Mortgages
Brokerage relationships
and duties
Penalties
contracts
Appraisals
100

Lenders effective yield amount 

What is .125 or 1/8%

100

customer is not responsible for Sales associates actions 

What is a Transaction Broker

100

Max fine FREC can impose per offense

What is $5,000.00

100

Agreement between parties that involves promises to be performed at a later date

What is executory

100

The standards for appraisers are set by

What is Uniform Standards of professional Appraisal Practice

200

Satisfaction of Mortgage is given in 

What is Lien Theory states

200

Confidentiality, Obedience, Loyalty, Full Disclosure 

What is Single Agent realtionship

200

Recovery fund cannot exceed how much

What is 150,000

200

Owner or a Broker can sell the home.

What is Exclusive agency 

200

Federally Related Transactions

What is any transaction that involves a loan?

300

The instrument that gets recorded 

What is Mortgage

300

Owner or a Broker can sell the home

What is Exclusive Agency 

300

Practicing real estate without a license results in.

What is 3rd degree felony 

300

Seller allows 10 days for buyers to conduct an inspection, and must provide EPA pamphlet.

What is lead base paint

300

The most common approach used in residential real estate is

What is Sales Comparison approach

400

Clause in the mortgage that calls loan due when Mortgagor misses a payment

What is Acceleration Clause

400

Broker associates and Sales associates are what relationship to the Broker

What is General agent

400

1st offense only, did not harm the public, health, safety or welfare, no fine given

What is a notice of noncompliance

400

Purchase and sales contracts must be in writing per

What is statue of frauds?

400

 Set of guidelines a Sales associate must use if doing an appraisal

What is USPAP

500

Fannie Mae, Freddie Mac and Ginne Mae 

What is secondary mortgage market?

500

Residential sale transactions are defined as

what is 

Improved property of 4 or fewer residential units

unimproved property zoned for 4 or fewer residential units

acg porperty of 10 or fewer acres

500

Advertising property or services in a false, deceptive, or misleading manner 

What is second degree misdemeanor

500

May be vaild or void by one of the parties

What is Voidable

500

Adjustment process for appraisals and CMA's

what is, comp is better subtract?

comp is inferior add

NEVER take from the subject

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