State National Real Estate PSI Flashcards

State & National Real Estate PSI Flashcards Within 3 days of the loan applicationThe Real Estate Settlement Procedures Act (RESPA) requires lending institutions to provide a Good Faith Estimate of closing costs:Select one:A. When the loan application is submittedB. Within 3 days of the loan applicationC. Within 3 days of closingD. Within 10 days of the loan application A court having jurisdiction over the brokers Two brokers are involved in a dispute over a commission split. Which of the following entities could become involved

in settling the matter?Select one:A. A court having

jurisdiction over the brokersB. The Virginia Real Estate BoardC. The Director of the Department of Professional and Occupational Regulation (DPOR)D. The enforcement branch of DPOR AssignmentOne's rights in a mortgage or lease may be transferred to another through a(n):Select one:A. NovationB.AssignmentC. Deed of TrustD. Both B and C Ralph has no interest in the propertyQuincy sold a piece of property to Ralph, and transferred title through a quitclaim deed. Later, a court determined that Quincy did not own the property. Which of the following

statements is true in this situation?Select one:A. Ralph

owns the property because the court action happened after the transfer of titleB. Ralph has no interest in the propertyC.Ralph has a good claim against Quincy for misrepresentationD. Both B and C

21 daysLicensees must respond to Board inquiries within:Select

one:A. 10 daysB. 15 daysC. 21 daysD. 31 days

No, these funds must be placed in a separate escrow account A real estate broker wishes to deposit an earnest money check in his business operating account so the purchaser can earn a higher interest rate on her funds. Can he do

this?Select one:A. Yes, if the purchaser receives a

comparison of available interest ratesB. Yes, if the broker promises to ensure such funds will be available at closingC. No, these funds must be placed in a separate escrow accountD. No, the broker cannot guarantee a higher interest rate No, because the term is potentially indefinite Seller Pruitt signed an exclusive right-to-sell listing with Broker Cook. The listing includes a 7% commission and a clause which states that this agreement is in effect until the

house is sold. Is this legal?Select one:A. No, because the

commission was over 6%B. No, because the term is potentially indefiniteC. Yes, if it is a multiple listingD. Yes,

assuming all other elements are A commission received from an out-of-state broker Which funds would NOT need to be held in an escrow

account?Select one:A. Money received as a security

deposit for rental housingB. An earnest money deposit, if closing is scheduled in less than 15 daysC. An earnest money deposit of less than $500D. A commission received

from an out-of-state broker The lease may be oralIf a tenant and a landlord enter into a 3-month lease that expires at the end of the year, which of the following is

correct?Select one:A. The lease may be oralB. The tenant

must give 30 days notice before terminating the leaseC.

The landlord must give 30 days notice before terminating the leaseD. The lease will extend for another term if the parties fail to provide proper notice Filed a claim against the salesperson in a court of competent jurisdiction Kathy the Consumer has filed a claim for payment from the Transaction Recovery Fund. The reason for the claim is to reimburse a loss sustained after a salesperson made a