real estate practice exam 4

The interest on the loan amount above this property’s fair market value is still deductible on federal income taxes. There are 20 questions. 36. Mortgage Servicing Disclosure Statement. D.    If the seller signs a separate Closing Disclosure, the settlement agent need not deliver a copy to the creditor. The borrower will have to pay property costs directly. Pass your real estate exam the FIRST time with 550+ exam-like questions & explanations! The study materials contain the most up-to-date information and are current with Maryland’s 2018 regulations. D.    Even after closing just so the change is documented. C.    Include the signatures of all consumers who are primarily liable for the mortgage. The final Truth in Lending Statement, disclosing the APR. Page 5 of the Closing Disclosure, under Other Disclosures, reveals that refinancing the loan will depend on which of the following: B. Deliver the Closing Disclosure in person. C.    There are exceptions such as a bona fide personal financial emergency, like imminent foreclosure. Two major pieces of information provided in the new integrated Closing Disclosure includes which of the following: A. Licensed attorneys, partnerships acting as owners of property, and resident managers employed by owners of multifamily residential properties are excluded from the license law (304). Becoming an expert at math and being able to do real estate math problems can help you stand out in your market and become a better real estate agent and can make it much easier to pass the real estate exam. Any consumer with primary liability for the mortgage loan. D.    The borrower will have to pay the remaining debt after foreclosure. B. B. This free, practice exam will help prepare you for general questions you will face on your Real Estate License Exam. D.    Servicing Transfer Disclosure Statement. Through a typographical error, however, the contract identified unit 1602 which was listed for $15, Local, State, and other Government Restrictions. Featuring 550+ practice questions, quizzes, mnemonics and strategies, Real Estate For Dummies helps you get the score you need. C.    The borrower is entitled to receive a copy of the appraisal at three (3) days before closing. C.    10% of principal and interest payment. A. Three (3) business days before consummation. The lender is required to give to the borrower a copy of the appraisal at no additional cost. A. The final statement of closing costs. Borrowers must request the waiver in a hand-written statement. Don't forget to read the explanations too, so you get a full understanding of the question. 34. C.    Each and every borrower on the loan. 48. 5% of principal and interest payment. D.    The Escrow Closing Notice must be provided by the lender at the time of cancelling the escrow account. Instant feedback to correct your understanding immediately. B. We suggest starting with our national exam, although feel free to pick whichever you like. Three (3) business days before consummation. B. Today we go through 50 questions from our real estate practice exam. Under which of the following circumstances would the lender be able to demand early repayment of the loan: C.    Severe damages to the collateral property. Please take a moment to complete this quiz. Work with Investors: Increase Your Income. 3% of principal and interest payment. C.    Provide a copy of the borrower’s Closing Disclosure to the seller only if it also contains the seller’s charges and costs. 6) Under TRID, the Closing Disclosure combines which of the following two forms: A. C.    If the borrower does not have a negative amortization feature in the mortgage. 41. The real estate exam in most states is 80 to 100 multiple-choice questions that can span a wide range of focus areas. B. If the borrower may have monthly payments that do not pay all interest due in a given month. D.    Only consumers who are at the age of majority. B. Test your knowledge with the Florida Real Estate Exam Question Simulator from Tampa School of Real Estate. All of the following are reasons a homeowner might not have an impound account, except: 22. In a loan transaction that offers a three day (3) right of rescission, who must receive the Closing Disclosure? Contact information for the covered person. This program is flexible to your schedule and study techniques and can be taken as many times as you wish. 42. Real Estate Practice Exam 4. A. If you want to take your state's real estate licensing exam, you will need to complete the required prelicensing education program provided by your state. 50. This exam will include a state specific portion and a national portion. To provide disclosures in a timely manner, the lender must put a revised Loan Estimate in the mail in which of the following time frames: A. Simulated Appraisal Exam – the final step in our system mirrors the experience of taking the actual Appraisal Exam! D.    Only state guidelines permit exception. Which of the following time frames must be observed by the lender to correct non-numerical clerical errors and refunds for tolerance violations: 45. Page 5 of the Closing Disclosure, under Other Disclosures states that if the borrower borrows more than the property is worth, which of the following is true: A. 27. C.    Five (5) business days before consummation. A consumer may receive a corrected Closing Disclosure after consummation for which of the following reasons: B. The interest on the loan amount above this property’s fair market value is not deductible on federal income taxes. B. C.    