Real Estate Prep Exam: Part 6

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20 Questions - Developed by: agentguide - Developed on: - 23.802 taken

  • 1
    In a typical agency relationship between the broker and the client, the broker's commission is determined by..
  • 2
    The clause in a mortgage instrument that would prevent the assumption of the mortgage by a new purchaser is a(n)
  • 3
    A broker lists a property for sale at t$100,000 with a 5 percent commission, and later obtains a verbal offer to purchase the property from a prospective buyer. The seller indicates to the broker that the offer would be acceptable if it were submitted in writing. Before it can be put in to writing, the buyer changes his mind and revokes the verbal offer. In this situation, the broker would be entitled to
  • 4
    Mortgage lenders want assurance that future real estate taxes will be paid. the most common way to do this is to require the borrower to
  • 5
    The pledging of property as a security for payment of a loan is
  • 6
    An eligible veteran made a purchase offer of $80,000 of a home he wants to finance with a VA-guaranteed loan. Four weeks after the offer was accepted, a certificate of reasonable value (CVR) For $77,000 was issued for the property. In this situation, any of the following could occur EXCEPT the veteran may
  • 7
    The principal distinction between the primary mortgage market and the secondary mortgage market is in the
  • 8
    A graduated payment loan is one in which
  • 9
    The (Closing Cost & You booklet) and a (Good Faith Estimates) statement are required to be given to prospective real estate borrowers under the
  • 10
    A lender may protect its interest in a mortgage loan by obtaining additional security from
  • 11
    One of the ways lenders increase their revenue is by servicing loans. All of the following are activities of servicing loans EXCEPT
  • 12
    At the closing, the real estate broker's commission generally appears as a
  • 13
    The accrued interest on an assumed mortgage loan is entered on the closing statement as a
  • 14
    An example of a kickback that is prohibited by RESPA is
  • 15
    Answer Questions 15-19 based on the information provided concerning the closing of a real estate transaction---
    Purchase price:$25,000 cash --
    Earnest money:$1000 --
    Commission rate: 7% --
    Revenue stamps:$25 --
    Real estate taxes:$350 has already been paid in full for the current year --
    Title insurance policy:$153.51 --
    Recording fee:$2 --
    Escrow fee:$168 (divided between Seller & Buyer on a 50/50 basis) --
    Existing mortgage loan balance (payoff): $9,450 including credit for the reserve account --
    Closing date: July 31st --
    Prorate using a 30-day month and a 360-day year. Prorate the taxes as of the close of escrow. Split the escrow fee 50/50 between the parties. ----What amount is the buyer debited for the real estate taxes?
  • 16
    What amount is the seller debited for the broker's commission?
  • 17
    What amount of the escrow fee will the buyer pay?
  • 18
    What is the total amount the buyer is required to deposit?
  • 19
    What are the seller's proceeds from the sale?
  • 20
    The basic components a foundation include all of the following EXCEPT

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