Unbeknownst to a buyer - Study guides, Class notes & Summaries

A woman borrowed $100,000 from a bank and executed a promissory note to the bank in that amount. As security for repayment of the loan, the woman's brother gave the bank a mortgage on a tract of land solely owned by him. The brother did not sign the promissory note.The woman subsequently defaulted on the loan, and after acceleration, the bank instituted foreclosure proceedings on the brother's land. The brother filed a timely objection to the foreclosure. Will the bank succeed in foreclosing ...

Texas Real Estate Exam Brokerage Practice( Solved)

In need of money, the owner of a ring prepared an email one evening proposing to sell the ring to a friend for $500, but only if he responded within 24 hours. Unable to bring herself to send the email, the owner, who normally was a teetotaler, began drinking. When she was thoroughly intoxicated, she sent the email without realizing it. After the owner sobered up the following afternoon, she called her friend and said that she had never meant to send the email, but her friend informed her that he...

Stambovsky v. Ackley Questions and Answers Rule of Law A condition created by a seller that decreases the value of a home, and is unlikely to be discovered by the buyer, must be disclosed by the seller. Stambovsky - plaintiff - entered into a contract for the purchase of a home in Nyack, New York, with Ackley - defendant. Unbeknownst to Stambovsky, Ackley had held the house out to the public as a haunted house. An article had been written about the home in Reader's Digest, and the hom...

An insurance company, incorporated and with its principal place of business in State A, brought a federal statutory interpleader action in federal district court after a dispute arose as to person(s) entitled under state law to the proceeds of the insurance policy in the amount of $100,000. The claimants under the policy are all citizens of State B. The insurance company posted a bond for $100,000, representing the disputed proceeds. Does the court have jurisdiction over this action? Answers...

ND: Agency from a North Dakota Broker's Perspective - Unit Exams Practice Questions and Answers In North Dakota, informing parties of material facts related to a transaction describes the duty of ______. - ANSWER-Disclosure You represented Chloe a few years ago when she sold her home. Now she is a party to a transaction, and you are not representing her because she is a buyer who is making an offer on one of your listings. Do you owe Chloe the duty of confidentiality? - ANSWER-Yes, the...

1. How many times may a licensing candidate take the NMLS national examination before having to wait six months to retake it? - ANSWER-Answer: b) Candidates who fail the exam must wait 30 days between each subsequent attempt. After failing the exam a third time, the waiting period increases to six months. 2. Which of the following loan originator license applications would automatically be declined? - ANSWER-Answer: b) The SAFE Act prohibits an individual from obtaining a mortgage loan origin...