STATE (Nebraska) Real Estate Practice Exam 1 With Complete Solution 2024.

STATE (Nebraska) Real Estate Practice Exam 1 With Complete Solution 2024. Restrictive Covenants - correct answer prohibit all future owners from certain actions or modifications of their property and placed by private parties, consistency and desirability of a neighborhood Closing Disclosure, a statement of actual charges and adjustments, to the borrower by the lender - correct answer The TRID form, TILA-RESPA escrow accounts that accumulate funds from closing costs and monthly payments to ensure that property taxes and homeowner's insurance are kept current are called what? - correct answer impound accounts Options are generally concerned with only two things: - correct answer time and price When can a landlord evict a disabled blind or disabled tenant from the premises? If the tenant has... - correct answer loud parties, makes too much noise, and is consistently disturbing other tenants When does a listing contract expire? At... - correct answer At closing (upon expiration of the contract date) mortgage broker arranges... - correct answer arranges loans between borrowers and investors One discount point from federal VA or FHA loan is - correct answer 1% of the loan amount An increase in the availability of money would increase or decrease interest rates? - correct answer decrease What does amortization mean? To... - correct answer reduce or pay off (a debt) with regular payments. a balloon payment - correct answer a final loan payment that is much larger than the regular monthly payments In an installment land contract, what type of title did the seller retain? - correct answer Legal Second Mortgage - correct answer holds a higher rate of interest what happens in a second mortgage... interest rate, risk and exposure - correct answer high interest, high risk and added exposure for lender, they are 2nd in line after the 1st mortgage holder. in case of foreclosure, that means the first mortgage holder is paid in full before any money comes out. Urury is what type of interest - correct answer rates above the interest rate ceiling (illegal interest, loan sharks)