The correct answer is (C) Choice (A) is the maximum penalty for a first violation. Choices (B) and (D) are incorrect.
The correct answer is (B) Choice (A) is incorrect because parties in a tenancy in common do not have to put in the same amount of money, which would give each the same share in the tenancy. Choice (C) is the opposite of what is true about a tenancy in common; each party has control over his or her share. Choice (D) is incorrect for two reasons. First, there is no right of survivorship with a tenancy in common, and second, the question doesn’t state that each party has a third share in the investment.
The correct answer is (A) Some states exempt homeowners from having their homes taken to pay certain kinds of debts; this doesn’t extend to default on mortgages though. Choices (B) and (C) are incorrect because both refer to entities that are not private homes. Choice (D) is a form of ownership.
The correct answer is (D) Choices (A), (B), and (C) are true about exclusive right to sell listings, so they are incorrect answers to the question. Choices (C) and (D) may be confusing, but the “right to market†is not the same as the right of the owner to sell the property himself or herself. Choice (D) is incorrect, so it is the right answer to the question.
The correct answer is (B) $1,050 × 12 = $12,600 $12,600 ÷ 0.07 = $180,000
The correct answer is (A) A judgment lien can be obtained by a creditor for any number of reasons, for example, unpaid credit card bills or unpaid home improvement bills, but not a mortgage default. It is placed against all property, whereas choice (B) is placed against one specific property. Choice (C) is incorrect because a judgment lien is involuntary; a mortgage is voluntary. Choice (D) is a distracter.
The correct answer is (C) Choice (A) is incorrect because the secondary mortgage market does not provide mortgages to homebuyers. Choice (B) is incorrect because the secondary mortgage market has no requirements about PMI in mortgages that it securitizes, buys, and sells. Choice (D) is incorrect because Fannie Mae buys mortgages on the secondary mortgage market; it’s not an insurer of mortgages.
The correct answer is (C) Choice (A) is incorrect because it is only the down payment. Choice (B) is incorrect because it represents only the amount that the mortgage has been reduced. Choice (D) is incorrect it represents the amount of the outstanding principal plus the down payment.
The correct answer is (C) Choice (A) is simply deciding the selling price. Choice (B) is simply adjusting the value of comps upward or downward in relation to the subject property in order to estimate the subject property’s value. Choice (D) is simply adjusting the selling price to better reflect the market value of the property.
The correct answer is (C) Choice (C) lists the main components of the monthly mortgage payment and are abbreviated as the PITI. Choice (A) is missing homeowner’s insurance, which some lenders make borrowers pay a year in advance. Choice (B) is incorrect because it’s homeowner’s insurance, not PMI. PMI may be true for some mortgages, but not all mortgages. Choice (D) might be a good guess, but points are a one-time only charge.
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