GMK Flashcards
1
Q
When a power of attorney is executed, it creates a legal relationship between the person signing and their authorized agent. The authorized agent is also commonly referred to as?
A
Attorney in fact
2
Q
Finances charges are paid directly to_____
A
The lender
3
Q
The credit reporting fee is ____
A
A third party settlement cost and is governed by RESPA RESPA= SETTLEMENT COSTS
4
Q
Who has to sign the promissory note?
A
Only parties that are on the loan must sign the note
5
Q
What is Brokers Price Opinion?
A
A brokers opinion for the value of the home is a brokers price opinion; not the actual appraisal
6
Q
What is a sales contract?
A
Simply outlines the terms and conditions of the sale of the property
7
Q
Which laws require quality control measures within the company?
A
ECOA, FCRA/FACTA, GLBA
