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Real Estate Fundamentals Quiz

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Questions and Answers

What is the formula for calculating the Upfront Mortgage Insurance Premium (UFMIP) on an FHA loan?

UFMIP = SP - LTV

UFMIP = SP / LTV

UFMIP = SP + LTV

UFMIP = SP x LTV (correct)

What criteria must be met for a broker to earn a commission?

The contract must be signed by both parties.

The seller must agree to the terms.

The buyer must be approved for financing.

A ready, willing, and able buyer must be produced. (correct)

Which fees does RESPA mandate should be disclosed on a closing statement?

Only attorney fees related to the transaction.

Costs associated with property inspections only.

Only lender fees and points.

All costs associated with financing the transaction. (correct)

What defines when an offer transitions into a legally binding contract?

When it is agreed upon and returned to the original offeror. Signup and view all the answers

What does Regulation Z require to be disclosed to borrowers?

Annual percentage rate (APR) only. Signup and view all the answers

Which statement about the Fair Housing Act is correct?

It protects individuals from discrimination based on their race. Signup and view all the answers

What is true regarding the qualifications of a Real Estate Commissioner?

Can be an unlicensed individual with relevant experience. Signup and view all the answers

In an assignment, what happens to the rights of the assignor?

They lose all of their rights upon transfer. Signup and view all the answers

What is a requirement for opening a real estate firm?

A licensed Qualifying Broker must be appointed. Signup and view all the answers

Which type of property do fructus industriales belong to?

Personal property. Signup and view all the answers