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GA MLS Real Estate Units 17 to 20 Questions And Answers $12.49   Add to cart

Exam (elaborations)

GA MLS Real Estate Units 17 to 20 Questions And Answers

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  • Course
  • GA MLS Real Estate
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  • GA MLS Real Estate

certificate of occupancy ~ A document issued by the governing authority stating that a building complies with applicable laws and permitting occupancy for its designated use. subdivider ~ A person who buys undeveloped average and divides it into smaller lots for sale to individuals or deve...

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  • August 8, 2024
  • 19
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • GA MLS Real Estate
  • GA MLS Real Estate
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GA MLS Real Estate Units 17
to 20 Questions And Answers

closing


✓~ The conclusion of a real estate transaction, when title to the real estate is

transferred in exchange for payment of the purchase price.




survey


✓~ Indicates the location of all buildings, driveways, fences, and other

improvements located on the premises; should also indicate any existing easements

and encroachments; provides information about the exact location and size of the

property.




escrow closing


✓~ A disinterested third party is authorized to act as an escrow agent, or escrow

holder, and coordinate the closing activities. The escrow agent may be an attorney,

title company, trust company, escrow company, or the escrow department of a

lending institution.




Real Estate Settlement Procedures Act (RESPA)

, ✓~ A federal law that requires certain disclosures about the mortgage and

settlement process and prohibits certain practices that increase the cost of settlement

services, such as kickbacks and referral fees.




Mortgage Disclosure Improvement Act (MDIA)


✓~ Has changed how buyers, sellers, mortgage brokers, lenders, title agents, and

real estate professionals prepare for closing.




RESPA regulations apply to....


✓~ a first-lien residential mortgage loan made to finance the purchase of a one-to-

four-family home, cooperative, or condominium, for either investment or occupancy,

as well as second or subordinate liens for home equity loans when a purchase is

financed by a federally related mortgage loan.




affiliated business arrangement (ABA)


✓~ The practice of a real estate firm, title insurance company, mortgage broker,

home inspection company, or even a loving company may agree to offer a package

of services to consumers in order to streamline the settlement process.




mortgage servicing transfer statement

, ✓~ Required if the lender intends to sell or assign the right to service the loan to

another loan servicer; the loan servicer must notify the borrower 15 days before the

effective date of the loan transfer, including in the notice the name and address of the

new servicer, toll-free telephone numbers, and the date the new servicer will begin

accepting payments.




TILA-RESPA Integrated Disclosure Rule (TRID or "Know before you owe")


✓~ Replaces the four previous disclosure forms with two new forms: the Loan

Estimate and the Closing Disclosure; the CFPB prepared these forms to make it

easier for consumers to understand the costs involved in closing.




Loan Estimate


✓~ This form replaces the initial Truth in Lending statement (TIL) and the Good

Faith Estimate (GFE); highlights the information that historically has been the most

important to consumers— interest rate, monthly payment, and total closing costs are

clearly presented on the first page; this form must be provided to the consumer three

business days after a loan application is submitted to the lender.




Closing Disclosure Form

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