Lending
The borrower’s promise to repay the loan is documented in this instrument.
Answer:
What is a promissory note?
This document outlines the conditions under which a title insurer is willing to issue a policy.
What is a title commitment?
Time deadlines in the contract are critical because this principle applies.
What is time is of the essence?
This regulatory body oversees licensing and enforcement for real estate professionals in Arkansas.
What is the Arkansas Real Estate Commission?
This ethical principle is cited in the Preamble as a guiding standard for Realtor® conduct.
What is the Golden Rule?
When disclosure of seller agency is made to the buyer’s agent, this party is responsible for timely conveying it to the buyer or lessee.
Who is the buyer’s or lessee’s licensed agent?
This document outlines the proposed loan terms but does not guarantee final approval.
What is a Loan Estimate?
This section of the commitment lists what must be satisfied before closing.
What are requirements?
The contract becomes binding only after this event occurs.
What is acceptance by the seller?
Continuing education is required annually to maintain this type of license status.
What is an active license?
Confidential client information must be protected even after this event.
What is termination of the agency relationship?
This is the latest point at which seller-agency disclosure must be made in any transaction.
What is before the buyer or lessee signs any document related to the transaction?
This document secures the property as collateral for the loan.
What is a mortgage or deed of trust?
This section lists matters that will remain insured subject to, even after closing.
What are exceptions?
If no agreement is reached on repairs, this option remains available.
What is termination of the contract?
Failure to disclose agency relationships can result in this outcome.
What are disciplinary sanctions?
This type of defect is not considered confidential information under the Code.
What is a latent material defect?
Examples of information a seller’s agent must avoid eliciting include motivations, finances, and these deal-making methods.
What are negotiating strategies or tactics?
The lender evaluates income, assets, credit, and property to determine this.
What is creditworthiness?
The purpose of title insurance is to protect against this type of risk.
What are defects in title?
Broker liability limitations reinforce this buyer obligation.
What is independent verification?
The Arkansas Regulation that states that EVERY offer must be signed by the licensee and Supervising Broker
What is Arkansas Regulation Section 10.12 (b)?
Realtors® may not mislead sellers about this when taking a listing.
What is market value?
This party is responsible for maintaining evidence that agency disclosure was properly made.
Who is the licensee?
Loan amounts are limited by this relationship between value and debt.
What is loan-to-value ratio?
Unreleased mortgages appear as requirements because they cloud this.
What is marketable title?
The seller’s primary remedy for buyer default is limited to this.
What is retention of earnest money?
All real estate advertising must clearly identify this.
What is the licensed firm?
Realtors® may not accept compensation from more than one party without this.
What is full disclosure and informed consent?
This is the required timing for buyer-agency disclosure to the seller, lessor, or their agent.
What is at first contact?
This loan structure allows rate adjustments after an initial period.
What is an adjustable-rate mortgage?
Missing signatures in the chain of title often require this corrective document.
What is a corrective deed?
The seller is generally given this opportunity regarding title defects.
What is a reasonable time to cure?
Agents must still do this for all parties, even when representing one side.
What is deal honestly?
Realtors® must clearly disclose their firm’s name in this type of advertising.
What is all real estate advertising?
This is the required timing for Seller agency disclosure to the Beller, lessee, or their agent.
What is in a timely manner?
Commercial lenders analyze this ratio to ensure property income supports debt.
What is debt service coverage ratio?
Title companies refuse to “assume” facts without this.
What is recordable evidence?
The seller must deliver this type of ownership at closing.
What is marketable title?
Improper handling of trust funds is one of the most serious violations because it involves this.
What is client money?
Realtors® may not solicit listings that are this type of agreement.
What is an exclusive listing?
Before or at the time of executing a contract, all parties must provide this for a dual-agency relationship to be valid.
What is written consent from all parties?
Residential underwriting focuses on borrower income, while commercial underwriting focuses on this.
What is property cash flow?
Failure to satisfy requirements means the title company will not do this.
What is issue a title policy?
Delayed possession requires a separate agreement to clarify this issue.
What is occupancy terms?
Practicing real estate while unlicensed commonly results in this penalty type.
What is fines or discipline?
Ethics complaints must cite violations of these.
What are Articles of the Code of Ethics?
Dual-agency disclosure must comply with the timing and manner requirements of these two regulations.
What are Regulations 8.1 and 8.2?
Commercial Lenders stress test vacancy and expenses to protect them from this risk.
What is overstated net operating income?
Title insurance differs from other insurance because it insures against this.
What is past events?
Failure to perform contractual duties without excuse constitutes this.
What is default?
A licensee changing firms must complete this process.
What is a license transfer?
Misappropriation of funds, willful discrimination, or fraud must be reported to this body.
What is the appropriate Board or Association of Realtors®?
A licensee may receive commission or compensation only from this party, even in a dual-agency transaction.
Who is the licensed principal broker?
At its core, lending exists to balance return with this.
What is managed risk?
Title insurance does not protect against defects that arise after this event.
What is policy issuance / closing?
Seller disclosures are required, but they do not replace this buyer obligation.
What is independent investigation?
Sanctions are designed not just to punish but primarily to achieve this outcome.
What is consumer protection?
The Code of Ethics defers to this when a conflict exists.
What is the law?
The Arkansas act establishing sanctions for failure to disclose agency relationships was enacted in this year.
What is 1993?