For the past 30 years, the Lois has operated a neighborhood grocery store. Last week
the city council passed a zoning ordinance that prohibits packaged food sales in the
area where the Lois's grocery store is located. The store is now an example of a/an
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nonconforming use.
,4. Broker Carr, with ABC Real Estate Company, listed the property with a seller. Broker
Smith, with XYZ Real Estate Company, called Broker Carr, and disclosed that he was a
Buyer Agent. Broker Smith wrote a contract with a buyer for the sale of the property.
What, if any, is the relationship between the buyer's broker, the seller and the listing
broker?
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There is not a relationship between the parties. Broker Carr represents the
Seller and Broker Smith represents the Buyer.
RESPA would prohibit which of the following acts?
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A: paying of kickbacks
Illumination:
RESPA concerns itself only with educating consumers about the true costs
of borrowing and standardizing lending practices. As such, referral "fees"
are prohibited.
Usury MOST nearly means
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illegal interest.
,On a $500,000 loan the borrower is required to pay two points. How much does the
borrower have to pay the lender?
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$510,000.00
Can brokers provide Legal Advice?
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No, Brokers should not provide legal advice unless they are also a lawyer.
Lane, a broker, listed a small cottage near the causeway at $250,000, but the seller
finally had to accept an offer of only $230,000. When Lane met with the parties, both
the buyer and her client asked her to prepare a second contract in the amount of
$250,000 "so the mortgage company will give us a higher loan." Is there anything
wrong with Lane following his client's and the buyer's wishes?
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Yes, it is illegal to enter into a dual contract for the purpose of securing a
larger loan.
Which is true about restrictive covenants?
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, They are placed by private parties in a deed.
When the amortized payment of a mortgage remains constant over the period of the
loan but leaves an outstanding balance to be paid at the end, this payment is called
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a balloon payment.
Looking at shopping centers in the appraisal process, the social fiber of the
community and distances from schools is called
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neighborhood analysis.
The HUD-1 form is
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a statement of actual charges and adjustments.
A sales associate decides to sell his own property without using a broker. Which of the
following is TRUE regarding any advertising the sales associate may wish to do?
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the city council passed a zoning ordinance that prohibits packaged food sales in the
area where the Lois's grocery store is located. The store is now an example of a/an
Give this one a try later!
nonconforming use.
,4. Broker Carr, with ABC Real Estate Company, listed the property with a seller. Broker
Smith, with XYZ Real Estate Company, called Broker Carr, and disclosed that he was a
Buyer Agent. Broker Smith wrote a contract with a buyer for the sale of the property.
What, if any, is the relationship between the buyer's broker, the seller and the listing
broker?
Give this one a try later!
There is not a relationship between the parties. Broker Carr represents the
Seller and Broker Smith represents the Buyer.
RESPA would prohibit which of the following acts?
Give this one a try later!
A: paying of kickbacks
Illumination:
RESPA concerns itself only with educating consumers about the true costs
of borrowing and standardizing lending practices. As such, referral "fees"
are prohibited.
Usury MOST nearly means
Give this one a try later!
illegal interest.
,On a $500,000 loan the borrower is required to pay two points. How much does the
borrower have to pay the lender?
Give this one a try later!
$510,000.00
Can brokers provide Legal Advice?
Give this one a try later!
No, Brokers should not provide legal advice unless they are also a lawyer.
Lane, a broker, listed a small cottage near the causeway at $250,000, but the seller
finally had to accept an offer of only $230,000. When Lane met with the parties, both
the buyer and her client asked her to prepare a second contract in the amount of
$250,000 "so the mortgage company will give us a higher loan." Is there anything
wrong with Lane following his client's and the buyer's wishes?
Give this one a try later!
Yes, it is illegal to enter into a dual contract for the purpose of securing a
larger loan.
Which is true about restrictive covenants?
Give this one a try later!
, They are placed by private parties in a deed.
When the amortized payment of a mortgage remains constant over the period of the
loan but leaves an outstanding balance to be paid at the end, this payment is called
Give this one a try later!
a balloon payment.
Looking at shopping centers in the appraisal process, the social fiber of the
community and distances from schools is called
Give this one a try later!
neighborhood analysis.
The HUD-1 form is
Give this one a try later!
a statement of actual charges and adjustments.
A sales associate decides to sell his own property without using a broker. Which of the
following is TRUE regarding any advertising the sales associate may wish to do?
Give this one a try later!
