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Principles Of Real Estate II - Real Estate Express Texas: Q&A
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Principles Of Real Estate II - Real Estate Express Texas: Q&A
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Principles Of Real Estate II - Real Estate Express Texas:Q&A
Which act was passed to regulate appraisal? Right Ans - in 1989, Congress
passed the Financial Institutions Reform, Recovery and Enforcement Act
(FIRREA) in response to the savings and loan crisis.
What does Title XI of FIRREA require? Right Ans - competent individuals
whose professional conduct is properly supervised to perform all appraisals
in federally-related transactions.
January 1, 1993 FIRREA Right Ans - federally-related appraisals must be
performed only by state-certified appraisers.
Requirements for certification of appraisers must follow at a minumum
Right Ans - Appraiser Qualifications Board of the Appraisal Foundation
What is TALCB Right Ans - Texas Appraiser and Licensing and Certifcation
Board (TALCB) to license certify and regulate real estate appraisals, made in
1991.
appriaser trainee Right Ans - - citizen of us or legally admitted alient,
- be sponsored by a current certified general or certified residential real estate
appraiser in good standing
- be at least 18,
-be a legal resident of texas for at least 60 days immediately before filing an
application,
- complete seventy-five hours of qualifying appraisal education and 4-hour
appriaser trainee/supervisory appraiser course
- no college education requirement
types of appraiser certifications Right Ans - appraiser trainee
provisional licensed real estate appraiser
licensed real estate appraiser
certified residential real estate appraiser
certified general real estate appraiser
,under what authority act can credit unions make 30-year loans? Right Ans
- federal credit union act. Can also make FHA and VA loans
Under what conditions are REITs exempt from paying corporate tax Right
Ans - if they invest at least seventy-five percent of their assets in real estate
and distribute 95 percent or more of their annual real estate income to their
investors
Who must have valid mortgage loan originator license and under what act?
Right Ans - any individual acting as or engaged in the business of a residential
mortgage loan originator under the Texas Secure and Fair Enforcement for
Mortgage Licensing Act of 2009 (Texas SAFE act)
Players in secondary mortgage market Right Ans - Federal National
Mortgage Association (FNMA or Fannie Mae)
Government National Mortgage Association (GNMA or Ginnie Mae)
Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac)
Which items are standard to mortgage forms Right Ans - identification of
participants
property description
attachment of note
property taxes
insurance
preservation and maintenance of property
defeasance clause
acceleration clause
signatures and acknowledgement
prepayment penalty
due-on-sale clause
deed in lieu of foreclosure Right Ans - voluntarily giving the lender the title
right of redemption Right Ans - borrower is allowed to reclaim property if
debts owed are payed off, after the default and up to the sale of the property
How much of a percent per discount point Right Ans - 1/8 percent per
discount point. So a 8.25% rate with two discount points increases to 8.50%
yield
, what does promissory note do Right Ans - establishes legal evidence of the
debt incurred
what must lender determine when processing a loan Right Ans - ability of
borrower to repay the loan
estimate value of the property that is collateral for the loan
research and analyze the marketability of the title
prepare the documents necessary to approve the loan and close the
transaction
straight or term mortgage Right Ans - the monthly payments are allocated
only to interest, so payments are much lower than with other loan types
straight amortized loan vs. fully amortized loan Right Ans - straight
amortized loan has different payment amount every month. a fixed amount
goes to the principal with each payment
fully amortized loan, the borrower has same payment amount every month.
Payment goes first to interest and then principal.
Components of adjustable rate mortgage Right Ans - index
margin
calculated rate
intitial rate
adjustment period
interest rate caps
pament cap
negative amortization cap
conversion option
step rate or buy down
mortgage payment adjustment period
negative amortization Right Ans - can come from payment caps and is
when you owe more at the end of the loan then you did at the beginning
Which agencies have issued lending standards that suggest upper-limits on
conventional loan-to-value ratios and what are the values? Right Ans -
Federal Deposit Insurance Corporation, Federal Reserve Board, Office of the
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