Question 1 of 5 Share Facebook Twitter LinkedIn WhatsApp Email Copy Link Elderly homeowners paid off their loan 5 years ago. Due to a limited fixed income, they would like to borrow on the equity of the home. Which type of loan would be most desirable? A. open-end loan B. reverse mortgage C. blanket loan D. growing-equity loan Submit Answer
Question 2 of 5 Share Facebook Twitter LinkedIn WhatsApp Email Copy Link A Comparative Market Analysis performed by a real estate agent for a seller is a comparison of A. past real estate appraisals. B. appraisal feasibility studies. C. median property values in the seller’s market. D. recently sold homes similar to the seller’s property. Submit Answer
Question 3 of 5 Share Facebook Twitter LinkedIn WhatsApp Email Copy Link The following statement was found in a real estate sales contract: 'In the event of a default by the purchaser, the forfeiture of the earnest money to the seller will be the only compensation to which the seller will be entitled.' This statement most likely describes a A. broker protection clause. B. liquidated damages clause. C. default delivery clause. D. indemnification clause. Submit Answer
Question 4 of 5 Share Facebook Twitter LinkedIn WhatsApp Email Copy Link When lending standards are tightened, lenders typically require A. a higher loan-to-value ratio. B. a lower loan-to-value ratio. C. a balloon payment after 5 years. D. a waiver of the Equal Credit Opportunity Act. Submit Answer
Question 5 of 5 Share Facebook Twitter LinkedIn WhatsApp Email Copy Link The Multiple Listing Service (MLS) board members decided that the population of each area of the city would be best served by the brokerages who have offices actually located within those areas. The board established boundaries dividing the city into six districts and voted to limit listings for each district to only those brokerages with offices within the district. Brokerages who tried to advertise beyond their own district would be prohibited from listing properties in the MLS. This action violates what Real Estate Law? A. Civil Rights Act B. Diversity Jurisdiction C. Sherman Anti-trust Act D. Housing and Community Development Act of 1974 Submit Answer