Maine Real Estate Final Exam Quiz 2024.

Maine Real Estate Final Exam Quiz 2024. Truth in Lending - correct answer Truth in Lending (otherwise known as Regulation Z) is intended to do away with deceptive financing tactics, especially those involving hidden costs- for example, advertising a $250 car lease as zero-down and then tacking a $1,200 upfront payment at the time of contract disguised as an "incidental" acquisition fee. Freehold estates include: - correct answer The distinctive characteristic of freehold estates is that they endure for an interminable duration. Constructive Notice - correct answer Once a document is recorded. Once recorded, subsequent buyers will be deemed to have received "Constructive Notice" regarding the document and its effect on the property in question. This could also be given by taking possession of a property. Actual Notice - correct answer When an individual has first-hand knowledge of something- for example, if a buyer has knowledge that someone has taken possession of the property that is for sale. Warehousing - correct answer The process whereby banks and other lenders make mortgage loans to consumers for the purpose of quickly selling those loans on the secondary market. Bundle of Rights - correct answer The rights one obtains with the ownership of real property. These include the right to enter, use, lease, sell, give the real estate away or the right to not do any of these things. Deed - correct answer Evidence of transfer Title - correct answer ownership Legal Title - correct answer Right to sell Equitable Title - correct answer Right to use & possess