CE shop course 2

what is the length of the statute of limitation to file a fair housing complaint with HUD

1 year

what's the minimum number of business days prior to closing that lenders gave to provide borrowers with the closing disclosure form

3

which type of communication does the CAN-SPAM act outlaw

Email marketing with no "unsubscribe" option

the office of fair housing and equal opportunity is a part of which federal department

HUD

How is title usually conveyed to the buyer during a foreclosure process?

Through a referee's deed (sheriffs deed or a commissioners deed)

a pipe or a vent sticking out of the ground or a metal cap plate are clues for what

an underground storage tank on the property

what is the purpose of a buyer representation

to build rapport with the buyer

how many years is a commercial property depreciated

39 years

when does buyer possession usually occur

After closing and funding

With the cost approach to value, what is the replacement cost?

Cost to build a functionally equivalent improvement

Which act created the Office of Fair Housing and Equal Opportunity under the Department of Housing and Urban Development?

Federal Fair Housing Act of 1968

Janice and Tom's home is subject to foreclosure. Their deed of trust includes a power-of-sale clause. Which form of foreclosure will most likely be used?

Foreclosure by advertisement

what could be a consequence if there were no secondary mortgage market

Lenders might not have funds available to make new loans to the public.

what laws are MN purchase agreements subject to

MN state law

Seller Jeremiah has no cash on hand, but the buyers have outlined some repairs they want made in order to close on the purchase. Which of the following is his best option if he wants this transaction to close?

Offer a seller credit to cover the cost of the repairs.

required for conventional loans that have a LTV greater than 80%

PMI

Eleanor is working as a buyer's agent for Luis in a state without full disclosure requirements. What is her responsibility relative to property disclosures?

She must obtain the disclosures, provide them to Luis, and review them with him.

with an interest only loan, what happens after the specific period of time that interest only payments are made is over

The full principal of the loan is due

Jasmine has a mortgage on her property, but allows her homeowner's insurance to lapse. Which of these is a possible consequence of this action?

The lender can put Jasmine's loan in default.

what does the underwriting step of a loan processing typically involve

Verification of the borrower's financial situation

What does the MAAP method help licensees determine?

Which property facts they need to disclose

Jennifer is the owner of the single-family residence in which she resides. How long can she take to depreciate her property?

Zero years (personal residences cannot be depreciated)

in what type of financing situation does the seller provide financing to the buyer

a contract for deed

best representation of what happens after a federal fair housing complaint is made

a fair housing specialist will review the complaint

what is something that is not requested in the initial fair housing complaint form

a motorized copy of the complaint description

best description of the purpose of the property disclosure statement

a representation of the homes current condition to the sellers best knowledge

separate for that becomes part of a sales contract

addendum

where in the MN purchase agreement should you indicate that the sale is part of a 1031 exchange

additional terms

what agency disclosure form should MN licensees give to prospective lease clients

agency relationships in real estate transactions

one alternative to foreclosure is a voluntary conveyance of ____

deed

allows the lender to demand immediate payment of the entire remaining loan balance

due on sale clause

potential ramification to the seller is a short sale is completed

negatively impact credit, lender may seek deficiency judgment for amount not repaid, alternative to foreclosure

often involve a conflict of interest

net listings

how many sqft is 1 square yard

nine sqft

which is form is used as the actual contract for deed in mn

the mn uniform conveyancing blank contract for deed

A buyer has agreed to purchase a property using a contract for deed. Who holds the legal title to the property during the term of the loan

the seller

a licensee has a written listing agreement with a seller. Who is the licensees client

the seller

when a property is damaged prior to closing how many business days does the seller have to alert the buyer

3

what does the ftc consider to be a deceptive ad

Any ad likely to mislead consumers acting reasonably under the circumstances

what does the federal trade commission consider to be an unfair ad

Any ad or business practice that causes or is likely to cause injury

what must sellers provide prospective buyers of homes built prior to 1978 in addition to the federally required disclosure form

EPA lead safety pamphlet

how does an umbrella policy work with other insurance policies for the insured

an umbrella policy doesn't kick in until the primary policy is exhausted

the value used to calculate the property taxes, and it's based of a percentage of the market value

assessed value of real estate

Which parties must be identified on the promissory note?

