WRES Wyoming Real Estate Salesperson - Set 5 - Part 2
Test your knowledge of technical writing concepts with these practice questions. Each question includes detailed explanations to help you understand the correct answers.
Question 21: Several companies contributed hazardous waste to one contaminated site, and the government sues a single financially solvent company to recover the entire cleanup cost, leaving that firm to seek contribution from the others. Which CERCLA liability feature makes this possible?
Question 22: An owner learns intact asbestos pipe insulation exists in a Laramie office building and asks the safest routine approach when the material is not crumbling. Which method seals or covers asbestos in place so fibers are not released into the air?
Question 23: Under Superfund, a current property owner can be held responsible for cleanup costs even though the owner exercised reasonable care and did not cause the contamination, because fault or negligence never needs to be proven. Which liability principle does this reflect?
Question 24: An agent handling several rentals asks whether the lead-based paint disclosure rule reaches a studio apartment in a building certified as housing for the elderly with no children residing there. Which of the following types of housing is exempt from the rule?
Question 25: When a company violates a federal limit on hazardous-waste handling, one agency may issue compliance orders, assess civil penalties, and refer serious cases for prosecution rather than leaving enforcement to individual states. Which of the following bodies primarily wields this federal enforcement power?
Question 26: A federal lead rule lets a buyer of a pre-1978 home take time to arrange an independent inspection or risk assessment for lead-based paint before becoming contractually bound, unless the parties mutually agree otherwise. What is the standard length of that opportunity?
Question 27: A manufacturing plant near Green River wants to release treated wastewater through a pipe directly into a river. Before that discharge from a defined point source may lawfully begin, the Clean Water Act generally requires the plant to obtain which of the following?
Question 28: Congress enacted a nineteen ninety-two statute, commonly called Title X, that requires lead-paint disclosure in the sale and lease of older residential homes and directs federal agencies to reduce lead hazards nationwide. Which of the following correctly names that governing federal law?
Question 29: A Rawlins seller keeps her existing low-rate first mortgage in place and extends the buyer a new larger loan that includes that balance; the buyer pays the seller, who keeps paying the original lender. Which arrangement BEST fits these facts?
Question 30: After a borrower in Green River misses several payments, the lender invokes a contract provision that lets it declare the entire remaining loan balance immediately due and payable all at once upon default. Which mortgage clause gives the lender this power?
Question 31: A Laramie buyer chooses a loan whose interest rate is tied to a published economic index, so the rate and monthly payment can move up or down periodically over the life of the loan. Which type of loan has she selected?
Question 32: A title company offers a real estate broker a cash payment for every buyer the broker steers to it for closing services, with no work performed in exchange. A federal settlement law flatly forbids this arrangement. Which practice does that law prohibit?
Question 33: A homeowner in Evanston repays a thirty-year loan through equal monthly payments that each include both interest and principal, so the balance steadily declines and reaches zero with the final scheduled monthly payment. Which type of loan does this describe?
Question 34: The federal agency established in the wake of the last major financial crisis writes and enforces the integrated mortgage disclosure rules and oversees consumer financial protection laws such as the Truth in Lending Act and the settlement procedures statute. Which agency holds this authority?
Question 35: A borrower in Gillette obtains a home loan that carries no government insurance and no government guarantee, relying solely on the borrower's creditworthiness and the property value, with private mortgage insurance if the down payment is small. This loan type is called what?
Question 36: Under the Truth in Lending Act, a lender must disclose a single figure expressing the total yearly cost of credit, including interest plus certain finance charges, so borrowers can compare loan offers on equal footing. Which disclosed figure serves this purpose?
Question 37: A local bank originates home loans, then sells many of them to large national investors and agencies so it can free up capital and fund new loans. The marketplace where existing loans are bought and sold from lenders is called what?
Question 38: Before funding a mortgage on a home in Sheridan, a lender insists the borrower obtain a policy covering the dwelling against losses from fire, wind, and similar perils so the collateral securing the loan is protected. Which insurance is the lender requiring?
Question 39: At a Jackson closing the borrower signs a written, negotiable instrument in which she personally promises to repay the borrowed sum according to clearly stated terms; this signed document is the evidence of the debt itself. Which instrument has she signed?
Question 40: A borrower with strong credit and a substantial down payment obtains a mortgage from a local bank that carries no insurance or guaranty from any federal agency, relying instead on the borrower's own financial strength. Which category of loan best fits this description?
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