Closings, Tax, Flashcards
Did mandatory distance between lot lines and buildings improvement is called
Setback line
Sophia opens a boutique in her house situated in the residential zone her store it would be a
Non-conforming are not allowed!
Which of the following statements true about our Respa
RESPA stand for the real estate settlement procedures act.
Requires lenders to provide a good faith estimate for all proximate cost for purchased real estate loans
The RESPA prohibits kickbacks between lenders and third-party settlement service agents in the real estate settlement process
Federal agency responsible for dealing with environmental issues EPA.
This agency created the immunity for a land innocence of creating pollution on his property - SARA
It is responsible for regulation regarding working safely particular in factories OSHA
The purpose of this law is to intensify sites of environmental pollution in provides found for cleanup CERCLA
What kind of tax is a property tax
Ad valorem
For rights the government retain is
Pete
Police power, eminent domain, taxation, escheat
the property taxes they are unpaid and overdue will become to the property
A Lien
The sale commission is not Debt for the seller and a credit for the buyer
FALSE
The sales commission is a debt for the seller only!!!
Which of the following is/are related to the word escrow?
A reserve account where taxes mortgage are paid.
A credit to the seller or the buyer
A form of closing
In a closing statement, when the mortgage interest paid in arrears the amount up to the day of closing is shown as
CBDS
The income approach is one of the three popular approaches to appraising real estate. When using this method, the basic factor to determine the properties value is
Annual net operating income
