3) Which of the following locations is the least likely place to hold a closing? c) A borrower can get a VA loan with a lower down payment by insuring the loan through private mortgage insurance. Analysis Component Which statement is true about accepting referral fees? \text{Total assets }&{}&\text{\$32,732}&{}&\text{\$32,666}&{}&\text{\$33,559 2 of 10 - Which of the following is not an item that a buyer usually pays at closing? No licensee under parts 1-4 of this article shall pay a referral fee unless reasonable cause for payment of the referral fee exists. None743Developmktg. c) implied contract. a) Attachment b) Covenant c) Bond d) Bill. d) were paid in advance. Which form of the behavioral perspective learning styles is based on learning through imitation? ), 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. How should the 7% notes be classified by Transit among liabilities in its balance sheet? 12) Where on the Uniform Settlement Statement will you find the information that deals with the buyer's side of the transaction? 5) What is the interest rate on an ARM tied to? The "Commissions and Referral Fees Rule" (ET 1.520.001) of the AICPA Code of Professional Conduct provides guidance to members regarding commissions or referral fees received for the referral of products and services to clients. 5) Which statement is true about accepting referral fees? This means that. d) Tim and Laura have not acted in good faith; so they cannot get their earnest money back. How does the buyer know how much money to bring to closing? a) Gross b) Periodic c) Net d) Graduated. 14) Ruth must deposit $1,113.45 in to a FHA-backed escrow account. c) The maximum purchase price of the property cannot exceed $250,000. 3) Which mortgage clause requires a borrower to maintain the physical condition of the mortgaged property? +P-Plate approval status is provided as a guide only, using data sourced from a variety of government and industry based sources. b) In a sublease, the original tenant retains primary responsibility for performance of the original lease contract. b) Norm can complete the lease agreements as long as he has a lawyer co-sign them. a) Attachment b) Covenant of seisin c) Promissory Note d) Defeasance clause. 7) How does the buyer know how much money to bring to closing? That continues to be the case, with understanding of the terms . a) when the loan-to-value ratio reaches 50 percent. holding or blank funds. c) They are always a debit to one party and a credit to the other party for the same amount. b) will be a credit to the buyer. a) an index. a) A certificate issued by a local building department that indicates that the building is in proper condition to be occupied. Which type of inspection covers a home's major mechanical systems? 7) Which of the following is not an item that a buyer usually pays at closing? The company must decide where to locate and how to finance the expansion. 3. 3. b an escrow agent can disburse a real estate brokers commission prior to closing the escrow. 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} What type of contract does Bill hold? What type of loan does Jim hold? c. Find the average amount raised over the five years shown. d) Amanda has done nothing wrong. $1,900 / 365 = daily amount = $5.21 $5.21 x 68 = $354.28. 9) Which of the following is a good example of a unilateral contract? 12) Paul will get the second quarter water bill at the end of June. b) periodic estates. c) have more paperwork than government-backed loans. 11) Where on the Uniform Settlement Statement will you find the information that deals with the seller's side of the transaction? 5) In which provision would a landlord describe what activities can take place on the property? The contract was not approved by the local Real Estate Board nor the Bar Association. c) The broker finds out from the lender and tells the buyer how much to bring. f. Describe the correlation between the amount of money raised and the number of shirts sold. d) no money down. Referral fees should flow through the brokerage company to the associate. Amounts collected by the lender and held in a trust or impound account for future payment are called what? | Arkansas | 571 | 564 | a) Accounts Payable b) Accounts Receivable c) Impound Account d) Forward Account. b) for a buyer who plans to own the property for a long time. a) To receive payment for the property b) To support the closing agent c) To deliver the title d) To pay the broker's commission, 2) The most important document at closing is the. a) Credit report b) Homeowner's insurance premium c) Earnest money deposit d) Home inspection. d) reduces the monthly payment for a borrower during the initial years. On the Closure Disclosure form, homeowner's insurance and property taxes are classified as what? b) All parties to the contact must initial the changes. survey. 9) Which of the following is a characteristic of land leases? b) The optionor must perform if the optionee takes the option, but the optionee is under no obligation to do so. 12345678PilotproductionSelectchannelsofdistrib. 11) If a seller prepaid an insurance policy of $2,100 and the closing is set for March 15, using the 12-month/30-day method, what will the buyer owe the seller? importance of productivity in business; July 7, 2022; d escrow licensees may accept . 1) Proof of ownership of a property is called what? This is called by what name? How would Grant_s lease at this time be classified? Since RESPA is not involved, rules about referral fees also do not apply. Note: Base your plan on the following guidelines: eight-hour days, five-day weeks except for when Brian moves the network components over a weekend, no holiday breaks, March 1, 2010, is the project start date. Use the data in the file to make an inference about whether the true mean SAT score of high school students in 2014 differs from the true mean in 2010. Could be a violation of state licensing laws. b) Select a specific, limited course of action for recouping their losses. 