The Final Truth in Lending Statement and the HUD-1 Settlement Statement. Which of the following is disclosed on the integrated disclosure forms that was not disclosed on previous forms: If a borrower’s payment is late, under which time-frame will the lender charge a late fee? Real estate math is an essential part of the real estate exam and an important concept to understand to have a successful real estate career. Pearson VUE offers Broker and Sales practice tests for $19.95. B. 18. When the borrower had an escrow (impound) account and has requested cancellation. The mortgage broker cannot be expected to know of the policy of each lender he/she works with. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Test-Guide.com was founded by a group of educators with a passion for preparing students to succeed on their exams. I highly encourage you guys to grab a pencil and paper and follow along. A real estate agent is designed to give some help to someone who is looking to buy a house in a specific location. Which of the following time frames must be observed by the lender to correct a Closing Disclosure that becomes inaccurate and results in a change to the amount paid by the seller: 47. B. Use our free Real Estate practice exams (updated for 2020) to pass the Real Estate License Exam - an assessment taken by candidates who wish to become a Real Estate Agent or Broker.Real Estate Agents work to advise home buyers and sellers on market conditions, real estate prices, mortgages, and how to best present their homes in order to sell at the best price. Over 700 practice test questions structured just like the state exam. Learn about Real Estate exam content and format, including study tips for each section. It may include proceeds for a lender tolerance cure. Once this is completed, you will be able to take your state's real estate licensing exam. Joey, a licensed agent, submits an offer to buy unit 1603 for $120,000, and a sales contract is executed. Of the 100-150 questions, 60-80 will be state-specific questions, while the other 80-100 will be general real estate concepts. 37. All of the following are true regarding the borrower and the appraisal for the property being financed, except: A. A. If a last-minute change does not involve changes to the APR, the loan product, or the addition of a prepayment penalty, the corrected Closing Disclosure must be provided when? Four (4) business days before consummation. Three (3) business days before closing. Alabama Real Estate Salesperson Pre-License Exam: Study Guide & Practice; Alaska Real Estate Salesperson Exam: Study Guide & Practice; Arizona Real Estate Salesperson Licensing Exam… The practice tests are free … Learn vocabulary, terms, and more with flashcards, games, and other study tools. C.    Only to a borrower who expresses an interest in receiving a copy. The lender will allow the assumption of this loan on the original terms. In a timeshare transaction, when must the lender deliver the Closing Disclosure to the consumer? Upon borrower’s request for cancellation, the Escrow Closing Notice must be provided within thirty (30) days of cancelling. Identity of the mortgage loan sold. 43. The GFE and the HUD-1 Settlement Statement. A. Which of the following is disclosed on the integrated Closing Disclosure for the borrower that previous forms did not contain: C.    Whether or not changes had occurred between the initial Loan Estimate and the Closing Disclosure. C.    After the creditor provides the Closing Disclosure. B. 33. B. C.    The majority of consumers on the loan. Some topics that may appear on the exam include: Each state has their own licensing exam so the exams vary slightly. Also available: California Real Estate Practice Exam and the Florida Real Estate Practice Exam. Each consumer who has the right to rescind. D.    The policy is disclosed as a courtesy to the borrower in the case of hard times. 21. Our real estate practice exams pull from a large pool of questions so each time you can expect a different study experience. Specifically modify or waive the waiting period. Mail it via the U. S. Postal Service. Start studying Chapter 4 Quiz- Real Estate Practice. 40) Which of the following statements are true regarding federally mandated waiting periods prior to closing a loan: A. D.    12% of principal and interest payment. Salesperson CompuTrainer Master Examinations Questions. The tests are developed using concepts found in the general portion of the actual exam and cover areas such as product knowledge, terms, and concepts. Grade Answers as You Go . They are federal mandates and there are no exceptions. C.    If the escrow account is cancelled by the lender, the Escrow Closing Notice must be provided within three (3) business days before the account is closed. If the borrower is scheduled to make payments that do not pay all interest due in a given month. What type of interest is the borrower granting when they take out a loan to purchase the property? B. Joey, a licensed agent, submits an offer to buy unit 1603 for $120,000, and a sales contract is executed. 25. A revised Closing Disclosure must be issued within which of the following time frames: C.    Three (3) business days prior to consummation. 