d. The annual percentage rate includes “all†costs involved in the loan and must therefore be disclosed to the borrower/consumer under the Truth-in-Lending Act.
a. A deed of trust mortgage permits the trustee/fiduciary to sell the property at public auction to protect the lender’s/beneficiary’s lien position without a judicial court hearing.
c. An offeree is not obligated to consider or respond to offers in any order. He is free to accept whichever is the most appealing to him, for whatever reason.
d. The mortgagor (borrower) who deeds the property into trust for the mortgagee (lender) will lose ownership through foreclosure.
b. Condominium owners can borrow money by pledging their individual unit giving them the opportunity to structure the financing to suit their individual needs. Likewise, they can purchase their unit without any debt.
d. Unauthorized use of declared wetlands can result in a federal felony under the Federal Clean Water Act.
b. Ownership in severalty, that is, severed from anyone else’s interest, would give the individual owner complete freedom to dispose of the property.
c. If the value of the pool is $8,000, the adjustment is a direct addition to the range of the current sales in the neighborhood that did not have pools.
c. Since a bank’s funds are by definition short term, that is, from checking accounts also known as “demand deposits,†the banks prefer to make short-term loans.
d. A competitive market analysis includes both sold comparables and the asking price of current properties on the market to determine a range of value for marketing purposes. This is used to determine the best listing price for a property. A comparative market analysis evaluates only sold comparables in property valuation.
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