Mortgages
Brokerage Relationships and Duties
Penalties
Contracts
Appraisals
100

Lender's effective yield amount

What is 0.125% (1/8%)?

100

The customer is not responsible for the sales associate's actions

What is a transaction broker?

100

Max fine FREC can impose per offense

What is $5,000?

100

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

What is an executory contract?

100

The standards for appraisers are set by

What is the Uniform Standards of Professional Appraisal Practice (USPAP)?

200

Satisfaction of Mortgage is given in

What is a lien theory state?

200

Confidentiality, obedience, loyalty, and full disclosure

What is a single agent relationship?

200

Recovery fund cannot exceed how much?

What is $150,000?

200

Owner or a broker can sell the home

What is an exclusive agency?

200

Federally related transactions

What is any transaction that involves a loan?

300

The instrument that gets recorded

What is a mortgage?

300

In this brokerage relationship, the broker owes no fiduciary duties to the buyer or seller

What is no brokerage relationship?

300

Practicing real estate without a license results in

What is a third degree felony?

300

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

What is lead-based paint?

300

The most common approach used in residential real estate is

What is the sales comparison approach?

400

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

What is an acceleration clause?

400

Broker associates and sales associates are what relationship to the broker?

What is general agent?

400

First 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 the Statute of Frauds?

400

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

What is USPAP?

500

Fannie Mae, Freddie Mac, and Ginnie Mae

What is the secondary mortgage market?

500

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?

500

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

What is a second degree misdemeanor?

500

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?

500

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?