Chapter 16 Flashcards
Who is responsible for the accuracy and delivery of a closing statement?
The responsible broker
How long must transaction files be held by a real estate broker?
Three calendar years after the year of closing
HUD 1 closing statements are required for what
Federally related loans
The claim loss underwriting exchange tracks claims up to how many years
Seven years
When should application for homeowner insurance be initiated?
As soon after acceptance as possible
What type of financing is not regulated by the real estate settlement practices act?
Commercial loan
Why should I walk-through prior to closing be scheduled 2 to 3 days before closing?
To make sure the property is substantially the same condition as when the offer was accepted
RESPA requires lenders to provide borrowers with a closing disclosure at least ______ business days prior to closing a mortgage
Three business days
