- Elderly homeowners paid off their loan 5 years ago. Due to a limited fixed income, they would like to borrow on the equity of the home. Which type of loan would be most desirable?
- How is the earnest money deposit usually applied at closing on a settlement statement?
- For tax purposes, a 4-unit apartment building purchased in 1992 must be depicted using which of the following depreciation method?
- A principal broker agrees to represents a buyer in purchasing a home, and a contract is signed. Is this an appropriate arrangement?
- A broker lists several newly constructed affordable homes of a builder client. The broker wishes to advertise these homes targeting first time buyers. Which of the following financing terms in the advertisement would trigger further financial disclosure requirements under the Truth-in-Lending Act?
- Which of the following types of clauses governs the right of a listing broker to collect a commission form a owner who waits until the listing period expires and then personally contracts to sell the property to a party the broker had shown the property to during the listing period
- A seller pays 2 discount points when selling a house to a buyer with an FHA mortgage loan. Who receives this money?
- A broker listed an owner's home and later received an offer from another licensee that met all of the listing terms and conditions. After considering the offer, the owner informed the broker that the owner no longer wished to sell and asked to be immediately released from the listing agreement. Which of the following statements BEST describes the brokers position in the situation?
- When MUST a listing broker provide a copy of a fully executed written listing agreement to the owner?
- A broker listed a residential property under a valid written listing agreement. After the sale was completed, the owner refused to pay the broker's fee. Which of the following can the broker do?
- · All of the following agencies are included in the secondary mortgage market EXCEPT
- A private integrated club refused to rent one of its condos to a minority family. The club explained that it did not rent the condos to the public since the condos were from members only. Is the club in violation of the federal fair Housing Act , and if so how?
- Which agency is involved in purchasing government-related loans?
- Personal property is generally conveyed by a
- During a broker meeting, a broker states that a competitor is not charging enough Commission. The other broker should
- The purchased price for a new home was $230,000. The buyer put down 20%, and balance was a mortgage for 80%of the purchase price. The appraised value at the time of closing assessed value was $220,000. What will the buyer pat for one year's property taxes, if her rate is 0.2%?
- The seller responded to the buyers offer, proposing changes to some of the terms. In this case, the seller would be the
- A seller is listing their $350,000 house. They state their property tax bill is $1,110 per year. What should the agent do?
- A property was listed with a principal broker, but the owners advertising the property found a buyer and negotiated the sale themselves. After the closing, the owners paid a full commission to the principal broker. The principal broker MUST have had
- House was listed for $164,000 sold for $158,000 the new loan amount was $124,000 the state where the sale current charges a transfer fee which is commuted at a rate of $3 per $1000 what is the transfer fee for this transaction