Escrow chapter 11 - Study guides, Class notes & Summaries

Qualified and Non-qualified Mortgage Programs - ANSWER-The Qualified Mortgage (QM) is a section of TILA that went into effect in 2014. It was mandated by the Dodd-Frank Wall Street Reform Act of 2010 and enforced by the CFPB. The QM Rule works hand in hand with the Ability to Repay Rule (ATR). The QM requirements generally focus on prohibiting certain risky features and practices such as negative amortization and interest-only periods and loan terms longer than 30 years. Features of a qual...

Florida Real Estate State Exam Property management - ANS Abesntee ownership has increased the demand for which area of brokerage A fee based upon time and difficulty of appraisal - ANS What is a real estate appraiser is paid A subdivision plat map - ANS What does the local planning agency have the authority to approve Dedication - ANS What is it called when a developer gives land to a governmental body? Property management - ANS What business is a license en...

Promulgated Contracts Questions with complete solutions A "release clause" in a mortgage agreement would allow which of the following without additional lender approval? To section off a portion of the property, the equivalent value of which has been paid off, and sell off that portion if desired. An oral contract for the lease of a property for one year or less has a statue of limitation of: two years Which of these is an exemptions to the "legal capacity" requirement to fo...

Title 45 - Answer New Jersey's real estate license law is known as Draw up a binding lease for a new tenant in a property the resident owns - Answer an unlicensed New Jersey resident may two years - Answer a real estate license is valid for 18 - Answer according to the law, to obtain a salesperson's license one must reach the age of 150 - Answer a broker must have completed how many hours of study in addition to the original salesperson's course? one year - Answer the prelicens...

How often is continuing education required for Kentucky real estate salespersons? - Answer Every year. An individual obtaining their first, original Kentucky license is exempt for the first two calendar years. When a licensee pays back the Recovery Fund: - Answer He/she must pay back all the reimbursed funds plus 10% interest on the amount. Who appoints the members of the Kentucky real estate commission (KREC)? - Answer The Governor Which of the following is a violation of Kentucky li...

Under the Securities Act of 1933, registration is required for which of the following securities? -Municipal securities -ADRs -Securities issued by the federal government - ANSWER--ADRs Which of the following Form U4 reportable events results in a statutory disqualification? -A personal bankruptcy filing -Written customer complaint alleging misappropriation of assets -A felony conviction for a driving under the influence charge - ANSWER--A felony conviction for a driving under the i...

Broker - One who buys and sells for another for a fee. Broker-Salesperson - A qualified broker who practices real estate in the position of salesperson in another broker's office bureau of subsidized land sales control - regulations covering out of state properties sold in NJ continuing education - 12 hours required every two years, two of which must be on ethics NJ Real Estate Commission - Department of Banking and Insurance. 8 members. 5 brokers for at least 10 year...

Local Bond Law (Statute #) - ANSWER-NJSA 40A:2 Local Budget Law (Statute #) - ANSWER-NJSA 40A:4 Local Fiscal Affairs Law (Statute #) - ANSWER-NJSA 40A:5 Local Public Contracts Law - ANSWER-NJSA 40A:11 Encumbrance System (TAD#) - ANSWER-TAD 85-1 Fixed Assets (TAD#) - ANSWER-TAD 85-2 General Ledger (TAD#) - ANSWER-TAD 85-3 Annual Audit Must be Conducted by a: - ANSWER-Registered Municipal Accountant Accounting Formula(s) - ANSWER-Assets = Liabilities + Fund Balance or Ass...

1. John Anderson is a licensed real estate sales associate. Under which name may he register and be licensed? a. Complete Real Estate Sales Services b. John Anderson Brokerage c. John Anderson, LLC d. John Anderson and Partners - answer-c. John Anderson, LLC 2. A sales associate receives a binder deposit from a buyer on Monday. By the end of business on what day of the week must the broker deposit the funds into the escrow account? a. Tuesday b. Wednesday c. Thursday d. Fr...

Series 79 Exams 2023-2024 Q&A When a customer requests access to FINRA's rule manual, it is permissible for the firm to - ANS-Firms must provide a current copy of the FINRA Manual for examination by customers upon request. Firms may comply with this rule by maintaining electronic access to the FINRA Manual and providing access to the electronic version. Written request is not required. Rule 144 applies - ANS-Corporate insiders owning more than 10 % of company's securities All cust...