Kansas Real Estate Test exam 2023 with 100% correct answers

In deciding on whether to make a residential home loan, a lender would normally consider the borrower's - correct answerdebt to income ratio A property sold for $200,000 with an 80% loan to value ratio. The lender charged 1 discount point in connection with the loan. What was the amount for the discount points? - correct answer$1,600 A buyer is inquiring as to what the principal and interest payment will be on a property that is being purchased. Where would be the best place for the buyer to obtain this information? - correct answerLook on the Closing Disclosure (CD) A seller and buyer agreed on the sale and purchase of a piece of real estate with closing to take place in 30 days. Prior to closing, the lender informed the buyer that the APR was going to change by 0.3%. Which of the following statements would be true regarding this situation under TRID guidelines? - correct answerA revised Closing Disclosure would need to be issued regarding the change in APR What is the purpose of a broker preparing a closing statement for the buyer and seller at closing? - correct answerTo provide the buyer and seller with an accounting of all funds related to the transaction A person owned a property next to a stream. The owner's rights to use the stream are referred to as: - correct answerRiparian Which of the following would best describe the term equity of redemption? - correct answerThe right of a debtor to receive property back by paying the debts and any other related costs. A seller and buyer agreed on the sale and purchase of a house. As part of the agreement, the buyer was to take over liability for the seller's existing loan as well as the payments. This type of arrangement would be called a(n): - correct answerloan assumption A builder obtains a blanket mortgage to build homes in a new subdivision. The builder wants to sell off just one of the newly built