NYREI Exam Prep Exam Latest Version 2024/2025 Expert-Verified Q&As

A "Rule" that says an informed buyer will not pay more for one home than a comparable one is - Substitution A borrower pays off his loan. However, the lender refuses to cancel the mortgage. Which of the following clauses of a mortgage has the lender violated? - Defeasance clause (A defeasance clause states that when the loan is paid, the mortgage is void. The bank's failure to cancel the mortgage of record is a violation of this clause. The habendum clause is the "to have and to hold" clause. The conveyance clause states that the property is being conveyed in a deed, not a mortgage. The notarial clause is signed by the notary, stating that the mortgage was signed freely and voluntarily by the borrower.) A borrower who does not hold legal title has what is referred to as - equitable title A bridge mortgage is described as - A mortgage that occurs between the termination of one mortgage and the beginning of the next A broker takes a listing and one of his non-management level licensees represents a buyer that makes an offer acceptable to the seller. Which agent is the dual agent? - Broker In an in-company transaction, the broker is a dual agent. When the broker is the listing agent, the broker needs to declare dual agency before presenting the offer. A buyer with badly damaged credit would be most likely to use - nonconforming mortgages.(FHA will consider some credit flaws, with acceptable explanations for the credit problem. VA will also consider some credit flaws, with acceptable explanations for the credit problem. Conventional loan guidelines require a good credit rating. Nonconforming loans are usually reviewed on an individual basis and will adjust the interest rate, according to creditworthiness.)