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SUPERIOR NC REAL ESTATE IMPORTANT FINAL EXAM
| NEWEST ACTUAL EXAM COMPLETE QUESTIONS
AND VERIFIED ANSWERS GRADED A+ | 100% PASS |
2025 UPDATE!
RESPA - ..(answers)..-Real Estate Settlement Procedures Act: applies ONLY to 1-4
family residential transactions, transactions involving a "federally related"
mortgage (conventional, FHA, VA)
Which party's signature is required on a deed of trust?
A. the trustee
B. the beneficiary
C. the trustor(s)
D. the grantee(s) - ..(answers)..C. the trustor(s)
The trustor is the borrower in a lending situation using a trust deed. The borrower
is giving the lender security or collateral interests in the property. Because those
rights and interests belong to the borrower and they are surrendering them, only
the trustor (or borrower) must sign the trust deed.
Under which of the following types of mortgage loans would a buyer have to
produce a certificate of reasonable value?
A. VA Guaranteed Loan
B.VA Insured Loan
C.FHA Insured Loan
, 2
D.Conventional Loan - ..(answers)..A. VA Guaranteed Loan
The certificate of reasonable value or CRV is the name for the appraisal in a VA
loan. VA loans are guaranteed, FHA loans are insured. The appraisal in an FHA
loan is called a Conditional Committment.
Encapsulation refers to: - ..(answers)..The sealing away of friable asbestos
Radon becomes a material fact in North Carolina:
A. Only in regard to properties located in the western part of the state
B. In all residential real estate transactions
C. Only when the presence of radon can be sensed by smell
D. When the level of radon is 4.0 picocuries or higher - ..(answers)..D. When the
level of radon is 4.0 picocuries or higher.
The major difference between an installment land contract and a purchase money
mortgage is:
A.Seller financing only exists in purchase money mortgages.
B.The buyer receives legal title and the seller receives equitable title.
C.The time in which delivery of the deed is made.
D.Installment carryback is also known as seller carryback financing. -
..(answers)..A purchase money mortgage, seller financing or a seller carryback
occurs when the seller is transferring title to a buyer at closing and the seller is
acting as the lender. Typically the buyer would execute a promissory note and
SUPERIOR NC REAL ESTATE IMPORTANT FINAL EXAM
| NEWEST ACTUAL EXAM COMPLETE QUESTIONS
AND VERIFIED ANSWERS GRADED A+ | 100% PASS |
2025 UPDATE!
RESPA - ..(answers)..-Real Estate Settlement Procedures Act: applies ONLY to 1-4
family residential transactions, transactions involving a "federally related"
mortgage (conventional, FHA, VA)
Which party's signature is required on a deed of trust?
A. the trustee
B. the beneficiary
C. the trustor(s)
D. the grantee(s) - ..(answers)..C. the trustor(s)
The trustor is the borrower in a lending situation using a trust deed. The borrower
is giving the lender security or collateral interests in the property. Because those
rights and interests belong to the borrower and they are surrendering them, only
the trustor (or borrower) must sign the trust deed.
Under which of the following types of mortgage loans would a buyer have to
produce a certificate of reasonable value?
A. VA Guaranteed Loan
B.VA Insured Loan
C.FHA Insured Loan
, 2
D.Conventional Loan - ..(answers)..A. VA Guaranteed Loan
The certificate of reasonable value or CRV is the name for the appraisal in a VA
loan. VA loans are guaranteed, FHA loans are insured. The appraisal in an FHA
loan is called a Conditional Committment.
Encapsulation refers to: - ..(answers)..The sealing away of friable asbestos
Radon becomes a material fact in North Carolina:
A. Only in regard to properties located in the western part of the state
B. In all residential real estate transactions
C. Only when the presence of radon can be sensed by smell
D. When the level of radon is 4.0 picocuries or higher - ..(answers)..D. When the
level of radon is 4.0 picocuries or higher.
The major difference between an installment land contract and a purchase money
mortgage is:
A.Seller financing only exists in purchase money mortgages.
B.The buyer receives legal title and the seller receives equitable title.
C.The time in which delivery of the deed is made.
D.Installment carryback is also known as seller carryback financing. -
..(answers)..A purchase money mortgage, seller financing or a seller carryback
occurs when the seller is transferring title to a buyer at closing and the seller is
acting as the lender. Typically the buyer would execute a promissory note and
