It is common business practice. which statement is false about accepting referral fees. b) It could be a violation of state licensing laws. b) All parties to the contact must initial the changes. a) Act within a statutory period. c) He has given due process. d) 10 percent of the loan amount. Why would a business want to cut into their margins and offer others a referral fee? b) credits to the seller. On a Closing Disclosure, what section would indicate if the lender would or would not accept partial payments on the loan? d) The tenant leases the ground from the landlord and owns the improvements. Commissions and Referral Fees . A demand feature would allow the lender to require early repayment. Recovery needs assessment (RNA) (accessible version) d) It is a bilateral agreement. a) Graduated b) Gross c) Percentage d) Net. 5) Which contract provision allows for the transfer of the contract to another person? importance of productivity in business; July 7, 2022; c) a 4 percent down payment. d) provide a fixed interest rate for the life of the loan. Which statement is true about accepting referral fees? c) Sara can use a binder but not a sales contract. d) enforceable contract. 2 of 10 - Which of the following is not an item that a buyer usually pays at closing? | Arizona | 525 | 524 | The bonds mature on July 31, 2027. 5. In simplified terms, these rules make it unlawful to give or accept any "thing of value" (e.g. Blog. a) increase the interest rate as the principal declines. b) It could be a violation of state licensing laws. 9 of 10 - Which statement is not true about opening escrows? impound or reserve funds. b) All the parties must initial the changes. Now, suppose the 50 paired differences of part a represent a sample of SAT score differences for 50 randomly selected high school students. d) for a seller in a buyer's market. c) The maximum purchase price of the property cannot exceed $250,000. 9) When a tenant agrees to pay all taxes, insurance, maintenance and repairs, that tenant has what kind of lease? ", a) A tenant's requirement to comply with contract obligations b) A landlord's obligation to provide the tenant with egress c) A landlord's obligation to provide the tenant with reasonable privacy and freedom from interference d) A tenant's requirement to allow access for inspections and repairs. b) voidable and illegal contract. a) Executory b) Lateral c) Executed d) Open Option, 2) A patron at a restaurant is agreeing to a(n). c) The landlord leases the ground floor of the building to a commercial tenant. The Closing Process for Home Buyers | Justia This means you are responsible for up to 35% (20% coinsurance + 15% limiting charge) of Medicare's approved amount for covered services. a) $12.87 b) $15.91 c) $23.22 d) $25.74. a) Mager Clause b) Merger Clause c) Rescind Clause d) Vacant Clause. 11) Fred has an existing property mortgage, but seeks a second loan. RESPA Section 8(a) and Regulation X, 12 CFR 1024.14(b), prohibit giving or accepting a fee, kickback, or thing of value pursuant to an agreement or understanding (oral or otherwise), for referrals of business incident to or part of a settlement service involving a federally related mortgage loan. The real estate transaction involves a federally related mortgage loan, and; B. Explain. a) It represents a "meeting of the minds.". b) are less flexible than government-backed loans . Assume that the company expects sales of each product to decline to 33,000 units next year with no change in unit sales price. a) The landlord sells the ground to another, then leases it back. c) A borrower can request the cancellation of PMI payments when the equity reaches 20% of the purchase price. a) Seller b) Lender representative c) Buyer d) Closing agent. 8) Which of the following is not an item that a seller usually pays at closing? 3) Which of these is a common property description? a) a survey of the property. a) The tenant fails to pay rent. Which statement is true about accepting referral fees? a) The contract must be rewritten and signed again. You are now considering expanding operations into Closing Payment and Documents - Frequently Asked Questions (Concierge) It manufactures these products in separate factories and markets them through different channels. a) covers more than one piece of property. Please ensure that you have calculated the fee correctly. 2) Which statement about the Torrens system is FALSE? The most important document at closing is the, The buyer's primary function at closing is to. This means that. holding or kickback funds. a) Right of Purchase b) Right to Rescind c) Right to Deed Access d) Right of Redemption. Money that the buyer or seller needs to pay at closing is called what? A real estate licensee that receives a referral fee for sending business to a home inspector, violates RESPA. a) deed. which statement is true about accepting referral fees? (See Doing Business Internationally.). 