The Equal Credit Opportunity Act addresses all of the following EXCEPT
a. discrimination in lending
b. written statements of credit denial
c. acceptable factors for borrower analysis
d. standardization of interest rates
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standardization of interest rates
If all other factors are equal, in which location is a parking lot likely to bring the
highest sales price?
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, business district zoned for a six-story office building
Which of the following statements about discount points is FALSE?
1.) They are computed as a percentage of the selling price.
2.) They are used to buy down interest rate.
3.) They are a function of the marketplace.
4.) They are paid by either the buyer or the seller.
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They are computed as a percentage of the selling price.
For Federal income tax purposes, what are the costs of homeownership that may be
deducted from gross income?
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mortgage loan interest, local property taxes, mortgage loan origination
fees
At the closing on June 15, the buyer is assuming a mortgage presently on the property,
on which the monthly interest charge is currently $600. The seller has made the
payment due on June 1. Assuming a VA mortgage, what is the adjustment made at
closing?
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, Debit the seller $300, Credit the buyer $300
The day after a broker's listing on a house expired, it was listed with another broker
and offered in the MLS. Several days later, a third licensee called the first broker and
asked for the key to show the home. The broker should inform the called that
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he is no longer the listing agent
Which of these Federal laws regulates the advertisement of a lender's credit terms
(rates, payment, etc.)?
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Regulation Z
The Department of Housing and Urban Development estimates that most private
homes built before 1978 contain potentially dangerous levels of lead. Because of this,
some Federal agencies, such as FHA, require ____
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the buyer to acknowledge disclosure of the presence of any known lead
paint
, The day after a broker's listing on a house expired, it was listed with another broker
and offered in the MLS. Several days later, a third licensee called the first broker and
asked for the key to show the home. The broker should inform the caller that
Give this one a try later!
He is no longer the listing agent.
Although states make specific laws governing water rights and the rights in land that
borders water, most states generally follow one of two basic doctrines regarding
water rights. In many states, the common law doctrine of riparian and littoral rights
dictates that water rights are automatically conveyed with property. In others, all
water rights are controlled by the state under the doctrine of
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prior appropriation.
A broker says, while showing a rural property, "This property has the world's purest
well water." This would be an example of
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an expression of opinion, or puffing, which could lead to
misrepresentation.
If a borrower can afford to make monthly principal and interest payments of $1,000
and the lender will make a 30-year loan at 8-1/2%, how large a loan (rounded to the
a. discrimination in lending
b. written statements of credit denial
c. acceptable factors for borrower analysis
d. standardization of interest rates
Give this one a try later!
standardization of interest rates
If all other factors are equal, in which location is a parking lot likely to bring the
highest sales price?
Give this one a try later!
, business district zoned for a six-story office building
Which of the following statements about discount points is FALSE?
1.) They are computed as a percentage of the selling price.
2.) They are used to buy down interest rate.
3.) They are a function of the marketplace.
4.) They are paid by either the buyer or the seller.
Give this one a try later!
They are computed as a percentage of the selling price.
For Federal income tax purposes, what are the costs of homeownership that may be
deducted from gross income?
Give this one a try later!
mortgage loan interest, local property taxes, mortgage loan origination
fees
At the closing on June 15, the buyer is assuming a mortgage presently on the property,
on which the monthly interest charge is currently $600. The seller has made the
payment due on June 1. Assuming a VA mortgage, what is the adjustment made at
closing?
Give this one a try later!
, Debit the seller $300, Credit the buyer $300
The day after a broker's listing on a house expired, it was listed with another broker
and offered in the MLS. Several days later, a third licensee called the first broker and
asked for the key to show the home. The broker should inform the called that
Give this one a try later!
he is no longer the listing agent
Which of these Federal laws regulates the advertisement of a lender's credit terms
(rates, payment, etc.)?
Give this one a try later!
Regulation Z
The Department of Housing and Urban Development estimates that most private
homes built before 1978 contain potentially dangerous levels of lead. Because of this,
some Federal agencies, such as FHA, require ____
Give this one a try later!
the buyer to acknowledge disclosure of the presence of any known lead
paint
, The day after a broker's listing on a house expired, it was listed with another broker
and offered in the MLS. Several days later, a third licensee called the first broker and
asked for the key to show the home. The broker should inform the caller that
Give this one a try later!
He is no longer the listing agent.
Although states make specific laws governing water rights and the rights in land that
borders water, most states generally follow one of two basic doctrines regarding
water rights. In many states, the common law doctrine of riparian and littoral rights
dictates that water rights are automatically conveyed with property. In others, all
water rights are controlled by the state under the doctrine of
Give this one a try later!
prior appropriation.
A broker says, while showing a rural property, "This property has the world's purest
well water." This would be an example of
Give this one a try later!
an expression of opinion, or puffing, which could lead to
misrepresentation.
If a borrower can afford to make monthly principal and interest payments of $1,000
and the lender will make a 30-year loan at 8-1/2%, how large a loan (rounded to the
