First time homebuyer - Study guides, Class notes & Summaries

Principles of Real Estate 1 Final Exam(202If a real estate salesperson closes on a transaction, who pays the salesperson their commission? - ANSWER The salesperson's sponsoring broker A means of comparing similar type properties, which have recently sold, to the subject property is known as the? - ANSWER Market Comparison Approach The market comparison approach is commonly used for this property type? - ANSWER Residential The amount of goods offered for sale within a given market at a ...

AYPO Real Estate Principles of Real Estate I Exam Study Guide 2024 TREC has the authority under TRELA to suspend or even revoke a broker's license if: - Answer-They conduct the unlawful practice of law ESAC stands for: -Answer-Education Standards Advisory Committee What refers to a location from an economic rather than a geographic standpoint? - Answer-Situs. Which amendment guarantees that a citizen will not be deprived of property without due process of law? -Answer-5th Amendment. Th...

If a real estate salesperson closes on a transaction, who pays the salesperson their commission? - Answer - The salesperson's sponsoring broker A means of comparing similar type properties, which have recently sold, to the subject property is known as the? - Answer - Market Comparison Approach The market comparison approach is commonly used for this property type? - Answer - Residential The amount of goods offered for sale within a given market at a given price during a given time peri...

Illinois Real Estate Licensee Practice Questions Verified Answers The final decision on the listing price for a property is made by the a) listing broker b) sponsoring broker c) seller d) appraiser ️c) seller A rectangular parcel of land is 260 feet deep and 50 yards wide. How many square feet does it contain? a) 13,000 sq. ft. b) 36,400 sq. ft. c) 39,000 sq. ft. d) 52,000 sq. ft. ️c) 39,000 sq. ft. A fee simple holder of a parcel of real estate grants a life estate to ...

Xinnix Ground School Questions and Answers Already Graded A first-time homebuyer Someone who has never owned a home Move-up homebuyer Currently owns, or has previously owned a home and is looking to move up in price, location, size, etc. Relocation Homebuyer Purchasing a new home in a different city or state due to job transfer or personal desire Affluent homebuyer Well seasoned in home buying process. Knowledgeable, financially savvy, busy. Empty-nester homebuyer Experienced homebuyers look...

TEST: Understanding Niche Products Questions and Answer Repairs/renovations can begin AFTER the renovation loan closes. - Answer ️️ -ANSWER: True On a renovation loan, the LTV is based on the after-improved value of the home. - Answer ️️ - ANSWER: True On a FHA 203(k) Limited only structural repairs are allowed. - Answer ️️ -ANSWER: False Relief Refinance Program loans may only be manually underwritten. - Answer ️️ -ANSWER: False HomeOneSM and Home Possible® have medi...

Xinnix Ground School Questions and complete solutions first-time homebuyer Move-up homebuyer Relocation Homebuyer Affluent homebuyer Empty-nester homebuyer. Investor homebuyer End lender in mortgage banking End lender in mortgage brokering Correspondent lenders Wholesale lenders Fannie Mae (FNMA) Freddie Mac (FHLMC) FHA VA Non-agency loans Conforming loans Jumbo loan Conventional Non-conforming URLA Construction loan Construction-permanent loan P...

Xinnix Ground School Exam Questions With Answers first-time homebuyer Someone who has never owned a home Move-up homebuyer Currently owns, or has previously owned a home and is looking to move up in price, location, size, etc. Relocation Homebuyer Purchasing a new home in a different city or state due to job transfer or personal desire Affluent homebuyer Well seasoned in home buying process. Knowledgeable, financially savvy, busy. Empty-nester homebuyer Experienced home...

A C.L.U.E. report advises a consumer on: - up to seven years of claims history on a property A contract must have a legal purpose in order to be: - enforceable A contraction or generally slowing down of the economy is a: - Recession. A counteroffer is: - a rejection of the original offer A license holder is not liable for a misrepresentation or a concealment of a material fact made by a party to a real estate transaction unless the license holder: - knew of the misrepresentation or conceal...

AYPO Real Estate Principles of Real Estate I Exam Study Guide with Complete Solutions TREC has the authority under TRELA to suspend or even revoke a broker's license if: - answerThey conduct the unlawful practice of law ESAC stands for: - answerEducation Standards Advisory Committee What refers to a location from an economic rather than a geographic standpoint? - answerSitus. Which amendment guarantees that a citizen will not be deprived of property without due process of law? - answer5...