Podcast
Questions and Answers
Real Estate law governing advertising applies to all of these EXCEPT:
Real Estate law governing advertising applies to all of these EXCEPT:
- Social Media
- In house notes for showing (correct)
- Communications with consumers
- Multiple listing service (MLS)
The crack pointed out by the inspector is an example of:
The crack pointed out by the inspector is an example of:
- A patent defect (correct)
- A structural defect
- A latent defect
- An environmental defect
In this case, the veteran may:
In this case, the veteran may:
- Withdraw from the sale on payment of a commission to the seller's broker
- Seek secondary funding for the $3,000
- Purchase the property by making a $3,000 cash payment (correct)
- Withdraw from the sale with a three-point penalty
General real estate property taxes levied for the operation of the government are called:
General real estate property taxes levied for the operation of the government are called:
Under current Regulations, a U.S. Department of Veteran Affairs (VA) loan is assumable if:
Under current Regulations, a U.S. Department of Veteran Affairs (VA) loan is assumable if:
During the period of time after a real estate sales contract is signed, but before title actually passes, the status of the contract is:
During the period of time after a real estate sales contract is signed, but before title actually passes, the status of the contract is:
If there is a discrepancy between a residential lot size quoted in a listing contract and the actual lot size, the actual lot size that will prevail in a sales transaction will be found in:
If there is a discrepancy between a residential lot size quoted in a listing contract and the actual lot size, the actual lot size that will prevail in a sales transaction will be found in:
What was the appraised value of the property?
What was the appraised value of the property?
A document that protects against hidden risk such as forgeries and loss due to defects in title, subject to specific exclusions, is called:
A document that protects against hidden risk such as forgeries and loss due to defects in title, subject to specific exclusions, is called:
What is the annual rate of interest?
What is the annual rate of interest?
If, upon the receipt of an offer to purchase a property, the seller makes a counteroffer, the prospective buyer is:
If, upon the receipt of an offer to purchase a property, the seller makes a counteroffer, the prospective buyer is:
The component of an adjustable-rate mortgage (ARM) that limits the percentage that the interest rate may increase over a specific time period is:
The component of an adjustable-rate mortgage (ARM) that limits the percentage that the interest rate may increase over a specific time period is:
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Study Notes
Real Estate Advertising Law
- In-house notes for showing do not require adherence to state or federal laws since they are not visible to consumers.
Property Inspection Defects
- A six-inch crack visible during inspection is classified as a patent defect, easily noticeable by an inspector.
VA Loan Purchase Scenarios
- If a veteran’s offer exceeds the VA’s certificate of reasonable value (CRV), they may make up the difference in cash to proceed with the purchase.
Property Taxes
- General real estate property taxes collected for government operations are referred to as ad valorem taxes.
VA Loan Assumption
- VA loans post-March 1, 1988 require VA approval for both the buyer and the assumption agreement for the loan to be assumed.
Contract Status
- The status of a real estate sales contract, prior to title transfer, is termed executory when terms are not yet fulfilled.
Lot Size Discrepancy
- Actual lot size in a sale takes precedence over quoted sizes in listings and can be verified through a survey.
Appraised Property Value Calculation
- For a loan at 75% loan-to-value (LTV) ratio, with the first-month interest at $477.82, the appraised property value is calculated at $107,300.
Title Insurance
- Title insurance protects against unseen risks like forgeries and title defects, with some exclusions specified.
Calculating Annual Interest Rate
- A loan payment of $412.50 interest on a $60,000 balance corresponds to an annual interest rate of 8.25%.
Impact of Counteroffers
- When a seller counters an offer, it nullifies the original offer, creating a new offer for the buyer to consider.
Adjustable-Rate Mortgages (ARMs)
- The rate cap in an adjustable-rate mortgage limits how much the interest rate can increase within a specified time frame, typically one year.
Market Influences on Rent
- In most areas, rental prices are influenced primarily by supply and demand rather than associations or unions.
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