The correct answer is (C). The notary or person taking the acknowledgement must be satisfied with the identity of the person(s) signing. Choices (A), (B), and (D) are distracters.
The correct answer is (A). 2,550 – 2,500 = 50 $375,600 ÷ 2,500 = $150.24 $150.24 × 50 = $7,512 $375,600 – $15,000 + ($7,500 × 0.5) – $7,512 = $356,838
The correct answer is (B). Choice (A) is an exclusive right to sell listing. Choice (C) is the same as choice (A) and the opposite of the correct answer, choice (B). Choice (D) is incorrect unless a seller and realtor negotiate this.
The correct answer is (D). A conforming mortgage is choices (A), (B), and (C) and can also be an ARM. Because a conforming mortgage can be sold to Fannie Mae and Freddie Mac, it cannot be a jumbo mortgage, choice (D), so it is incorrect, but the correct answer to the question.
The correct answer is (A). Because choice (A) is true, you need to find out your state’s regulations on noncompete clauses in contracts of employment. Choice (B) is incorrect because a prohibition against the immediate area is typical in a noncompete clause. Choice (C) is incorrect because the time period varies. Choice (D) is a distracter.
The correct answer is (C). Choice (C) is a state or municipal law, but not an encumbrance, which includes easements, liens, deed restrictions, and leases. Choice (A) is a deed restriction. Choice (B) is a lien. Choice (D) is an easement. 53. The correct answer is (B). A lease survives a property sale, so choices (A), (C), and (D) are incorrect.
The correct answer is (B). Choice (A) is a mortgage in which the buyer borrows money for the down payment and in return the lender gets a partial share in the property. Choice (C) includes both real property and personal property. In choice (D), only the interest is paid during the term of the mortgage, not the principal. Check your state law and banking regulations to see if shared equity and package mortgages are allowed.
The correct answer is (B). Choice (A) is a mortgage in which the buyer borrows money for the down payment and in return the lender gets a partial share in the property. Choice (C) includes both real property and personal property. In choice (D), only the interest is paid during the term of the mortgage, not the principal. Check your state law and banking regulations to see if shared equity and package mortgages are allowed.
The correct answer is (B). Choice (A) is an improvement and is added to the purchase price during the calculation. Choices (C) and (D) are added to the purchase price. No capital gains need to be sold on the main home if the profit is $250,000 for a single person and $500,000 for a married couple if it has been the primary residence for at least 2 years. Exceptions to the residency period can be made for job relocation and health reasons.
The correct answer is (B). Choice (A) describes a judicial foreclosure. Choice (C) describes a nonjudicial foreclosure. Choice (D) is incorrect. Remember that not all states recognize nonjudicial and strict foreclosures.
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