Real Estate U NC Course
Final Exam Study Guide
Questions and Complete
Solutions Graded A+
Denning [Date] [Course title]
, Mrs Murphys Law - Answer: Exempts owners of four or less units from complying with terms of FHA
Executory Contract - Answer: one that's been signed but the parties are still in process of performing
their obligations
Executed Contract - Answer: one that's been performed according to its term
Express Agency - Answer: An agency relationship based on a formal agreement between the parties.
Implied Agency - Answer: When agency relationship is created by implication by the behavior or actions
of the parties
Types of Agencies/agents - Answer: Agent represents the principal & becomes fiduciary
Fiduciary= holds position of trust
Client= party represented by the agent
Customer= non represented consumer
consumer= any person capable of purchasing goods & services
Special Agent= gives agent limited authority to represent client in one transaction. REAL ESTATE AGENTS
ARE CONSIDERED SPECIAL AGENTS
General agent= authorizes agent to make legal decisions & act for principal
universal agent= complete authority to act on behalf of principal often created with power of attorney
Equal Credit Opportunity Act (ECOA) - Answer: The federal law that prohibits discrimination in the
extension of credit because of race, color, religion, national origin, sex, age, or marital status.
Types of loans - Answer: Conventional loan- typically have 80% LTV & sold to Fannie Mae & Freddie Mac
FHA loan- made by a mortgage lender & insured by fair housing administration
VA loan- offered to qualified military members & allows to receive a loan on qualified property for 0%
down
USDA loan- admin through US department of agriculture & target rural & low income borrowers
purchasing homes in rural areas & farmers needing to purchase or operate family farms
Final Exam Study Guide
Questions and Complete
Solutions Graded A+
Denning [Date] [Course title]
, Mrs Murphys Law - Answer: Exempts owners of four or less units from complying with terms of FHA
Executory Contract - Answer: one that's been signed but the parties are still in process of performing
their obligations
Executed Contract - Answer: one that's been performed according to its term
Express Agency - Answer: An agency relationship based on a formal agreement between the parties.
Implied Agency - Answer: When agency relationship is created by implication by the behavior or actions
of the parties
Types of Agencies/agents - Answer: Agent represents the principal & becomes fiduciary
Fiduciary= holds position of trust
Client= party represented by the agent
Customer= non represented consumer
consumer= any person capable of purchasing goods & services
Special Agent= gives agent limited authority to represent client in one transaction. REAL ESTATE AGENTS
ARE CONSIDERED SPECIAL AGENTS
General agent= authorizes agent to make legal decisions & act for principal
universal agent= complete authority to act on behalf of principal often created with power of attorney
Equal Credit Opportunity Act (ECOA) - Answer: The federal law that prohibits discrimination in the
extension of credit because of race, color, religion, national origin, sex, age, or marital status.
Types of loans - Answer: Conventional loan- typically have 80% LTV & sold to Fannie Mae & Freddie Mac
FHA loan- made by a mortgage lender & insured by fair housing administration
VA loan- offered to qualified military members & allows to receive a loan on qualified property for 0%
down
USDA loan- admin through US department of agriculture & target rural & low income borrowers
purchasing homes in rural areas & farmers needing to purchase or operate family farms
