Realtor Kaplan Study guid from quiz Flashcards

Realtor Kaplan Study guid from quiz Flashcards Seller carryAccording to federal government lending regulations, a buyer purchasing a home must have an appraisal for all the following types of financing exceptA). FHAB). VAC). Loan sold to FNMAD). Seller carry Lower of the sales price or appraised value A buyer is getting a new mortgage with a 95% loan-to-value ratio. The final loan amount the lender will lend the buyer is determined by theA). Lower of the sales price or appraised valueB). Higher of the sales price or appraised valueC). Sales price onlyD). Appraised value only The seller, because brokers are not responsible for latent defects the seller does not disclose The listing broker visually inspected the property and found no issues. The seller's property disclosure states that there are no problems. After closing, thebuyers find long-standing issues with water entering the basement.Who is MOST likely to be held liable for nondisclosure of this latent material defect?A). The listing broker and the seller, because they must disclose all defects, even latentB). The listing broker, because the listing broker should have had the property inspectedC). The seller, because brokers are not responsible for latent defects the seller does not discloseD). The buyers, because they should have had an inspection before they closed; after closing, they own the property and have no recourse are receiving treatment for alcoholism.The Americans with Disabilities Act (ADA) provides protection to those whoA). are age 55 or older.B). are receiving treatment for alcoholism.C). have been convicted of selling drugs.D). have suffered financial hardship because of health costs.seek a special assessment to cover these public improvements.A neighborhood has determined that it needs new street lighting and sidewalks. The city has told the residents that it is unable to pay for these improvements with tax dollars. In order to get the work done, the residents couldA). have the city's public works department replace the lighting and sidewalks.B). seek a special assessment to cover these public improvements.C). have these costs added to the local property taxes.D). ask their neighbors to seek private financing to cover their share of the costs.Highest and best use evaluationA broker is completing a CMA to determine the potential listing price of a seller's home. Which of the following is NOT part of the final CMA given to the seller?A). Highest and best use evaluationB). Comparable sales analysisC).

Adjustments to past salesD). Pictures of comparables it isn't in writing.Legal agreements may be valid, void, or voidable, depending on whether they contain all the required essential elements of a contract. All of the following would

make a contract voidable EXCEPTA). it isn't in writing.B). a minor has signed the document.C). the buyer is under duress.D). the broker misrepresented the property.ECOA.If a borrower is refused a loan because the borrower is retired and receiving public assistance, the lender is in

violation ofA). HUD (Housing and Urban Development)B).RESPA (Real Estate Settlement and Procedures Act)C).ECOA (Equal Credit Opportunity Act)D). FHA (Federal Housing Administration)