Escrow chapter 13 Study guides, Class notes & Summaries

Escrow Chapter 13

Permanent abatement options include... Paint removal, component removal, enclosure, encapsulation Lead Inspector A certified individual who conducts a surface-by-surface investigation to determine the presence of lead-based paint. Lead-based paint 1 mg/cm2 5000micrograms/g = 5000ppm .5% by weight What is lead based paint? any surface coating containing at least 1 miligram per square centimeter of lead or .5% lead by weight. What agencies focus on childhood lea...

In a valid contract, a "meeting of the minds" is known as: - Answer- mutual consent. All of the following are rules to follow when conflicts or contradictions exist within a contract, except: - Answer- lawful objective. Which of the following does not have to be in writing according to the statute of frauds? - Answer- A lease that lasts six months Usually, a tender is made at a point in time close to: - Answer- escrow. Which of the following is true regarding amendments and addend...

Permanent abatement options include... - Correct Answer-Paint removal, component removal, enclosure, encapsulation Lead Inspector - Correct Answer-A certified individual who conducts a surface-bysurface investigation to determine the presence of lead-based paint. Lead-based paint - Correct Answer-1 mg/cm2 5000micrograms/g = 5000ppm .5% by weight What is lead based paint? - Correct Answer-any surface coating containing at least 1 miligram per square centimeter of lead or .5% lead by weig...

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...

AYPO Real Estate Promulgated contracts actual exam questions "Psychological stigmas," which involve violent or catastrophic events on a property, fall under which category of disclosure? a. Required disclosures b. Prohibited disclosures c. Permitted disclosures d. None of these - ANS c. Permitted disclosures If there is a field in a promulgated form for which you have no information to include, your safest option is which of the following? a. Run a line through it ...

NMLS EXAM 2021 Questions with Correct A Fraud for money Laundering - Answer--Criminal uses scheme known as value tampering -Criminal offers to buy house at reduced rate -Seller must sell at appraised value on paper, but after closing, seller give the criminal the difference in cash. Adverse Action - Answer-An unfavorable credit decision rendered against a consumer made on the basis of information contained on the credit application. If a lender takes adverse action against an applicant,...

Florida Real Estate Exam Owners that buy income properties as investments and depend on professionals to manage them - ANS Absentee Owners a Value estimated based on resent sales of similar properties in the same neighborhood, not an appraisal - ANS CMA -Comparative Market Analysis... A contractor is employed by an owner of land to build on that land to the owner's specifications - ANS Custom Building When a contractor builds on his own land with the hope of locating...

NMLS EXAM 2023 QUIZ 100% SOLVEDFraud for money Laundering -Criminal uses scheme known as value tampering -Criminal offers to buy house at reduced rate -Seller must sell at appraised value on paper, but after closing, seller give the criminal the difference in cash. Adverse Action An unfavorable credit decision rendered against a consumer made on the basis of information contained on the credit application. If a lender takes adverse action against an applicant, the lender must notify...

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...