Missed Final Exam Questions PA

Can the interest rate on the borrower's Closing Disclosure be different than on the Loan Estimate?

•   No, it can never be different than the rate shown on the Loan Estimate.

•   Yes, it can be different than the rate shown on the Loan Estimate. But, only if it's an adjustable rate product

• Yes, it can be different than the rate shown on the Loan Estimate if the rate wasn't locked.

  
  

•   Yes, it will always be different than the rate shown on the Loan Estimate.

Former buyer clients of Phil's filed an ethics complaint against him because the house they bought needed a new roof. Phil had recommended they hire an inspector before purchasing the property, but they’d declined. Phil

•   Is probably at fault, as this level of expertise is expected from any licensed agent

•   Is probably not at fault, since Phil disclosed the need for an inspection and it isn’t expected that agents have expert knowledge of roofs

•   Should file a claim against the listing agent, who would be at fault for not including this on the property disclosure

•   Should file a lawsuit against the listing agent for allowing the sellers to list a house that had an old roof

Which of the following most closely describes a special exception to zoning?

•   A density regulation

•   An allowed use that would otherwise be prohibited by a zoning ordinance

•   An industrial permit

•   A variance in zoning requirements, such as a setback

Your buyer client Steve is buying a home with a well. Who should inspect the property's well water?

•   A state-certified lab

•   The county water department

•   The EPA

•   The seller

Which act or law's purpose is better educating consumers about the cost of credit or obtaining a loan?

•   Equal Credit Opportunity Act

•   Equal Employment Opportunity Act

•   Regulation Z

•   Truth in Lending Act

Which of the following is a reason that wetlands are protected?

•   To be developed at a later date

• To grow commercial crops

• To open them to commercial fishing

•   To stabilize soil and help control erosion

Bernard is a North Carolina broker striking out on his own. As he starts his own licensed brokerage business, which of the following situations would NOT require him to designate a broker-in-charge?

•   He forms a partnership with only one main office.

•   He forms a sole proprietorship with just a few brokers working for him.

•   He gets a waiver from the NCREC.

•   He has no licensed persons, other than himself as the qualifying broker, associated with the business entity.

A listing broker receives a signed offer to purchase and emails it to his seller. The seller electronically signs the offer without making any changes and emails it back to the listing broker. The listing broker forwards the email with the signed offer to the buyer’s agent, who then calls the buyer to inform him the contract has been signed. At what point in this process was a binding contract formed?

•   When the buyer’s agent was told the electronic document had been signed

•   When the buyer was told that the seller signed the offer without any changes

• When the original seller-signed document is delivered to the buyer

•   When the seller signed the electronic document

Which of the following describes the appropriate capital gains exclusion for a taxpayer's primary residence?

•   The taxpayer lived in the home at least five of the seven years immediately preceding the sale, with an exclusion of up to $125,000 for single taxpayers, $250,000 for couples filing jointly.

• The taxpayer lived in the home at least five of the seven years immediately preceding the sale, with an exclusion of up to $250,000 for single taxpayers, $500,000 for couples filing jointly.

•   The taxpayer lived in the home at least two of the five years immediately preceding the sale, with an exclusion of up to $125,000 for single taxpayers, $250,000 for couples filing jointly.

•   The taxpayer lived in the home at least two of the five years immediately preceding the sale, with an exclusion of up to $250,000 for single taxpayers, $500,000 for couples filing jointly.

According to FCRA, which of the statements is true regarding consumers' rights?

•   Consumers automatically get a list of all companies or organizations that received a copy of their credit report over the past six months.

•   Consumers may file suit against a credit reporting agency to find out if information in their file has been used against them.

•   Consumers may request and obtain all the information about them in the files of a consumer reporting agency.

•   Consumers may request, in writing, that agencies not report negative information that is more than seven years old.