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A quitclaim deed would most likely be used in which of the following situations? Select one: a. Release of ownership rights in a divorcE b. For trustees or sheriffs deed after a foreclosure sale. c. Typical sales transaction transfer of title d. Transfer of mineral rights

Question 83

The TILA-RESPA Integrated Disclosure (TRID) rules require the Loan Estimate (LE) be

Select one:

a.

issued by the lender to the borrower and the buyers agent within 5 days of loan application.

b.

corrected if any quoted settlement costs increase more than 10 percent.

c.

provided to the borrower no later than 3 business days after loan application.

d.

given to the borrower as soon as the borrower pays the loan application fee.

Question 84

Which of the following statements in a brokers advertisement for real property would be compliant with Regulation Z requirements?

Select one:

a.

Assume a 5% loan with a $985 monthly payment

b.

A down payment of $5,000 and monthly payments of $853

c.

Great loans available with payments as low as $760 per month

d.

Only $75 per month for homeowners dues

Which of the following statements concerning written offers to purchase real property is TRUE?

a.

An offer automatically expires if not acted on by the offeree within 30 days.

b.

A counteroffer becomes a binding contract the moment the offeree initials each change the offeror made.

c.

Offers must include earnest money provided by the buyer to be valid.

d.

When the seller makes a written counteroffer to the buyer, the buyers original offer is rejected.

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