Mortgages
Lender's effective yield amount
What is 0.125% (1/8%)?
The customer is not responsible for the sales associate's actions
What is a transaction broker?
Max fine FREC can impose per offense
What is $5,000?
Agreement between parties that involves promises to be performed at a later date
What is an executory contract?
The standards for appraisers are set by
What is the Uniform Standards of Professional Appraisal Practice (USPAP)?
Satisfaction of Mortgage is given in
What is a lien theory state?
Confidentiality, obedience, loyalty, and full disclosure
What is a single agent relationship?
Recovery fund cannot exceed how much?
What is $150,000?
Owner or a broker can sell the home
What is an exclusive agency?
Federally related transactions
What is any transaction that involves a loan?
The instrument that gets recorded
What is a mortgage?
In this brokerage relationship, the broker owes no fiduciary duties to the buyer or seller
What is no brokerage relationship?
Practicing real estate without a license results in
What is a third degree felony?
Seller allows 10 days for buyers to conduct an inspection, and must provide EPA pamphlet
What is lead-based paint?
The most common approach used in residential real estate is
What is the sales comparison approach?
Clause in the mortgage that calls the loan due when the mortgagor misses a payment
What is an acceleration clause?
Broker associates and sales associates are what relationship to the broker?
What is general agent?
First offense only, did not harm the public, health, safety, or welfare, no fine given
What is a notice of noncompliance?
Purchase and sales contracts must be in writing per
What is the Statute of Frauds?
Set of guidelines a sales associate must use if doing an appraisal
What is USPAP?
Fannie Mae, Freddie Mac, and Ginnie Mae
What is the secondary mortgage market?
A sales associate appointed by the broker to represent one party when the broker represents both sides of the transaction
What is a designated sales associate?
Advertising property or services in a false, deceptive, or misleading manner
What is a second degree misdemeanor?
Residential sale transactions are defined as: improved property of 4 or fewer residential units; unimproved property zoned for 4 or fewer residential units; agricultural property of 10 or fewer acres
What is a residential sale transaction?
Adjustment process for appraisals and CMAs: if the comparable is better, subtract; if the comparable is inferior, add; never take from the subject
What is the adjustment process?