Missed Questions from Exam Prep Class
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| What is sufficient cause for Escheat? | Abandonment of Property. The Government will take property if the owner dies without a will and no heirs.
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| A Court order partition involving joint tenancy requires | an appraisal
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| 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
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| How is GRM calculated? | GRM is the price per rent and is calculated by dividing the average neighborhood price by the average monthly rent
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| Can a sales license holder prepare a BPO | Yes, if prepared in the broker's name and payment is paid to the broker.
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| Should a sales license holder perform basic test for hazardous materials? | Always hire professional inspectors if not qualified.
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| 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
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| How long does the seller have to keep a copy of the Lead Paint Disclosure | 3 years
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| 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
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| 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.
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