In the state where Bob lives, someone who receives a loan from a lender must
transfer his/her property to the bank's holding company while the loan is outstanding.
The document used to accomplish this is a/an:
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Deed of trust
RATIONALE
A mortgage does not transfer title to a lender; rather, it allows a lien to be
posted against the property by a lender. With a deed of trust, the
homeowner actually transfers his property "interest" to a third party trustee,
who holds title to the property while the loan is outstanding. An
encroachment is a physical trespass on property by a building or structure,
and title insurance is a safeguard for the buyer.
The methods of "unit cost-in-place", "quantity survey" and "cubic foot and square foot"
would most probably be used in which of the following appraising methods?
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Cost
RATIONALE
These methods are used in the COST approach.
You want to earn $60 per month on a 9.5% investment. How much do you need to
invest?
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$7,579
RATIONALE
The correct answer is $7,579.
Which of the following would be a debit to the seller?
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Property taxes
What is true when Bill moves into a cooperative?
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, Bill may have to make a larger payment if the other parties do not make
their payments
RATIONALE
If a cooperative member does not make a payment, it could force all other
members to have to increase their payments.
Schedule B on a title policy would not contain which of the following?
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Type of conveying deed used
RATIONALE
Schedule B on a title policy would not contain the type of conveying deed
used.
What is the first objective of an appraiser?
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Define the problem and his approach to it
RATIONALE
The appraiser's first objective is to define the problem and his approach to
it.
The lender will require a two-month reserve for insurance at closing. The insurance
premium for a one-year policy is $648 and has been paid outside of closing. The
entry on the closing statement is:
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Debit the buyer $108
RATIONALE
This is a charge or debit to the buyer. $ = $54/month X 2 months =
$108
Once the trustee's sale has occurred in the foreclosure of a trust deed, the trustor has:
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No further right to redeem
RATIONALE
Once a trustee's sale has occurred in a foreclosure the borrower no longer
has any rights to the property and cannot reinstate or redeem the loan. In
the event proceeds remain after all lien holders are paid those excess
proceeds could go to a trustor.
The listing agent discriminates against a minority buyer. If the seller were to be held
responsible for the actions of the agent, it would be an example of:
Give this one a try later!
Vicarious liability
RATIONALE
Vicarious liability occurs when a client is held liable for the actions of
his/her agent.
transfer his/her property to the bank's holding company while the loan is outstanding.
The document used to accomplish this is a/an:
Give this one a try later!
Deed of trust
RATIONALE
A mortgage does not transfer title to a lender; rather, it allows a lien to be
posted against the property by a lender. With a deed of trust, the
homeowner actually transfers his property "interest" to a third party trustee,
who holds title to the property while the loan is outstanding. An
encroachment is a physical trespass on property by a building or structure,
and title insurance is a safeguard for the buyer.
The methods of "unit cost-in-place", "quantity survey" and "cubic foot and square foot"
would most probably be used in which of the following appraising methods?
,Give this one a try later!
Cost
RATIONALE
These methods are used in the COST approach.
You want to earn $60 per month on a 9.5% investment. How much do you need to
invest?
Give this one a try later!
$7,579
RATIONALE
The correct answer is $7,579.
Which of the following would be a debit to the seller?
Give this one a try later!
Property taxes
What is true when Bill moves into a cooperative?
Give this one a try later!
, Bill may have to make a larger payment if the other parties do not make
their payments
RATIONALE
If a cooperative member does not make a payment, it could force all other
members to have to increase their payments.
Schedule B on a title policy would not contain which of the following?
Give this one a try later!
Type of conveying deed used
RATIONALE
Schedule B on a title policy would not contain the type of conveying deed
used.
What is the first objective of an appraiser?
Give this one a try later!
Define the problem and his approach to it
RATIONALE
The appraiser's first objective is to define the problem and his approach to
it.
The lender will require a two-month reserve for insurance at closing. The insurance
premium for a one-year policy is $648 and has been paid outside of closing. The
entry on the closing statement is:
, Give this one a try later!
Debit the buyer $108
RATIONALE
This is a charge or debit to the buyer. $ = $54/month X 2 months =
$108
Once the trustee's sale has occurred in the foreclosure of a trust deed, the trustor has:
Give this one a try later!
No further right to redeem
RATIONALE
Once a trustee's sale has occurred in a foreclosure the borrower no longer
has any rights to the property and cannot reinstate or redeem the loan. In
the event proceeds remain after all lien holders are paid those excess
proceeds could go to a trustor.
The listing agent discriminates against a minority buyer. If the seller were to be held
responsible for the actions of the agent, it would be an example of:
Give this one a try later!
Vicarious liability
RATIONALE
Vicarious liability occurs when a client is held liable for the actions of
his/her agent.
