Chapter 4 escrow accounts - Study guides, Class notes & Summaries

Chapter 16-Escrow and Closing Already Rated A+ Which of these transactions requires the use of a Closing Disclosure? ️New home purchase with conventional financing A contract states that the taxes be prorated between the buyer and seller. The taxes have been paid in advance. The proper entry on the closing statement is? ️Credit the seller and debit the buyer The escrow requires that the taxes be prorated between the buyer and the seller. The taxes have not been paid. The property...

Loan Processing - ANSWERSThe process of collecting information about a borrower in order to build a loan file that will be used to make an underwriting decision Underwriting - ANSWERSThe process of evaluating a borrower's loan application to determine the risk involved for the lender Funding - ANSWERSThe process of transferring funds to a title or escrow company for disbursement Servicing - ANSWERSSending monthly payment statements and collecting monthly payments, maintaining payment r...

Florida RE Exam Practice Questions c - ANS Which tax lien is superior? a. Mechanic Lien Jan 2, 2013 b. Housing Lien March 30, 2013 c. Property Tax Lien Jan 1,2013 d. Mortgage Lien September 30, 2013 b - ANS A landlord has how many days to make a claim on a deposit? a. 15 b. 30 c. 7 d. 3 b - ANS Which of the following ways is NOT a way to determine a fixture. a. Intent b. Disposition c. Method d. Adaptation a - ANS What fees does the buyer pay...

The redemption value of an open-end investment company's shares is based on the: previous offering price previous closing NAV NAV computed after the order is received offering price computed after the order is received NAV computed after the order is received The computation of dollar prices and accrued interest on municipal bonds is normal on what calendar basis? 30/360 30/365 Actual/360 Actual/365 30/360 Blue-sky laws are regulated by which of the following entities? SEC MSRB F...

Real Estate Practice Exam: State Questions and Answers Graded A A licensee who has passed the broker's state examination, but desires to continue to operate under an owner-employer, will be a what under the law? Broker If a home owner was hoping to purchase a second home, but did not have plans to sell their primary residence necessarily, which of the following financing options would work best? Equity Loan Who can receive compensation directly from the principal? Employing broker A propert...

What is Chapter 93 A? - Answer x Lead Paint? - Answer x Statutory Quitclaim - Answer x General Warranty - Answer x Special Warranty - Answer x Massachusetts does not call the deed of conveyance special warranty deed it is called a statutory quitclaim - Answer x Homestead - Answer x Tristrams Landing v Waite - Answer the deal must close exception: seller backs out without any good reason Massachusetts Consumer Protection Act - Answer x Superfund Law 21E - Answer x W...

Chapter 3 - Answer New Jersey License Laws real estate commission - Answer 8 members - 5 brokers who have been state residents for atleast 10 years - 2 members of the public - 1 government designee the real estate commission is funded by? - Answer the department of banking and insurance how many days of notice are needed for the real estate commission to search broker records? - Answer zero what kind of power does the real estate commission have? - Answer subpoena power Sales...

Real Estate Exam - State Portion – Virginia Already Passed broker's supervisory requirements Each place of business, each branch office, and each real estate team shall be supervised by a supervising broker. The supervising broker shall exercise reasonable and adequate supervision of the provision of real estate brokerage services by associate brokers and salespersons assigned to the branch office or real estate team. The supervising broker may designate another broker to assist in administer...

What is the difference between a preamble to a rule and the staff commentary? - ANSWER-A preamble is found in the official proposed rule or final rule issued in the Federal Register. Staff Commentary is often found as an appendix or supplement to a rule, rather than in a number section. Staff commentary can help explain and show examples of the rules in plain English. What is the difference difference between a final rule and an interim final rule? - ANSWER-Final rules are issued after the co...

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...