(A) Choice (B) occurs when a realtor discharges a principal. Choice (C) is incorrect because it refers to the process by which a limited estate in a property is returned to the original owner. Choice (D) seems like a likely answer, but is not the correct term.
(A) Choice (B) is incorrect because while an aging elevator is curable, it’s not economic obsolescence. This makes choice (D) incorrect also. The elevator is curable, but not an example of functional obsolescence. Choice (C) is incorrect on both counts. In an answer with two parts or details, check that both are correct.
(D) Choices (A), (B), and (C) correctly describe the littoral rights of people who own property that abuts a lake, ocean, or sea.
(C) $265,900 × 0.9 = $239,310 $1,046.98 ÷ ($239,310 × 1/12) = 0.0525, or 5.25%
(D) Choice (D) is all that is necessary for a building permit—if the proposed building meets zoning ordinances. Choice (A) is incorrect because even if the proposed building was to be rejected by the building department, the request for a building permit wouldn’t go before the zoning board—unless the application appealed the rejection because the building department said a variance was needed. Only a request for a zoning variance would be reviewed by the zoning board. A zoning variance, choice (B), is only required if the proposed building doesn’t comply with the zoning ordinances. Choice (C) is incorrect because a planning board doesn’t approve building permits; it adopts the master plan and reviews and decides subdivision and site plan applications.
(B) Choice (A) is incorrect because it is the threshold for requiring PMI. If a mortgagor puts down 20 percent, then PMI is not required. Choices (C) and (D) are incorrect.
(B) Choice (A) is not an unusual business strategy for a developer in a large urban area. Choice (C) is incorrect because it doesn’t involve any kind of illegal activity; each brokerage shares expenses and, they hope, the benefits of the advertising that their city is a great place to live. Choice (D) is incorrect because offering the same interest rate to different borrowers is a typical and legal business practice.
(D) Choice (A) is incorrect because RESPA doesn’t require any money to be held in escrow; that’s up to the mortgagee to decided, but RESPA does limit the maximum amount that can be required by the lender, approximately two months of escrow payments. Choice (B) is incorrect for mortgage escrow accounts. (Some state laws do require that interest be paid on these accounts.) Choice (C) is incorrect because having or not having PMI on a mortgage is up to the lender, not HUD.
(B) $135,000 + $45,000 = $180,000 $180,000 × 0.85 = $153,00 0.0063 + 0.0042 + 0.0022 = 0.0127 $153,000 × 0.0127 = $1,943.10
(B) $120,000 × 0.55 = $66,000 $66,000 × 0.032 = $2,112
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