section 9

Which of the following items are not in the Loan Terms section of the Annotated TILA-RESPA Integrated Disclosure form?

Estimated Total Monthly Payments

Which of the following is one of the landlords rights under most residential leases?

Expect prompt payment of rent

The Projected Payments section gives monthly mortgage payment calculations for years

1-7 and then for years 8-30 of the loan term

A creditor may provide a revised Loan Estimate if the consumer indicates an intent to proceed with the transaction more than

10 business days after the Loan Estimate was originally provided

Charges for certain services and fees paid by or imposed on the consumer are grouped together and subject to a

10% cumulative tolerance

regardless of the loan type, which pages of the Closing Document remain the same

2 and 3

how many pages is the closing document

5 pages

creditors must provide a revised closing disclosure to correct non-numerical clerical errors and document refunds for tolerance violations no later than

60 calendar days after consummation

How is the consumer informed if he or she is permitted to shop for a settlement service?

A creditor must provide a written list of services and providers on a document that is separate from the Loan Estimate.

How does an actual eviction occur?

A landlord obtains a court order to force the tenant to vacate the leased premises.

For purposes of a revised Loan Estimate, which of the following is NOT classified as a changed circumstance?

A sharp downturn in the banking industry economy

Which of the following is NOT a benefit to consumers under TRID rules?

Allowing lenders to makes wider cost estimates for services required to close a mortgage loan will help such providers as appraisers and pest inspectors.

What are "tenant improvements?"

Alterations to a rental space made to fit a particular tenant

In which of the following cases would a person probably be required to have a real estate license?

Bruce gets hired to find an office suite for a friend who is relocating her business.

Which of the following is classified as a change that requires a corrected Closing Disclosure to be issued?

Changes that occur before consummation and do not require a new three-business day waiting period

Which of the following loans are covered by the TILA-RESPA rule?

Closed-end consumer credit transactions secured by real property

In what section on the Loan Estimate would you find underwriter's fees?

Closing Cost Details - Loan Cost - Section A-Origination Charges

Which agency administers RESPA?

Consumer Financial Protection Bureau (CFPB)

What kind of coverage is provided by general liability insurance?

Coverage for a property owner's risks incurred when the public enters the insured premises.

Which of the follow statements about management compensation is false?

It is a standardized amount established by the Universal Landlord and Tenant Act.

Which of the following is a true statement about the Americans with Disabilities Act?

It requires landlords and managers in some cases to make changes to their facilities.

How does documentation manage risk?

It serves as evidence that laws have been complied with.

What are the two forms that make up the TRID rule?

Loan Estimate and the Closing Disclosure

What type of information can be found on the TILA-RESPA Integrated Disclosure rule implementation website?

Implementation aids, including compliance guides, videos, and charts

Which of the following items are not part of the Projected Payment section of the Annotated TILA-RESPA Integrated Disclosure form?

Prepayment Penalty

What are the two major features of the TRID Rule?

Reducing paperwork and consumer confusion by combining several forms into two forms

What statement is printed on the Loan Estimate form regarding refinancing options for the consumer?

Refinancing this loan will depend on your future financial situation, the property value, and market conditions. You may not be able to refinance this loan.

For purposes of providing the Closing Disclosure, the term business day means all calendar days except

Sunday and legal public holidays

The acronym TRID stands for

TILA/RESPA Integrated Disclosure Rule

which of the following statements is correct?

The Loan Estimate must be given within three business days after application, and the Closing Disclosure must be given three business days before closing.

How does the Loan Estimate handle the servicing of Homeowner's Insurance?

The Loan Estimate states that the loan requires homeowner's insurance on the property, which the consumer may obtain from a company of his or her choice that the lender finds acceptable.

According to the TRID Rule, a creditor may use an average service charge if four conditions are met. Which of the following is one of those conditions?

The creditor or settlement service provider uses the same average charge for every transaction within the defined class.

What does loan assumption mean?

The lender will allow the loan to be assumed by another party on the original terms

Which of the following is an illustration of a risk avoidance procedure that a property manager might take?

The manager closes a stairwell that is in need of repair.

Which of the following describes a net lease?

The tenant pays a base rent plus some or all of the operating expenses.

Which of the following statements best defines the concept of "changed circumstances affecting eligibility" for a loan?

When a consumer's eligibility is changed from information disclosed on the Loan Estimate

What special information booklet must be given to every person at the time of application for a loan?

Your home loan toolkit

financial reporting is

a fundamental responsibility of the property manager.

