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What is the purpose of the Real Estate Settlement Procedures Act?
PART I – SHORT ESSAYS (worth 25 %)
1) You are the owner of a home located on a street that your city has decided to widen. That project will require the city to take a portion of your front yard by eminent domain. The city has agreed to pay you $10,000.00 for the property being taken. You have a mortgage with City National Bank. Does the bank have any claim to your proceeds, and where would you look to determine your respective rights?
2) What is title insurance, and what is the importance of such insurance to the lender and to the buyer?
3) What essential information for preparing loan closing documents can be obtained prior to a real estate closing from a review of the purchase and sale agreement and the loan commitment?
4) Describe the similarities and differences between the cooperative and condominium forms of ownership.
5) What are the basic remedies for a landlord if a tenant defaults under a lease? Of a tenant if the landlord defaults?
PART II – LONG ESSAYS (worth 75 %)
1) What is assumption of a mortgage; is it permitted by a typical mortgage instrument; and what rights does the lender have with respect to assumption of the mortgage? How does an assumption of a mortgage differ from acquiring property subject to a mortgage? Who benefits in each situation?
2) Describe the process involved in preparing a title examination. Include in your answer a detailed description of what you need to get started, the types of issues you might find and what is required for a certification of “clear” title.
3) What is the purpose of the Real Estate Settlement Procedures Act? The
Truth-in-Lending Act? What is required of residential mortgage lenders to comply with the statutes? Include an explanation of the purpose of each act and how they are implemented (i.e.what is required by and what is prohibited by each).
4) You are working on the closing of a sale of a home. The sale price is
$86,500. The seller must pay a 6% commission to her broker, and other closing costs of $600.00. The balance of the loan on the property to be paid at closing is $28,400.00. The closing is taking place on August 15. The seller has not paid the real estate taxes for the calendar year in the amount of $2,150.00, so there will be a tax adjustment. After you prepare the settlement statement, how much will you tell the seller she will be receiving as her proceeds at the closing? Show how you arrived at the figure. Then, describe the steps followed in conducting a real estate closing, beginning with the execution of the purchase and sale agreement and continuing through the recording of a mortgage discharge. Include in your answer a brief description of the various documents executed at a closing and their purpose.
5) Tenant enters into a lease with Landlord that requires Tenant to pay $500.00 per month rent and to keep the property insured. The lease further prohibits assignment by the tenant.After a couple of months Tenant decides to move out and New Tenant moves in, without the knowledge or consent of Landlord. Landlord finds out about the New Tenant when he receives New Tenant’s rent check, which he cashes without objection. New Tenant continues to pay the rent and Landlord cashes each check. After a few months, a fire occurs in the building and Landlord discovers it was not insured. Landlord sues Tenant and New Tenant for the value of the property because they failed to keep it insured. Can Landlord recover from either? What are the rights and liabilities of each party?