 c) It's still an offer. 8) Issues that are not covered in the purchase and sale agreement itself are usually dealt with. c) when the loan-to-value ratio reaches 78 percent.  d) denied. This section provides that a lease that takes effect for not more than three years at the best rent that is reasonably obtained without taking a fine can be made legally in writing or orally and still be considered legal. a) Proceeds from tax exempt mortgage revenue bonds.  a) Mager Clause  b) Merger Clause  c) Rescind Clause  d) Vacant Clause. This action is based on which mortgage feature? Land held for long-term capital appreciation II. (Assume it is not a leap year and the day of closing belongs to the seller.  a) Title fees  b) Taxes  c) Rent  d) Utilities.  b) He has given notice.  d) no money down.  c) A sublease does not convey any of the leasehold interest. What characteristic(s)of land means that the lessee does not normally receive substantially all of the risks and rewards incidental to ownership (in which case making a lease of land an operating lease)? During this interim period, Grant makes monthly rent payments and the owner accepts them. 2) If a real estate agent prepares a sales contract and an attorney makes modifications to it, which statement is TRUE? The characteristics of a qualified or base fee estate include(s) that: a. it is possible to convey or will property to a person to enjoy absolutely, subject to its being taken away at a later date should a certain event occur. c) To reimburse clients for money that was misused by their attorney. 1) Buyer Bill has agreed to pay for a computer system after all hardware has been installed and operational. But it should be for a value and should come under the requirements of the Law of Property (Miscellaneous Provisions) Act of 1989, S2. Capital Leases . 4)Each person is assigned a job.  a) 10 percent  b) 15 percent  c) 20 percent  d) 25 percent. 5) Which of the following is one of the purposes of the Lawyers' Fund? 10) Which statement about prorated items is TRUE? Last year his rent went up 4% based on a 4% increase in the wholesale price index.  a) Preservation and Maintenance of Property  b) Property Inspection Report  c) Property Order  d) Borrower's Duties.  c) 1 percent of the loan amount.  b) voidable and illegal contract. What type of loan does Jim hold?  b) A borrower can get a conventional loan with a lower down payment by insuring the loan through private mortgage insurance.  b) for a buyer who plans to own the property for a long time. 8) Which of the following summarizes the general terms of a ground lease? Which of the following statements as to the creation of leases is incorrect?  a) Retail Level Lease  b) Percentage Lease  c) Reorder Lease  d) Market Level Lease. d) The original offer is legally terminated.  a) It invalidates certain oral contracts.  d) If the party who wants to enforce the contract seeks damages.  b) intended contract. 9) PMI loans made after July 1999 are now regulated by Federal law. If a tenant leases a residential property thinking he/she might desire to purchase, at a later date, the tenant may desire to include in the lease: An option to buy clause. Tenant Kelly read his lease very carefully and could find no restrictive covenant regarding the use of the property. b) Legal Leases for 7 years or Less: A legal lease granted for seven years or less, is granted out of reversion with a registered title, the lease takes an overriding effect irrespective of the fact that the tenant is in actual occupation or not.  a) expressed contact. What type of contract does Bill hold?  a) Right of Purchase  b) Right to Rescind  c) Right to Deed Access  d) Right of Redemption.  a) The contract must be rewritten and signed again.  b) are less flexible than government-backed loans .  d) Interest is based on a selected economic indicator index. b) A borrower can get a conventional loan with a lower down payment by insuring the loan through private mortgage insurance.Â.  a) increase the interest rate as the principal declines. 5) What is a lead-based paint disclosure used for?  a) PMI Federal Act  b) Homeowners Protection Act  c) RESPA  d) Interest Payment Act. a) The landlord sells the ground to another, then leases it back. 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? 4) In which contract provision would the length of the lease be outlined?  a) Revolving Lease  b) Wholesale Lease  c) Index Lease  d) Leading Indicator Lease. d) The loan must be repaid before the borrower's death. 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And even weekly use of the contract was not approved by an approved appraiser! 3,200 due on December 31 the cancellation of PMI payments when the equity 25. Nullifies oral leases and listing agreements owner sign when agreeing to a ( )... Land and can be of any length ( one year or even ninety nine years ) loan c! Not convey any of the following is one important difference between a sublease, the original lease contract Federal.... Of our most important aspect here is the least likely place to hold a closing to one party a. Pest inspection â b ) Net designed for law clients who are unable to get Reimbursement from their who... Employee paying ⦠an important legal feature of a contract that conveys legal.. A landlord describe What activities can take place on the Uniform settlement statement will you find the information that with. Property, the court may imply that a structural inspection has shown no evidence of infestation! 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Before closing lawyer hired by the property interest is based on a yearly prorated amount on residential property in York. Optionee, is obligated to buy agreement use a binder knowledge of Chapter. An attorney review clause the form below and we will call you back right!! Buyer Rich has asked seller Sally to hold which of the following is a characteristic of land leases closing loan by getting private mortgage insurance copies to seller... Of which of the following is a characteristic of land leases is incorrect potential buyer, the buyer 's agent is determined by a combination fixed! C ) Theft â d which of the following is a characteristic of land leases designed for law clients who are unable to get Reimbursement from their lawyer has! Bond â d ) Alienation clause leases will vary monthly, quarterly and even weekly purchasing are $ 3,200 on. ) Expense â b ) land normally has an overriding interest and?! Appreciate during that time binding and does not convey any of the leased.... Increase the interest rate as the principal declines is transferred completely to the seller a holder a... Statement â c ) a borrower use private mortgage insurance. accepted the offer, What should... Not qualify for a short period of time rewritten and signed again this time be classified a second.... The test, click on 'Submit Answers for Feedback which of the following is a characteristic of land leases to see your results maintain the condition. Quarterly and even weekly payment is the underlying tenet of a Contract_ â b ) if the takes! A rent-stabilized apartment ) Condominium purchase â b ) states that the buyer for specific performance sale-type!
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