Which of the following statements is most accurate

a lender may impose an average charge instead of the actual amount received for a particular service, as long as the average charge satisfies certain conditions

which of the following changes before consummation do not require a new waiting period

a walk-through discovery

A principal role of the real estate commission is to

administer state licensing requirements.

A management agreement establishes a(n)

agency relationship

The Universal Residential Landlord-Tenant Act

aims to clarify imprecise language in residential leases.

One of a manager's common environmental responsibilities is

arranging for environmental audits.

How does the borrow indicate receipt of the Loan Estimate?

by signing a copy of the form

what is the document that requires creditors to provide a final disclosure reflecting the actual terms of the transaction

closing disclosure

most mortgage loans are required to use

closing disclosure form H-25

Transaction records required to be maintained typically include

closing statements.

What section of the Loan Estimate tells the consumer the total of principal, interest, mortgage insurance, and loan costs he or she will have paid off in 5 years?

comparisons

One of the principal concerns for a manager in selecting a commercial tenant is

compatibility of the tenant's business with that of other tenants.

Consummation is defined under Regulation Z as the time that a

consumer becomes contractually obligated on a credit transaction

A creditor must ensure that the consumer receives the revised Loan Estimate no later than four business days prior to

consummation

consummation

consummation occurs when the consumer becomes contractually obligated to the creditor on the loan

Negative amortization

could result in the loan amount becoming larger than the original loan amount.

Who is generally required to ensure that the consumer receives the Closing Disclosure no later than three business days before consummation of the loan?

creditor

what is the first piece of information entered in the closing information of the closing disclosure

date issued

The purpose of a recovery fund is to

ensure that judgments against licensees will be collectible.

Which of the following items would not be found at the top of the first page on the loan estimate?

estimated closing costs

A good way of reducing the risk that brokers and sales affiliates will commit errors or inadvertent law violations is to

maintain a comprehensive and up-to-date procedures manual.

For the proper handling of client and owner monies, a property manager is generally required to

maintain a special trust account in a qualified financial depository.

for timeshare loans, creditors

may forego a loan estimate and provide only the closing disclosure

A broker operates an office in a town on the state line. A buyer from the adjoining state wants to see homes on both sides of the border. In this case, the broker

may not show the buyer homes in the other state without a non-resident license.

A license applicant signs up to take the state examination, but has failed to obtain an employer prior to the exam date. In this case, the applicant

may take the exam and receive an inactive license.

For charges subject to zero tolerance, the creditor

must refund to the consumer any amount charged beyond the amount disclosed on the Loan Estimate.

A broker has her license suspended for violating state license law. In such a case, the licenses of her three salespeople are

not valid

When a revised Loan Estimate is provided in person, it is considered received by the consumer

on the day it is provided

if the closing disclosure is provided in person, it is considered received by the consumer

on the day the creditor provides it

What section on the Closing Disclosure would indicate whether or not a lender will accept partial payments on the loan?

partial payments

A certain building has a vacancy rate above that of the general market. The most likely reason for this is

poor management

What is it called when a Closing Disclosure error is detected after loan consummation?

post - consummation event

The general task of a property manager is to

produce the highest net return for the owner while safeguarding the property.

In which risk management strategy does a party take full responsibility for consequences and enter into an activity in spite of known risks?

retention

Which of the following loans are not covered under the TRID Rule?

reverse and mortgages

Initial Escrow Payment at Closing can be found in what section on the Loan Estimate?

section G

The TRID Rule was issued to

simplify and improve disclosure forms for mortgage transactions

what section of the Disclosure statement is divided into two columns, showing the borrower's transaction in the left column and the seller's transaction in the right column

summaries of transactions

License regulators, empowered by state law to oversee brokerage practices, may

take punitive actions against fraud or misrepresentation.

Failure to maintain client confidentiality is a risk associated primarily with

the agency relationship.

closing disclosure

the closing disclosure must be in writing and contain the information prescribed in the TRID rule

what action must a creditor take when a post - consummation event occurs

the creditor must deliver or place in the in the mail a corrected closing disclosure no later than 30 calendar days after receiving information sufficient to establish that such an event has occurred

It is important for tenants to understand that

their personal belongings are not covered by their landlords insurance policies.

When a revised Loan Estimate is mailed or delivered electronically, the consumer is considered to have received it

three business days after it is delivered or placed in the mail

a creditor is generally required to ensure that the consumer receives the the Closing Disclosure no later than

three business days before consummation of the loan

Section J of the Loan Estimate gives the

total closing costs to the borrower

The risk of committing an unauthorized practice of law can be practically reduced by

using standard forms and contracts prepared by attorneys.