Question 8 of 15 Score 1 of possible 1 point RESPA requires that a lender mail

Question 8 of 15 score 1 of possible 1 point respa

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Question 8 of 15 Score: 1 (of possible 1 point) RESPA requires that a lender mail or deliver the uniform settlement statement to the borrower no later than... A. the day before closing B. within ten days of closing C. within three days of closing D. on or before the day of closing
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Answer Key: D Feedback Explanation: Unless the borrower waives this right in writing, the lender must provide the borrower with a copy of the Uniform Settlement Statement either at or before settlement (closing). Upon request, the borrower may inspect the settlement statement one business day before closing. Question 9 of 15 Score: 1 (of possible 1 point) RESPA's disclosure requirements apply to which of the following? A. Undeveloped land B. A new room added to a duplex C. An office complex D. An initial loan on a 4-unit apartment building Answer Key: D Feedback Explanation: RESPA applies only to federally-related mortgage loans secured by 1-4 unit residential properties. Question 10 of 15 Score: 1 (of possible 1 point) The major difference between a standard owner's title insurance policy and a lender's title insurance policy is that a/an
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A. lender's policy covers the seller's interest, while an owner's policy insures the title B. lender's policy covers the interests of the lender C. owner's policy requires a survey to look for undisclosed encroachments D. owner's policy covers intangible rights such as water and mineral rights Answer Key: B Feedback Explanation: A lender's policy (also known as a mortgagee's policy) protects the lender's security interest in the property, by requiring an inspection and survey of the property. Question 11 of 15 Score: 1 (of possible 1 point) When acquiring a parcel of real property, Liz purchased a standard policy of title insurance. This will protect against all of the following, except: A. lack of capacity of a party to a previous transaction that affected title to the property B. the delivery of a deed in the chain of title where the grantor did not intend to convey title C. forgery of a deed in the chain of title to the property D. easements or liens on Liz's property that are not shown by public records Answer Key: D Feedback
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  • Fall '17
  • Janet Truscott

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