The CE Shop Test, Real Estate Final Exam
Actual exam (Testing Real Exam
Questions)and verified Answers ( 100%
accurate) GET IT RIGHT!!
Which agency enforces federal fair housing laws?
FHEO
SFHAs
special flood hazard areas (SFHAs)
Areas designated as prone to flooding; used to
determine cost of flood insurance
Ex. Brady lived in a special flood hazard area and
was required to carry flood insurance by his lender.
,FHA
The Federal Housing Administration
(FHA) is an agency of the U.S. Department of
Housing and Urban Development. It sets
underwriting standards for loans it insures, but it
doesn't make loans.
Ex. Rita obtained an FHA loan, allowing her to put
just 3.5% down, and she also appreciated that
her loan's
credit score requirements weren't as strict as for
conventional loans.
Jay's new loan to purchase a property includes the
seller's existing mortgage. This type of loan is called
a
_ __ loan.
Wrap-around
,What's the National Flood Insurance Program?
A program that helps homeowners in flood hazard
areas obtain insurance
What is one drawback of a real property transfer?
Taxable gains
You represent a buyer of a $1 million property.
The seller's agent, through the seller, offers a
2.5%
cooperative agent commission. Who's your client?
The buyer
, Buyer Penelope adores the house at 212 Maple
Street, but two weeks after making her offer,
she's discovered it's got some issues that weren't
identified on the state-
required seller disclosure form. She still wants to
buy the house. Since the seller appears to have
lied on the
disclosure form, what can Penelope do?
Ask the seller to make the repairs needed, or
ask for a credit to cover the cost of those
repairs.
Sheila and Vickie are sisters who enter into a
contract to buy a vacation property. The sisters get
into a dispute,
and Vickie no longer wants any part of the
deal. However, Sheila talks her younger
brother Joe into replacing Vickie on the
contract. Vickie agrees to the substitution.
This is an example of __________ _.
Novation
Actual exam (Testing Real Exam
Questions)and verified Answers ( 100%
accurate) GET IT RIGHT!!
Which agency enforces federal fair housing laws?
FHEO
SFHAs
special flood hazard areas (SFHAs)
Areas designated as prone to flooding; used to
determine cost of flood insurance
Ex. Brady lived in a special flood hazard area and
was required to carry flood insurance by his lender.
,FHA
The Federal Housing Administration
(FHA) is an agency of the U.S. Department of
Housing and Urban Development. It sets
underwriting standards for loans it insures, but it
doesn't make loans.
Ex. Rita obtained an FHA loan, allowing her to put
just 3.5% down, and she also appreciated that
her loan's
credit score requirements weren't as strict as for
conventional loans.
Jay's new loan to purchase a property includes the
seller's existing mortgage. This type of loan is called
a
_ __ loan.
Wrap-around
,What's the National Flood Insurance Program?
A program that helps homeowners in flood hazard
areas obtain insurance
What is one drawback of a real property transfer?
Taxable gains
You represent a buyer of a $1 million property.
The seller's agent, through the seller, offers a
2.5%
cooperative agent commission. Who's your client?
The buyer
, Buyer Penelope adores the house at 212 Maple
Street, but two weeks after making her offer,
she's discovered it's got some issues that weren't
identified on the state-
required seller disclosure form. She still wants to
buy the house. Since the seller appears to have
lied on the
disclosure form, what can Penelope do?
Ask the seller to make the repairs needed, or
ask for a credit to cover the cost of those
repairs.
Sheila and Vickie are sisters who enter into a
contract to buy a vacation property. The sisters get
into a dispute,
and Vickie no longer wants any part of the
deal. However, Sheila talks her younger
brother Joe into replacing Vickie on the
contract. Vickie agrees to the substitution.
This is an example of __________ _.
Novation
