PXL Study guides, Class notes & Summaries

Prepxl practice test 2: Questions and answers, rated A+ Under RESPA, the servicer may require a borrower to pay into an escrow account to cover disbursements that are unanticipated or disbursements made before the borrower's monthly payments are available in the account, a cushion or reserve that must be no greater than _____ of the estimated total annual disbursements from the escrow account. - One half - One third - One sixth - One twelfth - -One sixth. Under RESPA, a lender ma...

Mock Trial Case Law Lakkaraju v. Edwards (1930) - Negligence refers to a failure to behave with the level of care that someone of ordinary prudence would have exercised under the same circumstances. Negligence usually consists of actions but can also involve the failure to act when there is some duty to act. Bardhi v. Kroll (1955) - The elements of negligence are the following: (i) the existence of a legal duty owned by the defendant to the plaintiff; (ii) the defendant's breach of that ...

Prepxl (4) 6/1/22: Exam Review Questions and answers, VERIFIED/ The administrative authority of the Commissioner includes all but which of the following? Promulgate rules or regulations implementing the S.A.F.E. Act Administer, interpret, and enforce the S.A.F.E. Act Carry out the intentions of the Legislature Sentencing violators of the S.A.F.E. Act to appropriate prison terms - -The answer is sentencing violators of the S.A.F.E. Act to appropriate prison terms. State regulators, such ...

PREPXL TEST 3: Questions and answers, rated A+ The preferred debt-to-income ratio for applicants for VA loans is: 35% 43% 50% 41% - -41% When would a license be suspended without a hearing? If a licensee fails to renew If a licensee fails to request a hearing with the state regulator If a licensee has failed to complete pre-licensing requirements If a licensee has already executed a right to a hearing for a previous violation - -If a licensee fails to request a hearing with the sta...

PrepxL test 8 part 1: Review Questions and answers, rated A+ Which of the following is true? - -ethical issues are the basis of both state and federal laws and can have legal consequences. When may a homeowner request that PMI be cancelled? - -as soon as his/her equity position is 20% or greater. A loan with a fixed rate at the start that will adjust regularly after a certain period is commonly referred to as a(n): - -hybrid arm Which of the following occurs when the parties to a loa...

PrepXL Exam Questions and answers, rated A+ Which of the following statements about the Loan Estimate is NOT true? A. The lender is solely responsible for providing the Loan Estimate to the prospective borrower B. The Loan Estimate need not be provided if the borrower is seeking a refinance of an existing loan C. The Loan Estimate is not a loan guarantee D. The Loan Estimate must be provided to the applicant no more than three business days after submission of the application - -B. The...

PrepXL Exam Review Questions and answers, VERIFIED/ How much rental income may be used to qualify for a loan? - -75% What is Freddie Mac's automated underwriting system called? - -Loan Product Advisor What is used to calculate DTI? - -simultaneous loans, debt obligations, alimony, and child support A loan which allows the borrower to take a lump sum distribution without any monthly repayment requirements is a(n) - -HECM According to the standard deed of trust, how soon must a borrower ...

PrepxL Q'S: Exam Review Questions and answers, Verified/ According to ECOA, discrimination is: A. Never Allowed B. Allowed if based on income C. Allowed if based on sex D. Allowed if based on marital status - -A Which of the following would be an acceptable reason to decline a loan application? A. The borrower is a member of a minority race B. The borrower fails to disclose their race C. The borrower has a habit of going on maternity leave D. The mortgage loan originator feels the b...

PREPXL I DIDNT KNOW PT 4: Exam Review Questions and answers/ A piggyback loan are commonly used to avoid? - -PMI mortgage insurance or stay under jumbo limits In regards to title insurance a standards owners policy covers? - -Undetected encumbrances Foreclosure is the sale of a property after a bwrs default on payments. The exact procedure the lender follows in order to foreclose is dependent on the absence or presence of a? - -Power of sale calise Mortgage brokers serve as the agent o...

Ecologists conducted a study to investigate the potential ecological impact of golf courses. Investigators monitored the reproductive success of bluebirds in birdhouses at nine golf courses and ten similar birdhouses at nongolf sites. Data on nests in birdhouses occupied only by bluebirds are shown in the table. Observed Number of Nests per Birdhouse by Location 0 nests1 nest2 or 3 nestsTotalGolf3042880NongolfTotal If the proportions of nests occupied is the same for golf and nongolf sites, w...