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Texas Principles Of Real Estate II Final Exam Study Guide With 100% Complete Solution
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Texas Principles Of Real Estate II Final Exam Study Guide With 100% Complete Solution
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Texas Principles Of Real Estate II FinalExam Study Guide With 100% Complete
Solution
What is the name of the sworn statement in which
the seller assures the title company (and the buyer)
that there are no liens, unpaid bills for repairs or
improvements, or undisclosed defects in the title? -
Correct Answer-affidavits as to debts and liens
Tax incentives that cover the cost of energy-
efficient improvements, EEMs, and Energy Star-
qualified homes are examples of: - Correct Answer-
green initiatives
Which of the following borrowers would be MOST
likely to use a graduated-payment mortgage? -
Correct Answer-young borrower starting their
career, anticipating an income raise in the next
several years
Which type of loan is exempt from RESPA? -
Correct Answer-loans on vacant land
Which TILA regulation requires a disclosure
statement where lenders must make certain loan
facts known to borrowers? - Correct Answer-
Regulation Z
The most common formal organization of a
syndicate is that of a(n): - Correct Answer-LLC
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, Which of the following BEST describes why RESPA
was passed? - Correct Answer-to ensure meaningful
disclosure of closing costs in a real estate
transaction
Property manager William hires an HVAC specialist
to repair a broken air conditioner in an apartment.
This is an example of: - Correct Answer-corrective
maintenance
Which of the following is TRUE? - Correct Answer-A
Texas real estate license does NOT allow agents
and brokers to act as appraisers or home mortgage
originators
A handwritten will created solely by the maker (and
not witnessed) is called a: - Correct Answer-
holographic will
Ashley just bought a house. To purchase the house,
she got a loan for $400,000 with 3 discount points.
How much did she pay for the discount points? -
Correct Answer-One discount point costs 1% of the
loan amount; therefore, one discount point cost
$4,000 in Ashley's case. Ashley paid $12,000 for 3
discount points.
What is the difference between actual and
constructive notice? - Correct Answer-Constructive
notice is the assumption that a diligent individual
can search the public record to gain knowledge;
actual notice is direct or first-hand knowledge.
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