Champion Real Estate - Principles Of Real Estate 2 Study Guide Questions And Correct Answers

equal credit opportunity act (ECOA) {Ans: The federal law that prohibits discrimination in any aspect of the credit transaction is...}police power {Ans: The government rights and land that includes the right to regulate and control the way land is used}Loan Estimate (LE) {Ans: to ensure that the long-terms quoted by the lender matches what the borrower is receiving at closing, the closing disclosure should be compared to the...}Fannie Mae {Ans: The organization that has been most influential in addressing regional imbalances of mortgage credit availability in the standardization of mortgage loans is...}Function Obsolescence {Ans: The loss in desireably of the style layout or function of the elements of a property over time is...}It is used only when the buyer occupies a property for no more than 90 days prior to the closing. It is promulgated by the TREC. It requires that the subject property may only be used for residential purposes {Ans: The following are true for the trek buyer temporary residential lease...}