Kentucky Real Estate Exam

KENTUCKY REAL ESTATE EXAM EXAM QUESTIONS WITH CORRECT VERIFIED ANSWERS | 100% PASS (A+ CERTIFIED) Equal Credit Opportunity Act Answer Sex Marital Status Color National Origin Race Religion Age Truth in Lending Act Answer purpose is to provide standard disclosure procedures that all lenders must follow Regulation Z Answer when lenders offer credit but before the transaction is consummated Annual Percentage Rate Answer Total cost of the loan The relationship between the cost of borrowing money and the total amount financed, represented as a percentage. Usury Lending Law Answer charging an interest rate that exceeds the legal limit RESPA (Real Estate Settlement Procedures Act) Answer credit transactions and 1-4 unit family residential properties Instruments Answer Promissory Notes, Trust Deeds, Mortgages Promissory Note Answer maker: one promising to pay payee: to whom payments are promised Trust Deeds Answer held by a third party, trustor, beneficiary, trustee buyer, seller, trust me What does a lender give? Answer Loan What does a borrower give? Answer Mortgage Acceleration Clause Answer gives the lender the right to declare the entire balance back immediately. Aleination Clause Answer AKA Due on Sale when a buyer sells the property, the mortgage must be cancelled and remaining balance must be paid back to the lender. Defeasant Clause Answer "DEFEATED" Terms of the mortgage have been met, this releases the lien on the property Assumption Clause Answer one party takes over payments of another parties debt with the terms of the note being the same. Release Clause Answer New buyer needs to be approved by the lender holding the note and the lender must release the original debtor of any liability. Prepayment Clause