Academicmaterials

__________ occurs if the lender chooses the hazard insurance company when the borrower allows the policy to lapse. - Forced-placed insurance "APR" means? - Annual percentage rate. This is the cost of credit expressed as a percentage. A borrower is refinancing his home. How much time does Reg Z give him to change his mind? - 3 days A co-borrower whose income is used to qualify must sign the: - Mortgage and the note A deed is: - A legal instrument that conveys title to real property. A fu...

(Fair and Accurate Credit Transactions Act of 2003) FACTA Purpose is to... - ... address the problem of identity theft. To facilitate consumer's access to information retained by the CRAs, and to improve the accuracy of consumer reports. (FCRA) The National Consumer Assistance Plan (NCAP) aims to... - ...improve consumer experience, data accuracy, and quality. (HMDA) In addition to originations, reportable HMDA data includes... - - Loan Applications - Loan Denials - Loan Approvals - Loa...

A buyer wants an FHA loan. All of the following would be true of the transaction EXCEPT - the borrower may obtain an unsecured loan from a lender to pay part of his required cash investment. If the home requires flood insurance and is not located in an area where the National Flood Insurance Program is in force, it is not eligible for FHA financing. Prior to agreeing to insure the loan, FHA may require repairs or alterations be made to bring the property up to FHA standards. The borrower can...

1. bank 2. commercial bank 3. savings & loans 4. credit union 5. mortgage broker 6. mortgage banker - 1. bank - full service 2. commercial bank - originate largest amount of loans without using depositor's funds. 3. savings & loans - smaller local banks that use depositors funds to originate residential mortgage loans. AKA savings bank or thrift 4. credit union - takes deposits from members and pay dividends. Offer high interest rates to depositors and low loan rates to borrowers. 5....

Michigan Bundled Exams with complete solution

"Maximum benefits" refers to the - upper limit of the total lifetime benefits the insurance company will pay a 10% exercise tax is normally applied to an early withdrawal from an IRA. according to HIPAA, this tax will not be applied If the withdrawal is used for medical expenses that exceed__ of the individuals adjusted gross income - 7.5% A change in an insurance application requires - an initial made by the applicant A disability income policy can prevent an insured from earning a high...

15 days - File a notice of producer appointment within __ days 3 ways to assign rates - Judgement, Manual, Experience 30 days - Time for producer to respond to notification 60 - Insured must send a signed statement of loss to the insurance company within __ Abandonment - Insured cannot abandon property that can be repaired & expect to be paid as if it was a total loss Actual Cash Value (ACV) - replacement cost - depreciation Adverse Selection - risks that have a greater than average chanc...

A borrower has defaulted on the mortgage. The mortgage contains an acceleration clause. This permits the lender to do what? - demand immediate payment of the entire note A broker has brought a ready, willing, and able buyer to a seller. In MOST listing contracts, the broker has earned his commission when what happens? - the seller accepts the offer. A broker lists a property, with a listing contract allowing subagency and dual agency. One of the broker's salespersons shows the property. Th...

4 Elements of a Legal Contract - Competent Parties Legal Purpose Agreement Consideration Actuarial Department - Gather and interpret stats to determine probability of loss and sets premium rates. Adverse Selection - An imbalance created when risks that are more prone to losses than the average (standard) risk are the only risks seeking insurance within a specific market place. Example: Only those living in earthquake-prone areas seek to buy earthquake insurance. Aleatory Contract - The ...

A beneficiary has just received a claim payment for a life insurance policy. Which of the following is TRUE regarding the federal income tax liability owed? A flat tax of 10% is owed on all proceeds Federal income tax is owed if proceeds exceed $250,000 No federal income tax is owed on life insurance proceeds Tax liability owed depends on the type of life insurance policy - No federal income tax is owed on life insurance proceeds A disability elimination period is best described as a - ti...

a PT cannot supervise more than ___ PTA s at a time - 4 academic course: ___ per semester ___ per quarter ___ max credits - -15 semester -10 quarter -20 max association or task force board/council etc - 4 each org max 12 must attend 50% meetings at least 1 credit in the area of ___ - pain and symptom management CI - 3 credits every 40 hours max 12 commission - committing act completing: -ABPTS certification exam -recertification exam -Advanced proficiency pathways program - 23 ...