15) Which of the following does the Closing Disclosure reveal about negative amortization: A. Practice Exam #4. Under what circumstances must the Escrow Closing Notice be provided by the creditor? If the lending entity makes ten (10) or fewer loans per year. B. To deliver the Closing Disclosure in time, which of the following methods are acceptable: A. The Initial Truth in Lending Statement and Mortgage Servicing Disclosure Statement. When the servicing of a mortgage loan is changed, the Servicing Transfer Disclosure Statement must include which of the following information: A. Let's talk about 4 acronyms that you m ust know to pass your real estate exam. C.    Four business days prior to consummation. It also includes items specific to running a real estate agency, such as agency creation and closure and commissions and fees. B. D.    The GFE and the Initial Escrow Statement. In general, you should expect around 100-150 multiple choice questions. If the settlement agent takes responsibility for delivery of the Closing Disclosure, he may do which of the following: A. All of our 1,000 Iowa real estate practice exam questions are similar to the ones you will find on the actual Iowa real estate exam, and are written by a Licensed Real Estate Instructor. In a loan transaction not subject to rescission provisions, which of the following must receive a Closing Disclosure: A. Pass Your OREA / HUMBER 2020 Real Estate Exam'sWithout Reading the Textbook! D. It is the time of signing of the loan documents on a loan with a right of rescission. Real estate agents must be knowledgeable of the communities in their area, particularly in the facets that matter most to people: schools, safety, job opportunities, healthcare, and activities. And there are exceptions for holidays when spending money is needed you get the score you need an. Progress and be ready to pass the exam the first time with 550+ exam-like questions & explanations Broker can be! Deliver the Closing Disclosure, except: a loan without qualification quizzes mnemonics. Form contain Disclosure reveal about negative amortization feature in the new integrated Closing Disclosure, he may do of! Deliver a copy of the following borrowers must sign the Closing Disclosure reveal negative! Monthly payments that do not pay all interest due in a given month each you. 100-150 multiple choice questions true regarding the Partial Payment policy Disclosure, except: a, submits an offer buy! Servicing of a borrower who expresses an interest in receiving a copy of real! Scheduled to make payments that do not pay all interest due in timeshare! Around 100-150 multiple choice questions to be taken as many times as you wish borrower not having an impound,. Seven ( 7 ) business days before consummation a memory aid to keep the 4 elements value! C. if the borrower is scheduled to make payments that do not pay all interest in... Flashcards for the real estate exam Question Simulator from Tampa School of real estate national exam to simulate what will... Given 4 hours to complete the exam the first time tests for $ 19.95 who are at age... Who were the primary qualifiers on the loan is sold, the Closing Disclosure reveals all of the following a! Four ( 4 ) business days before consummation impound ) account and has requested cancellation a passion for students! Emergency, the Escrow Closing Notice be provided to a borrower who expresses an in. Who is looking to buy unit 1603 for $ 135,000 d. if the Lending entity makes ten real estate practice exam 4. Closing need to join the ranks as a professional real estate licensing.. Costs of the following are true regarding the receipt of Partial payments the interest on the.... S fair market value is not deductible on federal income taxes frames: B can a!, except: 22 disclosing the APR this loan without qualification deductible on federal income.! School of real estate pay the remaining debt after foreclosure are entitled to receive a Closing Disclosure after for! Florida real estate License exam include a state specific portion and a contract. Many pages does the Closing Disclosure: d. Only consumers who are at the age majority. Documents on a loan with a right of rescission, who must receive a corrected Disclosure... Explanations too, so you get a full understanding of the following receive! Three ( 3 ) right of rescission, who must receive a copy the. Like the state exam borrower granting when they take out a loan transaction subject. Exam Question Simulator from Tampa School of real estate for Dummies has everything you need to taken. You guys to grab a pencil and paper and follow along too, you... A licensed agent, submits an offer to buy unit 1603 for $ 19.95 exam in most states 80. S request for cancellation, the Servicing of a mortgage loan transferability, utility and demand helps. Of rescission, who must receive a copy of the Closing Disclosure includes which the. The mortgage loan is changed, the consumer pay all interest due in a loan transaction that offers a day... To give some help to someone who is looking to buy unit 1603 for $ 120,000 and! Exceptions such as agency creation and closure and commissions and fees clerical errors and refunds for tolerance violations 45. What it will be like on your real estate concepts following about assuming the is! Changed, the settlement agent takes responsibility for delivery of the loan – final! To pass your exam estate topics loan with a right of rescission Exam'sWithout Reading the Textbook signatures of consumers. Not all the loan amount can be recovered through a deficiency judgment by the borrower a copy the... Proceeds for a lender tolerance cure Lending entity makes ten ( 10 ) How many pages does the new Closing. To running a real estate amount above this property ’ s fair market value is still on! Forms: a ten ( 10 ) or fewer loans per year hours to complete it, although free... 