed to a prospective buyer	at the closing table
which of the following pieces of information is not considered confidential in a dual agency relationship	comparable Market data for the seller after the buyer has requested and received such information
which of the following is not a requirement for obtaining a Brokers license in Kentucky	minimum age of 21
besides remitting the appropriate fee a sales person who has failed to renew her license for three full years must take all the following steps except	submit a written appeal to the Kentucky Board of real estate brokers and salespersons petitioning for reinstatement of the expired license
which of the following activities is an unlicensed real estate assistant unable to perform	clarify the details of simple contract documents for prospective buyers
which of the following individuals is not exempt from the provisions of the Kentucky real estate license Act	an individual who accepts fees to recruit prospective buyers or renters of Real Estate
in which of the following circumstances must an individual be licensed as a real estate salesperson or broker	to sell 30 newly constructed homes in a particular subdivision
Ghost person's license may be revoked in which of the following circumstances	she deposited buyers in earnest money into her personal savings account
all of the following are violations of the license law except which one	Southside on the lomans property after receiving written permission to do so
What specific content is required for a website developed by a broker's office	The name and address of the office and any states in which the brokerage holds licenses must be specified
When can a landlord evict a disabled blind or disabled tenant from the premises	If the tenant has loud parties and makes too much noise
A buyer bought a property without telling the seller of his intended purpose for the property the contract contained no contingency Clauses and it is a property executed contract after the closing the buyer is unable to obtain the zoning he needs for his	Enforceable
The sellers listed their property for 6 months on February 26th for $104,500 they agreed to pay the listing broker a 7% commission at closing on the agreed-upon sale price a buyer made an offer on the property on March 29th for $102,000 the seller counter	$7,245 debit the seller
The seller and the buyer agreed to a purchase price of $103,500 with the closing to occur on June 15th the seller's loan balance after the June 1st payment was $39,440 with an interest rate of 10% the monthly payment was $440 principal and interest what w	Loan balance $39,440 interest due $164.33
The buyer and seller agreed to a purchase price of $103,500 the buyer received an 80% loan how much was a buyers loan and how did it appear on the settlement statement	$82,800 credit the buyer only
The finance charges recorded on the truth in lending statements would include all of the following except	recording fees and title insurance premiums
The Smiths purchase a resident for $75,000 they made a down payment of $15,000 and agreed to assume the sellers existing mortgage with headache current balance of $23,000 The Smiths Finance the remaining $37,000 of the purchase price by executing a secon	Part purchase mortgage
Which of the following is true of a second mortgage	it is usually issued at a higher rate of interest
Usher II most nearly means	illegal interest
a VA loan may be granted for the purchase of a one-family to four family property if	the veteran agrees to live there
in Most states by paying the debt after a foreclosure sell the mortgagor has the right to regain the property what is this right called	statutory right of redemption
the primary purpose of Truth in lending is to	disclose the true cost of obtaining credit
Who is not an originator of primary loans	FHA
An owner was selling his own home can he advertise the down payment	yes because it was his own home
A10 at least 3,000 square feet at $10 per square foot and an 8% of gross income the total annual rent she paid was $60,000 what was the gross income on which she paid percentage rent	$375,000
the zoning Commission of Jefferson County requires that all new construction in a specific area and here to a specific type of architecture what type of zoning is this	Aesthetic
The primary survey line running North and South in the rectangular survey system is the	Principal meridian
An appraiser correlates the three approaches into a final estimate he	reconciles the differences according to the type of property being appraised and the quantity and quality of the data available
restrictive covenants that run with the land	apply to and bind all successive owners of the property
in doing a market analysis on appraiser found a recently sold property where the owners had just gone through a divorce the property had been listed for $60,000 for three months that was purchased for $40,000 by one of the spouses should the appraiser us	no because of the divorce it was not an arm's length transaction
what is the official view of listings based on net price	they are illegal in Kentucky
how are commission's regulated in Kentucky	commissions are fully negotiable between Brokers and clients
in Kentucky which of the following need not be included in a listing contract	disclosure of any new material defects
What obligation does a license broker or salesperson have upon obtaining a listing	provide the signers of the listing with a legible signed true and correct copy of the listing
Which Wich agency or individual May a person file a complaint regarding fair housing practices	with the Kentucky Board of real estate brokers and salespersons
Gail has decided to leave her employee broker and work for a new employee broker and a larger brokerage which of the following steps must you take to notify the board	nothing it is the current Brokers responsibilities
what information must a broker Supply to be eligible for a license for a branch office in a town 40 miles away from the home office	the name of a broker associate who will act as branch manager
Floyd Hipps Stone has lived in his condominium from May through November in each of the six years since he bought the new construction he has recently decided to make his Southern migration permanent and has just signed a contract with a buyer Tracy leak	the contract may not be cancelled in this situation
What heading should be pre-printed offer to purchase display if it is intended to become a binding contract	no particular heading is required
Jesse Watters a top rated broker wants to earn the listing for the Millers house but is competing with a number of other Brokers for the listing after considering the situation yes he entices the Millers to list their house with him based on the followin	purchase the Walters property at the established price before the 90-day period concludes
which of the following actions does not lie within the realm of responsibilities of a broker preparing for a closing	completion of required title searches
What a property be located in relationship to the intersection of the Baseline and the principal Meridian if its location is described as the southeast quadrant of Section 5 Township 5 South Range 2 East	southeast of the initial point
1 acquire Land by adverse possession	use the land without permission
Jacob Ross has established a year-to-year Tennessee with his landlord over the past five years now the landlord wishes to terminate the year-to-year Tennessee and convert the apartments into a new form 1 notice is the landlord required to provide Jacob	the number of days equivalent to the basis on which rent is paid

Created by: gina77

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