Detailed Verified Answers | 2026 |
Quiz_________________?
--held for productive use in trade or business.
To defer the gain on the sale of an income-producing property, a tax-deferred exchange
may be used. -
ANSWER✅
To qualify as a tax-deferred exchange, a property must be--
Quiz_________________?
--not required for a business loan.
The Truth-in-Lending Act is applicable to individual home owners, but it does not apply to a
construction loan for a builder because the loan is for a business purpose. -
ANSWER✅
A builder is obtaining a construction loan of $95,000 for a single-family residence. Under the
Truth-in-Lending Act, disclosure of a prepayment penalty by the lender is--
Quiz_________________?
1
, --of seisin.
Although all covenants in a general warranty deed work together to protect the buyer, the
covenant of seisin specifically guarantees that the owner owned the real estate at the time
of the sale and had the right to convey it. -
ANSWER✅
A person bought property from a seller and received a general warranty deed. Two years
later, the seller's brother came forth and claimed he had an ownership interest in the
property. The brother stated he knew the court would uphold his interest. In a general
warranty deed, the buyer is protected from this situation by the covenant--
Quiz_________________?
-A legitimate return e‐mail address.
-A physical address (street address or PO box).
-Truthful, clear subject line.
-A clear and conspicuous notice of the recipient's opportunity to opt-out.
-An email address or other mechanism by which the recipient may request not to receive
any future email messages from the sender.
-A clear and conspicuous notice that the message is an advertisement. -
ANSWER✅
What must be included in all commercial e‐mails as part of the CAN-SPAM Act?
Quiz_________________?
-Alienation Clause (Due on Sale) - Allows the lender to collect full payment from the
borrower when the property is sold.
-Defeasance Clause (Paid in Full) - Gives borrower the right to "defeat" a mortgage by
paying it in full.
2
, -Acceleration Clause - Gives lender the right to accelerate the debt and require the entire
debt due immediately.
-Release Clause - A provision that allows certain portion of real estate to be released from
a mortgage when the principal is paid down by an agreed upon amount (as in a blanket
mortgage).
-Power of Sale Clause - Allows a property to be sold at public auction in the event of default
without having to go to court (non-judicial foreclosure).
-Prepayment Clause - Allows a loan to be paid off early and states whether or not there is a
penalty for doing so.
- Covenants - Borrower Agrees to: Pay property taxes, not remove or demolish any
structure on
the property without the approv -
ANSWER✅
Mortgage Clauses
Quiz_________________?
-All units are occupied by individuals age 62 or older.
OR
-80% of units have persons age 55 or older and has a written policy statement of intent to
house the elderly. -
ANSWER✅
"Adults Only" Housing Prohibited Unless:
3
, Quiz_________________?
-Are guaranteed (different from being insured).
-Losses are funded directly from federal tax funds.
-No insurance premium paid by anyone.
Eligibility: A person who served in the active military and received an honorable discharge.
Minimum Time Served:
90 days wartime / 181 days peacetime.
(Some National Guard and reserves with over 6+ years of service).
-No down payment necessary.
-Can be 100% LTV.
-No prepayment penalty.
-Loan can be up to 100% of the Certified Reasonable Value (CRV).
-Appraised by VA. -
ANSWER✅
VA Loans
Quiz_________________?
-Best method for appraising single-family dwellings.
-It compares similar properties that have sold recently.
-It is always the comparables that are adjusted, never the subject property.
4
Quiz_________________?
--held for productive use in trade or business.
To defer the gain on the sale of an income-producing property, a tax-deferred exchange
may be used. -
ANSWER✅
To qualify as a tax-deferred exchange, a property must be--
Quiz_________________?
--not required for a business loan.
The Truth-in-Lending Act is applicable to individual home owners, but it does not apply to a
construction loan for a builder because the loan is for a business purpose. -
ANSWER✅
A builder is obtaining a construction loan of $95,000 for a single-family residence. Under the
Truth-in-Lending Act, disclosure of a prepayment penalty by the lender is--
Quiz_________________?
1
, --of seisin.
Although all covenants in a general warranty deed work together to protect the buyer, the
covenant of seisin specifically guarantees that the owner owned the real estate at the time
of the sale and had the right to convey it. -
ANSWER✅
A person bought property from a seller and received a general warranty deed. Two years
later, the seller's brother came forth and claimed he had an ownership interest in the
property. The brother stated he knew the court would uphold his interest. In a general
warranty deed, the buyer is protected from this situation by the covenant--
Quiz_________________?
-A legitimate return e‐mail address.
-A physical address (street address or PO box).
-Truthful, clear subject line.
-A clear and conspicuous notice of the recipient's opportunity to opt-out.
-An email address or other mechanism by which the recipient may request not to receive
any future email messages from the sender.
-A clear and conspicuous notice that the message is an advertisement. -
ANSWER✅
What must be included in all commercial e‐mails as part of the CAN-SPAM Act?
Quiz_________________?
-Alienation Clause (Due on Sale) - Allows the lender to collect full payment from the
borrower when the property is sold.
-Defeasance Clause (Paid in Full) - Gives borrower the right to "defeat" a mortgage by
paying it in full.
2
, -Acceleration Clause - Gives lender the right to accelerate the debt and require the entire
debt due immediately.
-Release Clause - A provision that allows certain portion of real estate to be released from
a mortgage when the principal is paid down by an agreed upon amount (as in a blanket
mortgage).
-Power of Sale Clause - Allows a property to be sold at public auction in the event of default
without having to go to court (non-judicial foreclosure).
-Prepayment Clause - Allows a loan to be paid off early and states whether or not there is a
penalty for doing so.
- Covenants - Borrower Agrees to: Pay property taxes, not remove or demolish any
structure on
the property without the approv -
ANSWER✅
Mortgage Clauses
Quiz_________________?
-All units are occupied by individuals age 62 or older.
OR
-80% of units have persons age 55 or older and has a written policy statement of intent to
house the elderly. -
ANSWER✅
"Adults Only" Housing Prohibited Unless:
3
, Quiz_________________?
-Are guaranteed (different from being insured).
-Losses are funded directly from federal tax funds.
-No insurance premium paid by anyone.
Eligibility: A person who served in the active military and received an honorable discharge.
Minimum Time Served:
90 days wartime / 181 days peacetime.
(Some National Guard and reserves with over 6+ years of service).
-No down payment necessary.
-Can be 100% LTV.
-No prepayment penalty.
-Loan can be up to 100% of the Certified Reasonable Value (CRV).
-Appraised by VA. -
ANSWER✅
VA Loans
Quiz_________________?
-Best method for appraising single-family dwellings.
-It compares similar properties that have sold recently.
-It is always the comparables that are adjusted, never the subject property.
4