_______ is the compliance route that applies Table 402.1.1 to building envelope components, and is considered the most simple. - Prescriptive Path. _________ the root system of a tree during construction can potentially kill it. - Cutting into Piling soil over Compacting __________ means an electrical fixture has been tested and listed as suitable for installation in a cavity where the fixture may come in contact with insulation. - IC rated (Insulation Contact) ___________ can be used to ...

A 10% excise tax is normally applied to an early withdrawal from an IRA. According to HIPAA, this tax will not be applied if the withdrawal is used for medical expenses that exceed--- of the individual's adjusted gross income - 7.5% A beneficiary change can occur - Normally at any time during the policy term A common exclusion with vision plans is - Lasik Surgery A doctor who accepts Medicare Assignment agrees to which of the following - Doctor cannot charge more that medicare's schedule...

5 elements of negligence - 1. a DUTY to care 2. a beach of that duty 3. A cause connected to INJURY 4. proximate cause 5. DAMAGE As a PTA what do you have to do if you see that a PT or PTA is impaired? - Has to be reported by law delegation - Functions of the board of PT (5) - Dev RULES for licensing grants licensing establish standards for ED accredits training programs dev & eval quality for C.E. units How long do patient records need to be kept? - 7 years (pt & rec: both 7 words)...

____% of eligible employees must participate in a contributory plan. - 75% ____% of eligible employees must participate in a non-contributory plan. - 100% A ___________ is given to each covered person under a group life insurance policy. - Certificate of Insurance A baker's union and a butcher's union join together to form a trust to provide insurance to their employees. This type of group is called _______. - Taft-Hartley trust (Group made of one or more unions) A defined benefit plan ...

"Barriers Free" Addition to ADA in 1991 - -any building built from 1991 onward had to be built barrier free -must make accommodations for tenants of single family residential homes at the tenants expense -landlords can require money up front, as well as monies for restorations (apartments must also comply) 1866 Civil Rights Act - -prohibits discrimination on the basis of race only -has no exceptions/exemptions to the rule 1968 Federal Fair Housing Act - -shall not discriminate on the bas...

43560 - square acre act 299 - occupational code of ethics for real estate persons actual notice - assurance that actual notice given to recipient adjusted rate mortgage - ARM- annually tied to index(CPI) adverse possession - acquire title to real estate where occupant has been actual , hostile, open and continuous occupancy(15 year) attorney-in -fact - person authorized to perform business related transactions benchmark - point of beginning in metes and bounds Buy-down - mortgage financi...

---- shall appoint administrative and secretarial staff. - The department ---- shall have physical dominion over the files of the board. - The department -----shall not misrepresent material facts. A licensee shall include the name, license number, and actual business address, as shown on the license, in all ----. The use of a telephone or post office box number alone is prohibited. - Advertising ----may fire, suspend, promote, demote, or transfer a person providing administrative or sereta...

__ is the level for legal intoxication for alcohol. - .08 ______ indicate that your tires need to be replaced. - Wearbars _________ type drugs slow your body down. - Depressant 30 minutes after sunset and 30 minutes before sunrise your ____ should be turned on. - lights A 1/2 second slower reaction ____ your risk of a crash. - doubles A flashing X over a lane means - it is about to close. A pennant shaped sign means - no passing. A point of conflict is - the point of which you meet someth...

Adhesion - contract prepared by one and accepted or rejected by the other Adverse Selection - an instance in which those in high risk situations try to buy more insurance than those w/ avg or below avg risk Agent - someone who acts on behalf of another agent - someone who acts on behalf on another Aleatory - the outcome is affected by chance and the number of dollars given up by the contracting parties will be unequal Alien company - under laws of another country apparent - powers not gi...