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Quiz – Course 3

Quiz – Course 3

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Question 1 of 20

1. Question

An alternative to financing that cannot be gotten under conventional guidelines is called a:

Dreams for America contract
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Contract for Deed
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Privately insured Conventional
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Cash
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Question 2 of 20

2. Question

Who determines the interest rate on Contract for Deeds?

Commerce
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Labor and Industry
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Vendor and vendee
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Broker
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Question 3 of 20

3. Question

The buyers in our case study have asked the seller to pay 3% toward the buyers closing fees. The list price was $220,000 and the sales price was $200,000. How much are the seller paid concessions going to cost the seller?

$6,600
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$6,000
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$5,500
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Not enough information
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Question 4 of 20

4. Question

The loan program which allows a buyer a loan to purchase a house and fix it up is called:

FHA 203(k)
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401(k)
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Conventional mortgage
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Hybrid mortgage
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Question 5 of 20

5. Question

In Minnesota, all real estate licenses expire on:

July 1
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June 15
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December 31
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June 30
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Question 6 of 20

6. Question

Which one of the following loan programs has easier guidelines for approval?

Conventional
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Rural Development
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FHA
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B and C, not A
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Question 7 of 20

7. Question

A veteran can use their VA benefit of buying a home only once in their lifetime.

True
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False
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Question 8 of 20

8. Question

An agent has drafted a Purchase Agreement. The offering price is 94% of listing price. The seller’s choice is to:

Accept it
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Reject it
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Counter it
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All the above
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Question 9 of 20

9. Question

You are showing your company listing. Your buyer asks, “what should I offer?” and “Do you think they will take less?” How should you respond?

Offer as low as you can. They can always come up!
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I think that 88% of list price if a fair offer.
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This has been on the market for a long time. Start low.
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I cannot advise you on this due to me being a dual agent.
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Question 10 of 20

10. Question

When drafting an offer for a buyer in a single agency relationship, what can the agent do?

Perform a market analysis to analyze offering price
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Look at days on market to ascertain a fair offer
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Disclose to the buyer what you think they should offer
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All the above.
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Question 11 of 20

11. Question

The Real Estate Settlement Procedures Act (RESPA) requires lender disclosure of closing costs for federally related real estate transactions with a new first loan for which of the following types of property?

one- to four-family residential units
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commercial office building
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retail shopping center
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agricultural land and outbuildings
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Question 12 of 20

12. Question

A buyer has just purchased a home and has applied for a new loan. Regulation Z requires that the lender inform the borrower of the:

three-day right of rescission
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total amount of closing costs
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exact amount of monthly payments
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true cost of obtaining credit
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Question 13 of 20

13. Question

To be have final acceptance using the REALTOR® Purchase Agreement:

A verbal counter is acceptable
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A text that the offer is accepted has been received
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A fully signed copy is in everyone’s hands
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A handshake is adequate
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Question 14 of 20

14. Question

Title insurance premiums are paid:

once, at the time the policy is issued
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monthly, with the mortgage payment
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semiannually, along with property taxes
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annually, along with the homeowners insurance premium
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Question 15 of 20

15. Question

FHA Case numbers (appraised value and work orders) stay on a listing for:

That buyer only
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3 months
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Six months
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1 year
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Question 16 of 20

16. Question

A written statement that complies with line 77 in the REALTOR® offer can be:

Pre-approval letter
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Closing disclosure
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Truth in Lending statement
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Appraisal
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Question 17 of 20

17. Question

When should a disclosure be made?

After the offer is accepted.
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Before the offer is written.
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At the closing
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After the closing
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Question 18 of 20

18. Question

Which of the following is NOT a material fact?

Suicide happened at the house
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The Seller had AIDS
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There is an adult care facility down the block
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All the above
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Question 19 of 20

19. Question

At the closing, the REALTOR® should not:

Review the closing disclosure
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Give support to the client
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Disclose what the legal contents of the title commitment
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Provide a nice closing gift
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Question 20 of 20

20. Question

Closings can be performed by:

Attorney
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REALTOR®
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Licensed closer
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All the above
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