Reference no: EM132833623

Problem 1: Under a rescission agreement, The:

a) contract is cancelled and the ourchaser is in default
b) parties are returned to their original positions and all monies must be returned
c) seller is in default because of inability to perform
d) contract is voidable by either party

Problem 1: A lender whose mortgagor has defaulted may be offered a deed in lieu of foreclosure. If he accepts, which of the following will be true?

a) because its voluntary, it will not be adverse item on buyers credit
b) The lender will take the file subject to any junior liens
c) the lender will usually reatin his rights under mortagage insurance or VA guarantee
d) the loan will still be assumable

Problem 2: Which of the following is applicable to housing for persons with disabilities?

a. Guide dogs may be prohibited in a 6-unit building with no-pets restrictions
b. Owners are responsible for modifications required by tenants
c. Protection under the ADA applies to physical limitations, not mental limitations
d. Newly constructed residential structures of 4 units or more must have wheelchair access to ground-floor units