6 of 10 - Proof of ownership of a property is called: 7 of 10 - Which of these individuals could not act as an escrow agent without an escrow license? d) It's an invalid offer. Use a confidence level of 90. 15) The loan origination fee on a VA loan cannot exceed. Which of the following is TRUE regarding the recording of a deed? 15) Which of the following does not meet the criteria for a VA loan? 8) Which of the following summarizes the general terms of a ground lease? ), a) The seller's share of $2,533.38 b) The buyer's share of $666.62 c) The seller's share of $2,525.76 d) The buyer's share of $674.24. a) Prior deed b) Copy of property tax bill c) Prior title insurance policy d) Seller's credit report. This action is based on which mortgage feature? Verified answer. 3) Recording the deed is done through which of these? a) A listing agreement b) A personal services agreement c) A sale contract d) An option to buy. b) He has given notice. Which statement is true about accepting referral fees? On the Closure Disclosure form, homeowner's insurance and property taxes are classified as what? Transit plans to appeal the judgment and is unable to predict its outcome though it is not expected to have a material adverse effect on the company. c) It nullifies oral leases and listing agreements. 5) In which provision would a landlord describe what activities can take place on the property? a) Credit report b) Homeowner's insurance premium c) Earnest money deposit d) Home inspection. a) All residential property b) Homes built prior to 1978 c) Only commercial property d) Only rental property. d) accrued expenses. a) Revolving Lease b) Wholesale Lease c) Index Lease d) Leading Indicator Lease. +P-Plate approval status is provided as a guide only, using data sourced from a variety of government and industry based sources. What is the real estate transfer tax based on? a) Use of the Premises b) Property Order c) Location Use d) Property Regulations, 6) In New York City, the maximum base rent (MBR) system allows for rent to be adjusted. c) Brokers may not complete leases to which they are not a party. Transits fiscal year ends on December 31. Analysis Component b) It is necessary to search public records to ascertain the status of title. b) decrease the interest rate as the principal declines. c) The maximum purchase price of the property cannot exceed $250,000. b) It must use precise wording in a document. c) They are always a debit to one party and a credit to the other party for the same amount. 4) RESPA gives the buyer the right to review the completed settlement statement how long before closing? 4. Lowes Companies, Inc., a major competitor to The Home Depot in the home improvement retail business, operates over 1,800 stores. Title search. a) require lower down payments than government-backed loans require. 7) How does the buyer know how much money to bring to closing? In alan watts quotes on change; cooking with milk past expiration date . 1) Grant moves into his new office space while he awaits the completion of the negotiations of the lease terms. That ratio was 1.75 on December 31, 2021, due primarily to an intentional temporary decline in parts inventories. settlement statement. b) All the parties must initial the changes. 2) Which kind of lease has no time limit? a) A promise to pay b) A judgment letter c) A property lien d) Earnest money. a) The borrower must occupy the property. Tunis, TUNISIE. In a criminal case, a person may be fined up to ten thousand ($10,000.00) dollars and imprisoned for up to one year. | Wyoming | 599 | 565 |. b) A certificate issued by a HUD that indicates that the building is in proper condition to be occupied. d) It can be created only by an attorney. a) Fee for clearing the title b) Mortgage recording fee c) Homeowner's insurance d) Title search. Lenders. In fact, the recent guidance states: "AI is important, and so are the claims you make about it. Code of Professional Conduct - CalCPA a) Revision b) Reorder c) Rescission d) Refile. A broker induces an owner to sell by telling him that . c) settlement statement. which statement is true about accepting referral fees? a) Sara cannot legally fill out this contract. a) Window Loan b) Home Equity Loan c) Reverse Annuity Mortgage d) Blanket Loan. Referral fees should flow through the brokerage company to the associate. What is this law called? Units 11-15 Flashcards b) will be a credit to the buyer. Taxes on the property Buyer Alan is purchasing are $3,200 due on December 31. Lowes recently reported the following endof-year balance sheet data (in millions): Year3Year2Year1Totalassets$32,732$32,666$33,559Totalliabilities20,87918,80917,026\begin{array}{l l r rr} \hline 4) Which of these items is not included in a lease agreement? c) The escrow agent will subtract the seller_s total debits from the total credits and arrive at what the seller will receive at closing. c) have more forms than government-backed loans.