Va law regulations - Study guides, Class notes & Summaries

Exam For Texas Real Estate Principles 1 Questions and Answers 2024 There are seven sources of law in the United States, What would be an example of them? Local zoning laws, FHA/VA regulations, court decisions Laws passed by Congress and various other various state legislatures may Authorize agencies to pass rules and regulations to enforce the provisions of law The legal concept of precedent Grew out of common law Constitutional provisions Establish the rights of citizens and delineate...

What law deals with credit, APR & Advertising of consumer loans? - Answer-TILA Which regulation prohibits kickbacks? - Answer-RESPA Which regulations require the lender to cancel PMI when the loan reaches 78% LTV? - Answer-HPA-Homeowners Protection Act Which Regulation prohibits fee splitting? - Answer-RESPA Regulation X is the letter used to describe which law? - Answer-RESPA RESPA is the acronym used to describe which law? - Answer-Real Estate Settlement Procedures Act What t...

Texas Principles of Real Estate 2 (2023/ 2024) Exam | Guide with Verified Answers| 100% QUESTION Loan Origination Fee? Answer: The financing charge that a lender requires. QUESTION VA Loan? Correct Answer: A loan made to qualified veterans for the purchase of real property wherein the Department of Veteran's Affairs guarantees the lender payment of the mortgage. Guarenteed Loan. QUESTION FHA Loans? Answer: Insured. 203b, 203h, Rehab loa...

A nonresident who obtains a license as an active salesperson in VA is required to do which of the following? 1. Move to VA within 6 months of licensure. 2. Post a bond. 3. Maintain an escrow account in VA. 4. Activate with a VA licensed broker. - 4. Activate with a VA licensed broker. The purpose of the VA real estate license law and Board related rules and regulations is to... - Protect the public interest Two brokers are involved in a dispute over a commission split. Which of the follo...

Conventional Mortgages neither insured nor guaranteed. Typically requires 20%-25% down payment. Conventional with PMI (Private mortgage insurance) A conventional loan with insurance on it- up to 20%. The law passes in 1998 made it mandatory for the lenders to drop the PMI when the loan balance reaches 78% of the original value of the property. Borrower can request the lender to drop the PMI, when the balance reaches 80% of the value of the property. FNMA and FHLMC encourages lenders to ...

M & M candies wants its suppliers to conform to U. S. environmental and labor laws, not just the local laws in the supplier's country, where regulations may not be as stringent. Their policy reflects the beliefs that people have a right to be treated fairly in their jobs and a right as human beings to have a clean environment. This is an example of what school of jurisprudence? Legal Positivism; Natural Law; Legal Realism; Historical School: Tradition; All of the Above. - Answer- The ans...

Real Estate law governing advertising applies to all of these EXCEPT: A. In house notes for showing B. Multiple listing service (MLS) C. communications with consumers D. Social Media - ️️A. In-house notes for showing are not seen by consumers an so do not have to follow state or federal laws. A couple accompanies a property inspector during an inspection of a house on which they have a contract. The inspector points to a six-inch crack at the corner of a dining room window. The crack...

Real Estate law governing advertising applies to all of these EXCEPT: A. In house notes for showing B. Multiple listing service (MLS) C. communications with consumers D. Social Media - ANSWER A. In-house notes for showing are not seen by consumers an so do not have to follow state or federal laws. A couple accompanies a property inspector during an inspection of a house on which they have a contract. The inspector points to a six-inch crack at the corner of a dining room window. The crac...

Licensing Oversite correct answersRulemaking - to create administrative rules Licensing - to issue/renew licenses Enforcement - suspend/revoke licenses, deny applications, fines Education - Licensing, PLE and CE requirements Lack of Authority correct answers-No criminal authority -VREB is not a mediator between licenses -VREB may not establish a set commission rate or standardized agreement Compared to Trade Organizations correct answers-Organization membership and standards are ...

A nonresident who obtains a license as an active salesperson in VA is required to do which of the following? - 4. Activate with a VA licensed broker. The purpose of the VA real estate license law and Board related rules and regulations is to... - Protect the public interest Two brokers are involved in a dispute over a commission split. Which of the following could become involved in the settlement dispute? - A court having jurisdiction over the brokers. If the Board receives a written comp...