Jones issued a check to Smith in return for Smith's promise to do ...

[itsmyluck]

Jones issued a check to Smith in return for Smith's promise to do work. Smith never did the promised work, but offered to buy goods from Gomez by endorsing the check to Gomez. Gomez had had no prior dealings with Jones or Smith, but accepted the check in payment. Gomez:
 A) cannot be a holder in due course.
 B) is considered an assignee of Smith's rights.
 C) is a holder through a holder in due course.
 D) is a holder in due course.

Question 2

List all of the fees that must be disclosed in the RESPArequired good faith estimate.

[6ana001]

Answer to Question 1

D

Answer to Question 2

The good faith estimate must include the following:

Sales/broker's commissions

Loan origination fees

Loan discount

Appraisal fee

Credit report

Lender's inspection fee

Mortgage insurance application

Assumption fee

Interest (from date of closing to first payment)

Mortgage insurance premium

Settlement or closing fees

Abstract or title search

Title examination

Title insurance binder

Document preparation

Notary fees

Attorney's fees

Title insurance

Recording fees

City/county taxes; stamp fees

State taxes

Survey fees

Pest inspection

Application or commitment