Or Business/Trust Requirements Action Plan Follow-up

Reviewed by Editorial Team
The ProProfs editorial team is comprised of experienced subject matter experts. They've collectively created over 10,000 quizzes and lessons, serving over 100 million users. Our team includes in-house content moderators and subject matter experts, as well as a global network of rigorously trained contributors. All adhere to our comprehensive editorial guidelines, ensuring the delivery of high-quality content.
Learn about Our Editorial Process
| By Ncsqclead
N
Ncsqclead
Community Contributor
Quizzes Created: 4 | Total Attempts: 362
| Attempts: 135
SettingsSettings
Please wait...
  • 1/5 Questions

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

    • R/26
    • R/51
    • M/55
    • R/44
    • R/49
Please wait...
About This Quiz

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

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

Quiz Preview

  • 2. 

    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)?

    • ORE/E2

    • ORE/E1

    • ORE/ET1

    • ORE/M1

    • ORE/T1

    Correct Answer
    A. 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.

    Rate this question:

  • 3. 

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

    • True

    • 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.

    Rate this question:

  • 4. 

    Trusts need to be ran in the business registry.

    • True

    • False

    Correct Answer
    A. 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.

    Rate this question:

  • 5. 

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

    • RPTS/CC2 (J)

    • RPTS/C3 (K)

    • RPTS/C14 (G)

    • RPTS/CC4 (L)

    • RPTS/CC7 (M)

    Correct Answer(s)
    A. RPTS/C3 (K)
    A. RPTS/C14 (G)
    A. RPTS/CC7 (M)

Quiz Review Timeline (Updated): Feb 15, 2023 +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Feb 15, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Mar 19, 2010
    Quiz Created by
    Ncsqclead

Popular Topics

Back to Top Back to top
Advertisement
×

Wait!
Here's an interesting quiz for you.

We have other quizzes matching your interest.