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Question 1 of 10
1. Question
A developer has secured a loan covering several real estate parcels that provide for the release of the mortgage lien on each parcel when it is sold and an agreed-upon loan. Which of the following choices regarding the situation is correct?
Correct
Normally, this form of loan is used to developments in finance, as it has a partial release clause, thereby allowing individual assets to be taken out when they are sold off.
Incorrect
Normally, this form of loan is used to developments in finance, as it has a partial release clause, thereby allowing individual assets to be taken out when they are sold off.
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Question 2 of 10
2. Question
The lender charges the buyer 2 discount points. How much this raises the number of closing expenses of the buyer on his $135,000 home and if his LTV is 80%?
Correct
Convert 80 percent and multiply to a decimal; $135,000 x 0.80 = loan amount of $108,000; $ 108,000 x 2 percent = $2,160 point cost.
Incorrect
Convert 80 percent and multiply to a decimal; $135,000 x 0.80 = loan amount of $108,000; $ 108,000 x 2 percent = $2,160 point cost.
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Question 3 of 10
3. Question
The property has just been classified by ABC Realty at 3545 Drive-in Jayhawk, and ABC Realty has just obtained a lis pendens concerning the land. What does ABC Realty have?
Correct
A lis pendens is a legal notice stating that a statutory case could have an effect on the property that has been brought or is being filed, but the case was not heard. Therefore, it is not specified whether or not have an impact on the property
Incorrect
A lis pendens is a legal notice stating that a statutory case could have an effect on the property that has been brought or is being filed, but the case was not heard. Therefore, it is not specified whether or not have an impact on the property
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Question 4 of 10
4. Question
If the property is evaluated as part of the loan application process, a copy of the loan application process?
Correct
The Equal Credit Opportunity Act provides for the entitlement of the borrower to a right, if the buyer paid for the copy of the appraisal. In Michigan, the buyer must obtain permission from the lender to get a copy of the appraisal.
Incorrect
The Equal Credit Opportunity Act provides for the entitlement of the borrower to a right, if the buyer paid for the copy of the appraisal. In Michigan, the buyer must obtain permission from the lender to get a copy of the appraisal.
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Question 5 of 10
5. Question
The life cycle of a property or neighborhood will involve the phases of?
Correct
A neighborhood or building will undergo a period of development in which it first grows, followed by a period of relatively little change until its decline results from the effects of degradation.
Incorrect
A neighborhood or building will undergo a period of development in which it first grows, followed by a period of relatively little change until its decline results from the effects of degradation.
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Question 6 of 10
6. Question
Attorney Sam gave $100 to Agent Molly shows his appreciation of Molly’s client’s referral. This form of transaction is known to be?
Correct
This kind of transaction violates the Procedures for Real Estate Settlement Act (RESPA)
Incorrect
This kind of transaction violates the Procedures for Real Estate Settlement Act (RESPA)
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Question 7 of 10
7. Question
When a principal residence is sold by an investor, the capital gain is determined by?
Correct
Taxable capital gain on the sale of a property the principal residence is calculated by subtracting from the adjusted cost basis sale of net proceeds.
Incorrect
Taxable capital gain on the sale of a property the principal residence is calculated by subtracting from the adjusted cost basis sale of net proceeds.
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Question 8 of 10
8. Question
There is $86,576 left for Rita Morgan on her 8.5 percent hypothecary. Her payment on a monthly basis is set at $852.56 F or principal and interest. How much of her next payment will be for the decrease of the principal?
Correct
A year’s interest on the present debt would be $7,358.96 ($86,576 × 0.085). A month’s interest is $613.25 ($7,358.96 ÷12). The principal portion of her payment is $239.31 ($852.56 – $613.25)
Incorrect
A year’s interest on the present debt would be $7,358.96 ($86,576 × 0.085). A month’s interest is $613.25 ($7,358.96 ÷12). The principal portion of her payment is $239.31 ($852.56 – $613.25)
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Question 9 of 10
9. Question
The lender’s criteria for underwriting would Accept a ratio of housing expense to the income of 33% and a ratio of total debt service upwards up to a limit of 38% of the monthly gross revenue. The applicant has an outstanding margin, a College loan payable at a $250,000 rate, a monthly payment, and a $450.00 car payment Every month. Gross annual earnings are established at 100,000 dollars per annum. What is the maximum PITI that will be approved by the lender?
Correct
The solution for the problem is as follows: ($100,000 ÷ 12) × 0.38 is $3,166.67 – ($150 + $450) = $2,566.67)
Incorrect
The solution for the problem is as follows: ($100,000 ÷ 12) × 0.38 is $3,166.67 – ($150 + $450) = $2,566.67)
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Question 10 of 10
10. Question
Which of the following statement about closing is true?
Correct
The changing of title and the settlement of accounts shall take effect at the close of company.
Incorrect
The changing of title and the settlement of accounts shall take effect at the close of company.