borrower, lender

term that describes a loss of money or anything if value due to failure to perform

breach

a mortgage payment that includes property taxes, and property insurance

budget mortgage

a loan that meets certain criteria that are accepted by frannie mae and freddie mac

confirming loan

your clients have signed a contract for deed to purchase a property. What rights do they receive

equitable title and possession of the property

type of insurance covers licensees who are sued by consumers for inadvertent mistakes in a real estate transaction

errors and omissions

a loss in value caused by an undesirable or hazardous influence offsite is which type of depreciation

external depreciation

what legislation added persons with disabilities as a protected class

fair housing amendments act of 1988

usually purchase separately or bundled with homeowners policy but not standard

flood insurance

when a power of sale clause is included in a deed of trust the lender can initiate what

foreclosure by advertisement

what two types of data does an appraiser gather

general to specific

what hazards do mining activities, landfills, or agricultural pesticides contribute to

groundwater contamination

why might you back out of a working with a buyer unless you're working under an agency agreement

having an agency agreement allows you to represent the buyers interests

Using a buyer's pre-approval or pre-qualification can help in ______ properties.

identifying

what does the subdivision land section of the MN purchase agreement state

if the property is being subdivided the seller will pay those costs

a real estate contract must be _______ to be an enforceable contract

in writing (no oral contracts)

depreciation is limited to

investment properties (owners can't depreciate a personal residence or vacation home)

the acquisition cost of an investment property plus any improvements or renovations

investments depreciable basis

why is it important for new licensees to carry E&O insurance

it will cover then if they're sued by consumers for inadvertent mistakes

In a case of abandonment, a landlord has to do what in order to require the current tenant to pay the unpaid rent

make an effort to find a new tenant to occupy the property

what's the price at which a willing buyer and a willing seller would strike a deal given normal market conditions

market value

most often what's the first course of action for disputed home warranty claims

mediation

prohibited in several states, no guarantee of commission. Conflict can occur if the listing agent doesn't present offers that left little for commission even though the offers met the sellers needs

net listings

a mortgage that has a clause that prohibits lender from suing for unpaid amounts of foreclosure occurs

non-recourse

what are liabilities when filling out a residential loan application

obligations or payments a borrower owes

Two buyers had brokers who were ready to make offers. seller accepted one of those offers. The corresponding broker would be the only one to earn a commission. What type of listing does this describe?

open listening

what type of listing allows only the broker who brings the buyer to earn commission

open listing

To make valid computations of adjustments for the sales comparison approach to value, elements of comparison must be applied in a specific order. Which element is applied last?

physical characteristics

which factors directly affect an adjustable rate mortgage

rate, index, and margin

when outstanding loan balance is reconfigured

recasting

alberto is adding an addendum to an offer he's putting together. What should he do?

reference the addendum in the purchase agreement

makes specific requirements for credit rejection and termination notification, and disclosure of borrowers rights under the ECOA

regulation b

set of regulations used to enforce the equal credit opportunity act

regulation b

(rent/sq ft + TIM expenses) x number of sqft leased

rent for net lease

how can you determine lot size, easements, and encroachments of a property? Most comprehensive search

research the deed and title history, check maps at the county recorders office, and review land surveys

example of a listing agent negotiating on a sellers behalf

reviewing offers and explaining any special requests or requirements

where in the broker information section of the minnesota purchase agreement would the buyers broker information go

selling agent and broker

an elementary school is typically classified as which type of property

specialty

economic principle that the lower priced option of 2 properties of equal quality will likely sell first

substitution

what is net worth

the difference between a borrowers items of value and obligations

if a default on a contract for deed arrangement hasn't been cured within 60 days what can happen

the seller will begin eviction proceedings

when a deed of trust is used as a security instrument who holds the deed and the note

the trustee holds the deed and the lender holds the nige

in what situation might a property management market strategy analysis be unnecessary

there's a low vacancy rate in the area

what's the purpose of the ECOA

to prevent discrimination in lending

the contract for deed is used as an alternative to what

traditional third party financing

when an investment property is sold, three taxes that apply are

transfer tax, capital gains, and recaptured depreciation

garages are considered ____ in terms of measuring square footage of a dwelling

unfinished square footage

when can a lender initiate foreclosure by advertisement (doesn't involve courts)

when a power of sale clause is included in the mortgage instrument

what should be included in an MLS policy for your firm

when and if listing data should be submitted to you for approval

are transgenders protected against discrimination in mn under the human rights act

yes

does MN have different purchase agreements based on the type of residence being sold

yes