REAL ESTATE EXPRESS - COLORADO CLOSINGS NEWEST
ACTUAL FINAL EXAM WITH COMPLETE QUESTIONS AND
ANSWERS./VERIFED/GRADED A+
Which of the following is not true with regard to the Good
Funds Rule?
a. Failure to comply is a violation of the Colorado Consumer
Protection Act.
b. It applies to funds received and disbursed for lease
transactions.
c. There are no exceptions to the rule when advancing funds
d. Funds may be advanced up to $500.00 by the person or
entity providing closing and settlement services
c. There are no exceptions to the rule when advancing funds
Which of the following does not have to be retained in the files
of the broker who prepared the loan documents on behalf of
the buyer?
,a. An unsigned duplicate of the deed of trust.
b. A signed copy of the deed of trust.
c. A copy of the buyer's settlement statement.
d. The reconciliation statement.
a. An unsigned duplicate of the deed of trust.
Joe Broker could not attend a closing so the employing broker
sent Bob Broker in Joe's place. Which of the following best
describes the brokers' responsibilities?
a. The employing broker is responsible for verifying the
accuracy of the closing statement and the employing broker is
responsible for signing it.
b. Joe and the employing broker are responsible for verifying
the accuracy of the closing statement and Bob is responsible
for signing it.
c. Joe and Bob are responsible for verifying the accuracy of
the closing statement and the employing broker is responsible
for the supervision of both Joe and Bob
,d. All three parties are responsible for verifying the accuracy
of the closing statement and the employing broker is
responsible for signing it.
b. Joe and the employing broker are responsible for verifying
the accuracy of the closing statement and Bob is responsible
for signing it.
What is APR?
a. It is the interest rate on a note
b. It is the finance charges on a loan
c. It is the interest rate on a loan minus the finance charges
d. It is the interest rate on a loan including the pre-paid
finance charges
d. It is the interest rate on a loan including the pre-paid
finance charges
, Which of the following is not true about PMI?
a. The PMI will be eliminated when the loan has been paid
down to a certain level
b. The Homeowner Protection Act contains regulations
governing PMI
c. PMI is charged monthly by the lender
d. PMI protects both the lender and the borrower in case of
default
d. PMI protects both the lender and the borrower in case of
default
If a seller defaults, which of the following are permitted
remedies for the buyer?
a. Cancel the contract + get the earnest money back + sue for
damages.
b. Sue for specific performance and damages.
ACTUAL FINAL EXAM WITH COMPLETE QUESTIONS AND
ANSWERS./VERIFED/GRADED A+
Which of the following is not true with regard to the Good
Funds Rule?
a. Failure to comply is a violation of the Colorado Consumer
Protection Act.
b. It applies to funds received and disbursed for lease
transactions.
c. There are no exceptions to the rule when advancing funds
d. Funds may be advanced up to $500.00 by the person or
entity providing closing and settlement services
c. There are no exceptions to the rule when advancing funds
Which of the following does not have to be retained in the files
of the broker who prepared the loan documents on behalf of
the buyer?
,a. An unsigned duplicate of the deed of trust.
b. A signed copy of the deed of trust.
c. A copy of the buyer's settlement statement.
d. The reconciliation statement.
a. An unsigned duplicate of the deed of trust.
Joe Broker could not attend a closing so the employing broker
sent Bob Broker in Joe's place. Which of the following best
describes the brokers' responsibilities?
a. The employing broker is responsible for verifying the
accuracy of the closing statement and the employing broker is
responsible for signing it.
b. Joe and the employing broker are responsible for verifying
the accuracy of the closing statement and Bob is responsible
for signing it.
c. Joe and Bob are responsible for verifying the accuracy of
the closing statement and the employing broker is responsible
for the supervision of both Joe and Bob
,d. All three parties are responsible for verifying the accuracy
of the closing statement and the employing broker is
responsible for signing it.
b. Joe and the employing broker are responsible for verifying
the accuracy of the closing statement and Bob is responsible
for signing it.
What is APR?
a. It is the interest rate on a note
b. It is the finance charges on a loan
c. It is the interest rate on a loan minus the finance charges
d. It is the interest rate on a loan including the pre-paid
finance charges
d. It is the interest rate on a loan including the pre-paid
finance charges
, Which of the following is not true about PMI?
a. The PMI will be eliminated when the loan has been paid
down to a certain level
b. The Homeowner Protection Act contains regulations
governing PMI
c. PMI is charged monthly by the lender
d. PMI protects both the lender and the borrower in case of
default
d. PMI protects both the lender and the borrower in case of
default
If a seller defaults, which of the following are permitted
remedies for the buyer?
a. Cancel the contract + get the earnest money back + sue for
damages.
b. Sue for specific performance and damages.
