Compucram questions - Study guides, Class notes & Summaries

Special restrictions to all properties within a subdivision would be found in: - Record of restrictions: RATIONALE A mortgage contains only the terms between the bank and the borrower. The corporate minutes of developers are not public records. Subdivision records are not necessarily public records either, but the records of restrictions are found on the deeds to all properties within a subdivision and on the master plat record. Stock in a mutual water company is best described as: - Real ...

Under the Home Ownership and Equity Protection Act, a creditor may not refinance a Section 32 loan into another Section 32 loan within the first ______________ of origination, unless the new loan is in the borrower's best interest. - 12mths - 24 mths Answer -12 mths RATIONALE A creditor may not refinance a HOEPA loan into another HOEPA loan within the first 12 months of origination without showing that it is in the borrower's best interest Which is NOT a trigger used to define a hi...

In some states, the common law legal rights that a wife has in property owned by her husband during their marriage are best known as - dower What type of land use does NOT comply with the zoning restriction for its location, but is permitted because it benefits the public? - conditional use What is market value? - price a property is likely to bring in an arm's length transaction What is NOT a feature of an FHA-insured loan? - no MIP insurance FHA loans use a mutual mortgage insurance pla...

The primary purpose of the FACT Act is to - protect consumers from identity theft What rule within the GLB Act governs the collection and disclosure of nonpublic personal information to third parties? - Financial Privacy Rule For an electronic funds transfer, a SAR must be filed when there is a transaction aggregating _____ or more that involves potential money laundering or violations of the Bank Secrecy Act. - $5,000 According to the GLB Act, a person who completes a single transaction w...

If a lender transfers the servicing of a mortgage, it must inform the borrower at least how many days in advance of the effective date of transfer? Answer 15 Days The primary reason to provide a borrower with a revised LE is to Answer Accommodate changed circumstances. (A revised LE may be provided if there are changed circumstances.) The agency responsible for administering the Equal Credit Opportunity Act is the Answer Consumer Financial Protection Bureau. FHA is administered by Answe...

Which can the operation of law NOT create? Answer joint tenancy What lien attaches to a property to prevent the transfer of title when there is a pending lawsuit that may affect the title? Answer attachment A couple is engaged to be married. Any real estate they own at the time the marriage takes place remains that spouse's property in severalty, and property acquired after the marriage belongs equally to both of them. This type of ownership is referred to as Answer community property ...

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Compucram Questions, Answers,and Rationalities

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