Mortgages
Lenders effective yield amount
What is .125 or 1/8%
customer is not responsible for Sales associates actions
What is a Transaction Broker
Max fine FREC can impose per offense
What is $5,000.00
Agreement between parties that involves promises to be performed at a later date
What is executory
The standards for appraisers are set by
What is Uniform Standards of professional Appraisal Practice
Satisfaction of Mortgage is given in
What is Lien Theory states
Confidentiality, Obedience, Loyalty, Full Disclosure
What is Single Agent realtionship
Recovery fund cannot exceed how much
What is 150,000
Owner or a Broker can sell the home.
What is Exclusive agency
Federally Related Transactions
What is any transaction that involves a loan?
The instrument that gets recorded
What is Mortgage
Owner or a Broker can sell the home
What is Exclusive Agency
Practicing real estate without a license results in.
What is 3rd degree felony
Seller allows 10 days for buyers to conduct an inspection, and must provide EPA pamphlet.
What is lead base paint
The most common approach used in residential real estate is
What is Sales Comparison approach
Clause in the mortgage that calls loan due when Mortgagor misses a payment
What is Acceleration Clause
Broker associates and Sales associates are what relationship to the Broker
What is General agent
1st 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 statue of frauds?
Set of guidelines a Sales associate must use if doing an appraisal
What is USPAP
Fannie Mae, Freddie Mac and Ginne Mae
What is secondary mortgage market?
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
Advertising property or services in a false, deceptive, or misleading manner
What is second degree misdemeanor
May be vaild or void by one of the parties
What is Voidable
Adjustment process for appraisals and CMA's
what is, comp is better subtract?
comp is inferior add
NEVER take from the subject