Exam Prep Word Scramble
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| Question | Answer |
| 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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