NYREI exam question 2 with correct answers

NYREI exam question 2 with correct answers what is fine if seller doesn't give proper condition disclosure before buyer signs sale contract? - CORRECT ️️ $500 seller wants $140,000 on his sale. he must pay $44,500 mortgage and 12,600 closing costs. the commission is 6% what must sale price be? - CORRECT ️️ 140,000+44,500+12,600= 197,100 (answer= 197,100/94%=209.681) which need property condition disclosure statement? - CORRECT ️️ house,condo,constructor foreclosure NYS authority under police to fine issue and resolve relicense is granted by what law? - CORRECT ️️ article 12A why would a sale person fill out IRS schedule ? - CORRECT ️️ to deduct business expenses what is the term for a lender who receives note to be secured by a mortgage? - CORRECT ️️ mortgage which is an example of a negotiable instrument that serves as a borrower's evidence of debts? - CORRECT ️️ hypothecation or promissory note subordination agreement - CORRECT ️️ always wrong choice what are amounts paid to bank at loan origination to account for different between market interest % and lower contract % rate of the note ? - CORRECT ️️ discount points Abc mortgage company loaned pay $180,000 to buy a home. 2 week later pams mortgage was sold on secondary market who probably bought - CORRECT ️️ federal housing mortgage what mortgages will federal housing mortgage not buy? - CORRECT ️️ non - conforming