MD Real Estate PSI National Exam 1 Questions &
Answers
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Terms in this set (50)
1. A separate account Escrow Account
maintained by a broker for
the deposit of clients'
money (i.e., good faith
deposits). Also called Trust
Account. 2. The account a
lender maintains to hold a
borrower's monthly
payments for property
insurance and property
tax until those bills are
due. Also called Reserve
Account or Impound
Account.
An aggrieved party with a 1 year. If the complaint is not filed within one year, a
Fair Housing violation person may still file a civil suit in a Federal Court
claim has how long to file
a complaint with the
Department of Housing
and Urban Development?
1 month
6 months
1 year
3 years
,All of the following are The qualification requirements are uniformly fixed by
true of conventional loans state law. Not only are guidelines not uniform,
except what? qualification standards can vary enormously from
They are made to the lender to lender. There are no state-mandated
buyer without qualifying requirements for conventional loans.
governmental insurance
or guarantee.
The policy requirements
of the lenders are not
uniform.
The qualification
requirements are
uniformly fixed by state
law.
They require a higher
down payment than non-
conventional loans.
Also known as escrow impound
accounts, _____________
accounts accumulate
funds from closing costs
and monthly payments to
ensure that property taxes
and homeowner's
insurance are kept current.
, A(n) _______ is when an option
owner takes his property
off the market for a
definite period of time in
exchange for some
consideration, but he
grants the right to
purchase the property
within that period for a
stated price.
option
contract of sale
right of first refusal
installment agreement
A buyer wants to take out any approved lending institution such as a bank or
an FHA loan. The broker savings and loan association.
should refer the buyer
directly to
any approved lending
institution such as a bank
or savings and loan
association.
an FHA appraiser in the
area.
the Federal Housing
Administration Office.
the Federal National
Mortgage Association.
Channeling prospective steering
buyers or tenants to
particular neighborhoods
based on their race or
membership in another
protected class.
Answers
Save
Terms in this set (50)
1. A separate account Escrow Account
maintained by a broker for
the deposit of clients'
money (i.e., good faith
deposits). Also called Trust
Account. 2. The account a
lender maintains to hold a
borrower's monthly
payments for property
insurance and property
tax until those bills are
due. Also called Reserve
Account or Impound
Account.
An aggrieved party with a 1 year. If the complaint is not filed within one year, a
Fair Housing violation person may still file a civil suit in a Federal Court
claim has how long to file
a complaint with the
Department of Housing
and Urban Development?
1 month
6 months
1 year
3 years
,All of the following are The qualification requirements are uniformly fixed by
true of conventional loans state law. Not only are guidelines not uniform,
except what? qualification standards can vary enormously from
They are made to the lender to lender. There are no state-mandated
buyer without qualifying requirements for conventional loans.
governmental insurance
or guarantee.
The policy requirements
of the lenders are not
uniform.
The qualification
requirements are
uniformly fixed by state
law.
They require a higher
down payment than non-
conventional loans.
Also known as escrow impound
accounts, _____________
accounts accumulate
funds from closing costs
and monthly payments to
ensure that property taxes
and homeowner's
insurance are kept current.
, A(n) _______ is when an option
owner takes his property
off the market for a
definite period of time in
exchange for some
consideration, but he
grants the right to
purchase the property
within that period for a
stated price.
option
contract of sale
right of first refusal
installment agreement
A buyer wants to take out any approved lending institution such as a bank or
an FHA loan. The broker savings and loan association.
should refer the buyer
directly to
any approved lending
institution such as a bank
or savings and loan
association.
an FHA appraiser in the
area.
the Federal Housing
Administration Office.
the Federal National
Mortgage Association.
Channeling prospective steering
buyers or tenants to
particular neighborhoods
based on their race or
membership in another
protected class.