3) Which statement best defines a Certificate of Occupancy? a) Hold Over Mortgage b) Advanced Mortgage c) Principal Mortgage d) Purchase Money Mortgage. d) It's an invalid offer. What type tenant is Mary? b) They are always a debit to the seller and a credit to the buyer. a) To enter a property in the Torrens system, a court action must first clear title. Find the correlation coefficient r for the data. d) The original offer is legally terminated. Finally, to evaluate the success - or failure - of your employee referral program, you need to track and analyze some HR metrics. c a real estate broker may suggest an escrow holder if requested to do so by the parties. The seller disagrees, crosses out the points clause, then signs and returns the document to the buyer. During this interim period, Grant makes monthly rent payments and the owner accepts them. Any member who accepts a referral fee for recommending or referring any service of a CPA to any person or entity or who pays a referral fee to obtain a client shall disclose such acceptance or payment to the client. a) Construction b) Wraparound c) Open-end d) Bridge. The closing will involve signing off on your loan and giving the seller your down payment, while the lender pays the seller the purchase price. c) record the transaction. a) Map coordinates b) Deed map c) Street address d) Survey map. d) pay the purchase price for the property. A licensed escrow agent may pay fees to real estate brokers for referral of business. d) carry prepayment penalties, while government-backed loans do not. If the closing is set for October 15, using the 365-day method, how much of the taxes will be credited to the buyer? c) It is not voidable. a) legal. 10) Taxes on the property Buyer Alan is purchasing are $3,200 due on December 31. a) deliver the title. a) The borrower must occupy the property. National Labor Relations Board issued decision restricting employer use of confidentiality and non-disparagement provisions in separation agreements. b) Only attorneys can hold and deposit earnest money. 1. 10) Which statement about prorated items is TRUE? This is known as what type of account? Which of the following is not an item that a buyer usually pays at closing? The following is information on liabilities of Transit at December 31, 2021. A social worker is conducting intake interviews for applicants seeking entrance into a subsidized housing program. a) The list of all parties who have ever owned real estate. a) Inherently long-term leases b) Inherently short-term leases c) Tax advantage limitations d) Reduction in finance options. Where would he NOT go to make an application? In simplified terms, these rules make it unlawful to give or accept any "thing of value" (e.g. a) 2 percent of the loan amount. 5 - National Brokerage Pg. There are both criminal and civil penalties for violations of RESPA, including a fine of up to $10,000.00 and imprisonment of up to one year. Victim information. a) A certificate issued by a local building department that indicates that the building is in proper condition to be occupied. c) A sublease does not convey any of the leasehold interest. Year20062007200820092010MoneyRaised$7,456$7,988$8,322$8,344$8,901ShirtsSold3440504182\begin{array}{|l|c|c|c|c|c|} The PBA prohibits the offer to pay or payment (or receipt) of "a commission, benefit, bonus, rebate, kickback, or bribe, directly or indirectly, in cash or in kind" in exchange for the "referral of a patient to or from a health care provider or facility.". (a) A lawyer shall not make an agreement for, charge, or collect an unreasonable fee or an unreasonable amount for expenses. a) He has provided an advance order of moving. | Wisconsin | 608 | 603 | You are now considering expanding operations into a) Seller b) Lender representative c) Buyer d) Closing agent. The staff is a true team and a total joy. Prepare the liability section of a classified balance sheet for Transit Airlines at December 31, 2021. a) $680 b) $1,360 c) $2,040 d) $2,720. 2) Which of the following terms is not used to describe a binder? Identify the financial statement where these decision-makers can find the given information about Flurry, Inc. shows those items that the title company would exclude from coverage if a policy is issued at a later time. Such disclosures allow clients or employers to evaluate (1) any partiality shown in any recommendation of services and (2) the full cost of the services. Which statement is TRUE? c) It's still an offer. 1) Grant moves into his new office space while he awaits the completion of the negotiations of the lease terms. d) The loan must be repaid before the borrower's death. 4) What is the purpose of the Lawyers' Fund? What is the probability of completing the project in 25 periods? Although it is not a RESPA matter, it is still a good practice to disclose any referral fees for property management and have the landlord date and signed the disclosure. Which of the following is not an item that a buyer usually pays at closing? d) A lender can continue to collect PMI payments until the homeowner's equity reaches 25%. A broker induces an owner to sell by telling him that . These real estate lead services include OpCity, Real Estate Exchange and Redfin & they . | Alabama | 538 | 550 | The Real Estate Settlement Procedures Act. 5) In which type of loan is the payment allocated only to interest? c) reduce the interest rate by 1/2 percent every 5 years. Assign the value to r. Find the average number of shirts sold over the five years shown. a) prepaid expenses. a) $12.87 b) $15.91 c) $23.22 d) $25.74. Frank Douglas, CFA and Carl Sheen, CFA are researching the coal mining industry in Australia. c) If the seller accepted the offer, the buyer must perform. Management uses a voucher system to help control and monitor cash disbursements. This may happen if counselors cannot accept the client for some (appropriate) reason or, if after some treatment has occurred, the client's needs have changed. 4. b) pay the real estate taxes. The remaining days are the time necessary for the vendors to fill and ship the order to Brian. a) Expense b) Credit c) Debit d) Proration. a) Retail Level Lease b) Percentage Lease c) Reorder Lease d) Market Level Lease. A real estate licensee may share costs . create, study and share online flash cards. It is forbidden under any circumstances. If the closing is set for October 15, using the 365-day method, how much of the taxes will be credited to the buyer? d) closing insurance. It is not permissible for a licensed agent to RECEIVE a referral fee from any service provider to a transaction such as the Title Company, Lender or Appraiser. 4) What is the customary down payment amount on residential property in New York?