3.4 Flashcards
______ is real estate which is divided or proposed to be divided for the purpose of sale or lease.
Subdivided land
According to MN Chapter 83, a developer can add additional lands to the original registered property at no additional cost if the property is ______ to the original lands.
Contiguous
In Minnesota an offering of more than _______ parcels of real estate located outside of a Minnesota municipality is considered subdivided land.
10
Any offering in Minnesota of real estate located outside of a ______ is considered subdivided land if it has more than 10 parcels.
Municipality
“Contiguous” means that land is _______.
Connected
Unless you hold a securities license, be careful about marketing real estate as an “investment” because such a practice could violate the ________ Act.
Securities
You should encourage your real estate investor clients to seek competent ______ and ________ advice before they become fully committed to a purchase agreement.
Legal and tax
The ______enforces the Do-Not-Call Registry.
Federal Communications Commission
The Do-Not-Call Registry regulates ________.
Telemarketing
The ______ is a disclosure form that gives an estimate of settlement costs.
Good Faith Estimate (GFE)
The _______ is the Settlement Statement that a buyer receives with the actual settlement costs.
HUD-1
The _____ is the name of the consumer protection act that eliminates kickback and referral fees for settlement services.
Real Estate Settlement Procedures Act (RESPA)
According to _______ the loan length may be advertised to a consumer in number of years or months.
Regulation Z
According to _______ the simple interest rate may not be advertised to consumers more conspicuously than the annual percentage rate (APR).
Regulation Z
According to _______ the abbreviation APR should appear in capital letters.
Regulation Z
