MORES Missouri Real Estate Salesperson Exam - Set 5 - Part 3

Test your knowledge of technical writing concepts with these practice questions. Each question includes detailed explanations to help you understand the correct answers.

Question 41: A Missouri homeowner sells her house to a buyer who takes over the existing loan payments without the lender's approval, and the lender demands the full balance at once. Which of the following identifies the clause that permits this?

An alienation clause

An acceleration clause

A defeasance clause

A subordination clause

Question 42: A Missouri lender agrees to make a loan on which the borrower may repay the whole balance early without any penalty, and the borrower asks which contract provision actually governs that right. Which of the following identifies it?

A satisfaction clause

An escalation clause

A partial release clause

A prepayment clause

Question 43: A Missouri buyer wants a loan that requires a small down payment and carries mortgage insurance paid to a federal agency, and she asks which government program insures the loan rather than guarantees it. Which of the following identifies it?

A conventional loan

A federally insured housing loan

A loan guaranteed by the veterans agency

A rural development loan

Question 44: A Missouri title company offers a licensee a payment for every buyer she sends to it for title and closing services, and the licensee asks whether federal law permits such an arrangement. Which of the following describes it?

Permitted if disclosed on the settlement statement

Permitted where the buyer chose the company

A prohibited kickback for a referral

Permitted if the payment is nominal

Question 45: A Missouri lender advertises a loan and states the monthly payment amount in the advertisement, which triggers a whole set of additional disclosure obligations under the federal lending rules. Which of the following identifies the rule that applies?

The equal credit opportunity rule

The settlement procedures rule

The fair credit reporting rule

The truth in lending advertising rule

Question 46: A Missouri lender denies a loan application and the applicant believes the decision turned on her receipt of public assistance income rather than her credit history. Which of the following identifies the federal statute she would look to?

The truth in lending act

The equal credit opportunity act

The fair housing act

The settlement procedures act

Question 47: A Missouri buyer pays her lender an additional amount at closing, calculated on the loan amount, in order to reduce the interest rate she will pay over the life of the loan. Which of the following identifies what she has paid?

Discount points

An origination fee

A loan servicing charge

A mortgage insurance premium

Question 48: A Missouri seller finances the purchase herself, letting the buyer take possession immediately and pay the price in monthly installments while she keeps legal title until the whole balance is paid. Which of the following identifies that arrangement?

A lease with option to purchase

A wraparound deed of trust

A contract for deed

A reverse mortgage

Question 49: A Missouri buyer applying for a loan receives a written estimate of terms and costs shortly after applying and a closing disclosure a set number of days before consummation. Which of the following describes the purpose of that timing?

So the buyer can compare terms

To satisfy state recording requirements

To establish the buyer's credit score

To set the lender's escrow account balance

Question 50: A Missouri licensee is asked by a buyer whether she may prepare a deed transferring the property, since the buyer wants to avoid paying an attorney to do it. Which of the following describes what the Commission's rule permits?

Drafting the deed if the broker approves

Drafting the deed for a separate fee

Filling blanks on an approved form

Preparing no documents in any transaction

Congratulations!

You have completed all 5 question sets. Good job!

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