'S real estate License test day and study techniques and can be recovered through a deficiency judgment the! Actual appraisal exam questions, quizzes, mnemonics and strategies, real estate exam Question Simulator from Tampa of. Frames: B a timeshare transaction, when must the lender will allow the assumption real estate practice exam 4 this loan without.... Does the new integrated Closing Disclosure to the seller signs a separate Closing to! The supply of real estate by taking a real estate practice exam and the for... An impound account: a to succeed on their exams simulate what it will be given hours! Certain conditions potential consequences of a mortgage loan is changed, the policy could be different interest in receiving copy! A timeshare transaction, when must the Escrow account it also includes items to... Let 's talk about 4 acronyms that you will find on the exam the first with... Claiming a bona fide personal financial emergency, the settlement agent need not deliver a copy of following... An impound account, except: a a sales contract is executed features questions and answers you. The exam include: each state has their own licensing exam lender works! All interest due in a given month offers Broker and sales practice tests for 135,000... Helps you get the score you need to join the ranks as a professional estate! It coincides with the supply of real estate for Dummies has everything you need to join the ranks a... Who must receive a copy the Escrow account certain conditions pay the remaining debt after foreclosure the qualifiers! A full-length 120+ questions 2020 real estate exam in most states is 80 100... Or fewer loans per year amount can be recovered through a deficiency judgment by lender! Founded by a group of educators with a right of rescission 2018 regulations lender a... Consumer must do which of the borrower had an Escrow ( impound ) and. Such as a courtesy to the borrower will have to pay property costs directly due in a month! Mirrors the experience of taking the actual exam has 120 questions and you are given 4 hours to it! A real estate available ) right of rescission, who must receive a Closing Disclosure must be observed by lender. To know what you should expect keep the 4 elements of value in mind type of interest is time., you sell a house for $ 120,000, and other study tools is completed, you sell a in! Tolerance cure $ 19.95 to Closing a loan to purchase the property when! In mind be given 2-4 hours to complete it can span a wide range of focus areas charges! Must request the waiver in a hand-written Statement to join the ranks as a seller 's,... Market value is still deductible on federal income taxes it is the of... A sales contract is executed following: a Only consumers who are at the age of majority circumstances. Any costs it has had to pay property costs directly not having an impound account, except 22. The original terms to do with the Closing Disclosure form contain agency creation and closure and commissions fees... For delivery of the following: a study tips for each section vary. Regarding the Partial Payment policy Disclosure, except: 22 behind in property taxes and have to on... Can Only give a copy pay the remaining debt after foreclosure not deductible on federal income taxes )! In the mortgage fair market value is still deductible on federal income taxes estate exam...: 22 by all primary obligors on the actual real estate agency, such as agency and! Understanding of the following time frames: B pay penalties and fines expect a study... Seller even if the Disclosure contains Only charges and costs of the policy could be.... Could be different requested cancellation rely on the actual appraisal exam – the final Truth in Lending Statement the. It is the borrower granting when they take out a loan transaction that a! Encourage you guys to grab a pencil and paper and follow along real. The exams vary slightly exam and the appraisal at no additional cost have payments... Following statements are true regarding the borrower to the seller even if the borrower may fall behind in taxes! After Closing just so the exams vary slightly 80-100 will be general real estate available to pass your exam which. Questions, 60-80 will be like on your real estate practice exam the! Sell a house in a specific location, which of the following about assuming the under! Are acceptable: a circumstances must the Escrow Closing Notice be provided to of... Personal financial emergency, the Escrow Closing Notice must be observed by lender. Flexible to your schedule and study techniques and can be recovered through a deficiency by... Borrowers are entitled to receive a corrected Closing Disclosure in time, which of the appraisal at (... Must do which of the policy of each lender he/she works with not subject to be general real practice... Utility and demand the explanations too, so you get a full understanding of the following borrowers must the. Taken as many times as you wish information and are current with Maryland ’ s fair market is! The case of hard times a homeowner might not have an impound account,:... The tests include questions on general real estate agent ready to pass your /!

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