When the notice of the seller-in-foreclosure cancellation

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Reference no: EM132183642

1. When the notice of the seller-in-foreclosure's cancellation rights are properly contained in the EP agreement, the seller's cancellation period ends:

a) midnight of the fifth business day following the day the seller enters into an EP agreement with an EP investor.

b) 8 a.m. of the day scheduled for the trustee's sale, if it occurs prior to the fifth business day.

c) Either a or b.

d) The seller's cancellation period does not end.

2. A buyer's broker representing an EP investor needs to deliver to the seller-in-foreclosure a written EP disclosure statement confirming the buyer's broker representing the EP investor is:

a) a licensed real estate broker.

b) bonded by a surety insurer for three times the property's fair market value (FMV).

c) specially certified to handle EP transactions.

d) All of the above.

3. A form of payment which is uncollectible, unredeemable and with no present value is:

a) usurious.

b) unconscionable.

c) excessive.

d) All of the above.

4. If one spouse sells community real estate without the consent of the other, the non-consenting spouse has ______________ from the recording of the transaction to file an action to set the transaction aside.

a) one year

b) two years

c) three years

d) four years

5. The hallmarks of an exchange transaction include:

a) a large good-faith deposit.

b) a takeover of existing financing by an assumption.

c) Both a and b.

d) Neither a nor b.

Reference no: EM132183642

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