Colorado Mental Health Jurisprudence Law and Practice Final Exam Review

Colorado Mental Health Jurisprudence Law and Practice Final Exam Review What do most leases prohibit? - CORRECT ANSWER-Tenants from assigning the lease to another tenant without the landlords permission What happens when the federal government sells bonds and securities on the open market? - CORRECT ANSWER-1. Increase discount rates 2. Sells securities 3. Raise reserve requirements How would an appraiser make adjustments to the comparable properties when using Sales Comparison Approach?? - CORRECT ANSWER-- SBA: when subject property is better; add value - CBS: when comparable property is better; subtract value Functions of the Federal Reserve System - CORRECT ANSWER-1. Reserves: amounts of money (assets) banks are required to keep on hand 2. Discount Rates: rate at which "Fed" charges banks for money 3. Buying/Selling: buy and sells securities or bonds 4 major intermediaries that comprise the Primary Mortgage market - CORRECT ANSWER-1. Commercial Banks 2. Savings and Loan Associations 3. Insurance Companies 4. Mutual Savings Banks What happens if a buyer shows up at a closing without Hazard Insurance coverage? - CORRECT ANSWER-The closing will not occur; lender will not fund loan for a property that's at risk Private Land Use Controls - CORRECT ANSWER-The regulations of land use by individuals or nongovernment organizations in the form of deed restrictions and restrictive covenants. Ostensible Agency - CORRECT ANSWER-A form of implied agency relationship created by the actions of the parties involved rather than by written agreement or document. Who does a broker receive compensation from? - CORRECT ANSWER-His/her employing broker, never through his or her clients