BAPCPA went into effect on :

(Answer to Q. 1)  D

(Answer to Q. 2)  A tenancy for years is any leasehold interest of a specific duration, no matter how long or how short. The leasehold terminates automatically upon termination of the specific duration. A periodic tenancy is any leasehold interest with no stated duration or lease period, but with rental payments due at particular intervals. In a tenancy at will, the landlord allows the tenant to stay on a month-to-month basis and which may be terminated at any time by the tenant or the landlord. A tenancy by sufferance is created when a tenant retains possession after the end of a valid tenancy. The tenant remains responsible for the rent payments.

(Answer to Q. 3)  B

(Answer to Q. 4)  RESPA was enacted to regulate and reform lending practices and closing and settlement procedures. The goal was to ensure that consumers are advised of all the costs related to the real estate transaction in easily understood terms. Another goal is to give regularity to the settlement process and to thwart unfair and fraudulent practices.

(Answer to Q. 5)  The HUD-1 Settlement Statement is the summary of the financial transaction for the purchase and sale of the real estate. It is typically prepared by the closing agent, but all of the parties have some statutory responsibility to provide the seller or the buyer with an estimate of closing costs during the pendency of the sale.

(Answer to Q. 6)  A

TYVM

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