Or Business/Trust Requirements Action Plan Follow-up

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| By Ncsqclead

Ncsqclead

Community Contributor

Quizzes Created: 4 | Total Attempts: 360

Questions: 5 | Attempts: 133 | Updated: Feb 15, 2023

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Or Business/Trust Requirements Action Plan Follow-up - Quiz

This is the follow-up test to the OR business/trust requirements ACTION plan from Q1.

Questions and Answers

1.

On a prelim - what requirement code needs to be shown if the vestee is a LLC?
- A.
  
  R/26
- B.
  
  R/51
- C.
  
  M/55
- D.
  
  R/44
- E.
  
  R/49
Correct Answer
D. R/44

Explanation
The requirement code R/44 needs to be shown if the vestee is a LLC.

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2.

On a commitment, what preprinted requirement codes need to be marked if the vestee is an inactive partnership? (Choose all that apply)
- A.
  
  RPTS/CC2 (J)
- B.
  
  RPTS/C3 (K)
- C.
  
  RPTS/C14 (G)
- D.
  
  RPTS/CC4 (L)
- E.
  
  RPTS/CC7 (M)
Correct Answer(s)
B. RPTS/C3 (K)
C. RPTS/C14 (G)
E. RPTS/CC7 (M)
3.

Trusts need to be ran in the business registry.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
Trusts do not need to be registered in the business registry. Trusts are separate legal entities that are created to hold and manage assets for the benefit of beneficiaries. While some jurisdictions may require certain types of trusts to be registered, it is not a universal requirement. Trusts are typically governed by the terms of the trust agreement and relevant laws, rather than being registered in a business registry. Therefore, the statement that trusts need to be run in the business registry is false.

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4.

When there is no record of active business entity - what code will need to be shown (for commitments in the preprinted requirements section, for prelims in the info notes)?
- A.
  
  ORE/E2
- B.
  
  ORE/E1
- C.
  
  ORE/ET1
- D.
  
  ORE/M1
- E.
  
  ORE/T1
Correct Answer
C. ORE/ET1

Explanation
When there is no record of active business entity, the code that needs to be shown for commitments in the preprinted requirements section and for prelims in the info notes is ORE/ET1.

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5.

Requirement codes do not need to be shown on a Lot Book Guarantee.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
Requirement codes are used in the real estate industry to indicate specific conditions or requirements that must be met for a property to be eligible for a guarantee. However, on a Lot Book Guarantee, these requirement codes do not need to be shown. This means that the guarantee does not need to include any specific conditions or requirements for the property. Therefore, the statement that requirement codes do not need to be shown on a Lot Book Guarantee is true.

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Current Version
Feb 15, 2023

Quiz Edited by
ProProfs Editorial Team
Mar 19, 2010

Quiz Created by
Ncsqclead

Or Business/Trust Requirements Action Plan Follow-up

On a prelim - what requirement code needs to be shown if the vestee is a LLC?

On a commitment, what preprinted requirement codes need to be marked if the vestee is an inactive partnership? (Choose all that apply)

Trusts need to be ran in the business registry.

When there is no record of active business entity - what code will need to be shown (for commitments in the preprinted requirements section, for prelims in the info notes)?

Requirement codes do not need to be shown on a Lot Book Guarantee.