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Exam Prep

Missed Questions from Exam Prep Class

QuestionAnswer
What is sufficient cause for Escheat? Abandonment of Property. The Government will take property if the owner dies without a will and no heirs.
A Court order partition involving joint tenancy requires an appraisal
What is the highest weighted criteria for an appraiser using the income approach? NAI (Net Annual Income) or NOI (Net Operating Income) The capitalization rate/ rate of return and the market value are components of the formula but not the highest weighted criteria
How is GRM calculated? GRM is the price per rent and is calculated by dividing the average neighborhood price by the average monthly rent
Can a sales license holder prepare a BPO Yes, if prepared in the broker's name and payment is paid to the broker.
Should a sales license holder perform basic test for hazardous materials? Always hire professional inspectors if not qualified.
CERLA is under the administration of the EPA HUD oversees FHA and Fair Housing CFPB oversee RESPA, ECOA, Equal Housing and Truth in Lending FTC administers trade and "No call" list
How long does the seller have to keep a copy of the Lead Paint Disclosure 3 years
Where would you find PMI On a high LTV conventional loan (Where borrower is putting a down payment of less than 20%. - MIP is used on FHA loans - Secondary and high risk loans require higher interest rates
Discount and origination points are applied to the purchase price or to the loan amount The loan amount. Discount points are applied to the loan in lieu of a higher interest rate. Origination points protect the lender from prepayment/ loss of interest.
Created by: deidresj
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