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Question 8 of 15 Score: 1 (of possible1 point)RESPA requires that a lender mail or deliver the uniform settlement statement to the borrower no later than...A.the day before closingB.within ten days of closingC.within three days of closingD.on or before the day of closing
Answer Key: DFeedbackExplanation: Unless the borrower waives this right in writing, the lender mustprovide the borrower with a copy of the Uniform Settlement Statement eitherat 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 possible1 point)RESPA's disclosure requirements apply to which of the following?A.Undeveloped landB.A new room added to a duplexC.An office complexD.An initial loan on a 4-unit apartment buildingAnswer Key: DFeedbackExplanation: RESPA applies only to federally-related mortgage loans secured by 1-4 unit residential properties.Question 10 of 15 Score: 1 (of possible1 point)The major difference between a standard owner's title insurance policy and a lender's title insurance policy is that a/an
A.lender's policy covers the seller's interest, while an owner's policy insures the titleB.lender's policy covers the interests of the lenderC.owner's policy requires a survey to look for undisclosed encroachmentsD.owner's policy covers intangible rights such as water and mineral rightsAnswer Key: BFeedbackExplanation: 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 possible1 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 propertyB.the delivery of a deed in the chain of title where the grantor did not intend to convey titleC.forgery of a deed in the chain of title to the propertyD.easements or liens on Liz's property that are not shown by public recordsAnswer Key: DFeedback