Real Estate Settlement Procedures Act (RESPA) underwriting requirements apply to:
a. one unit properties only.
b. one-to-four unit residences.
c. an apartment complex with less than twenty residential units.
d. the purchase of 40 or more acres of raw land.
Answer: b. one-to-four unit residences.
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If the rework is abnormal ________
A) it is debited to Wages Payable Control B) it is credited to Wages Payable Control C) it is credited to Loss from Abnormal Rework D) it is debited to Loss from Abnormal Rework
Which of the following best describes the accounting for discounts and premiums for bonds purchased by a fiduciary for an estate? a. Premiums are amortized, but discounts are not
b. Discounts are amortized, but premiums are not. c. GAAP guidelines for amortization are followed, i.e., both are amortized. d. Like bonds purchased prior to the death, neither discounts nor premiums are amortized.