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real estate 306; Questions and Answers 100% Correct

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real estate 306
questions and answers 100 correct

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real estate 306; Questions and Answers 100%
Correct
Foreclosure Correct answer--The action of taking possession of a mortgaged property
when the mortgagor fails to keep-up their mortgage payments

Lien Correct answer--The right to take hold or sell the property of a debtor as security or
payment for a debt, mortgage.

- right to use property as collateral

Term Sheet Correct answer-A non-binding financing commitment.

Credit Committee Correct answer-A loan committee that consists of upper management
of a lending institution with the authority to approve loans that the initial loan officer does not
have the authority to approve.

special purpose entity (SPE) Correct answer--An entity created for a specific purpose such
as a Limited Liability Company (LLC) or Limited Partnership (LP).

- interest or shares in the LLC/LP is what is sold to investors when they invest in a deal

Operating Agreement Correct answer-identifies the relationship between
investors/owners/developer in a a deal and spells out their percentage ownership and any
rights and responsibilities and profit splits

mortgage Correct answer--a specific type of loan that is used to buy real estate

, real estate 306; Questions and Answers 100%
Correct
- borrower agrees to pay the lender overtime in installed payments and divided into principal
and interest

note Correct answer--binds the borrower to repay the mortgage within an agreed period
and outlines the terms of the loan

-establishes interest rate

guaranty Correct answer-Promise by a third-party entity, or individual, to pay or perform
the obligations of the borrower.

amortization Correct answer--the reduction of a loan balance through payments (paying
off the principal) made over a period of time

term Correct answer-he amount of time during which a borrower repays a loan if fully
amortizing, or until the outstanding loan balance, or balloon payment, is due if non-amortizing
(i.e., interest only) or partiallyamortizing.

principal Correct answer--The amount of money borrowed

- the return OF capital to the bank after amortization

intrest rate Correct answer--the percentage of a sum of money charged for its use

- return on capital for the bank after amortization

, real estate 306; Questions and Answers 100%
Correct
-index rate+ margin

index Correct answer-- benchmark interest rate that reflects the general market
conditions

- a widely available quoted rate

margin Correct answer-the portion of the interest rate for a commercial teal estate loan
that represents the lenders premium for the risk they are taking loaning the money

loan to value (LTV) Correct answer--Ratio between property's value and the amount lent
on it.

- LTV and risk and inversely related

Debt Service Coverage Ratio Correct answer--A measure of the cash flow available to pay
current debt obligations

-NOI/ total debt service

Debt Service Correct answer-Payments for the principal and interest owed on a loan for
that period.

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