Exam (elaborations)

Kansas salesperson real estate exam Study Guide Solutions

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Real Estate

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Real Estate

Kansas salesperson real estate exam Study Guide Solutions acceleration clause - ANSWER-a clause in your mortgage which allows the lender to demand payment of the outstanding loan balance for various reasons. the most common reason for accelerating a loan are if the borrower defaults on the loan...

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Kansas salesperson real estate exam

Study Guide Solutions

acceleration clause - ANSWER✔✔-a clause in your mortgage which allows the lender to demand

payment of the outstanding loan balance for various reasons. the most common reason for accelerating

a loan are if the borrower defaults on the loan or transfers title to another individual without informing

the lender.

adjustable-rate mortgage - ANSWER✔✔-a mortgage in which the interest changes periodically, according

to corresponding fluctuations in an index. all ARMs are tied to indexes.

adjustable date - ANSWER✔✔-the date the interest rate changes on an adjustable-rate mortgage

amortization - ANSWER✔✔-the loan payment consists of a portion which will be applied to pay the

accruing interest on a loan, with the remainder being applied to the principal. over time, the interest

portion decreases as the loan balance decreases, and the amount applied to principal increases so that

the loan is paid off (amortized) in the specified time.

amortization schedule - ANSWER✔✔-a table which shows how much of each payment will be applied

toward principal and how much toward interest over the life of the loan. it also shows the gradual

decrease of the loan balance until it reaches zero.

annual percentage rate (APR) - ANSWER✔✔-this is not the note rate on your loan. it is a value created

according to a government formula intended to reflect the true annual cost of borrowing, expressed as a

percentage. it works sort of like this, but not exactly, so only use this as a guideline: deduct the closing

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,Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024

costs from your loan amount, then using your actual loan payment, calculate what the interest rate

would be on this amount instead of your actual loan amount. you will come up with a number close to

the APR. because you are using the same payment on a smaller amount, the APR is always higher than

the actual not rate on your loan.

application - ANSWER✔✔-the form used to apply for a mortgage loan, containing information about a

borrower's income, savings, assets, debts, and more.

appraisal - ANSWER✔✔-a written justification of the price paid for a property, primarily based on an

analysis of comparable sales of similar homes nearby.

appraised value - ANSWER✔✔-an opinion of a property's fair market value, based on an appraiser's

knowledge, experience, and analysis of the property. since an appraisal is based primarily on comparable

sales, and the most recent sale is the one on the property in question, the appraisal usually comes out at

the purchased price.

appraiser - ANSWER✔✔-an individual qualified by education, training, and experience to estimate the

value of real property and personal property. although some appraisers work directly for mortgage

lenders, most are independent.

appreciation - ANSWER✔✔-the increase in the value of a property due to changes in market conditions,

inflation, or other causes.

assessed value - ANSWER✔✔-the valuation placed on property by a public tax assessor for purposes of

taxation

assessment - ANSWER✔✔-the placing of a value on property for the purpose of taxation

assessor - ANSWER✔✔-a public official who establishes the value of a property for taxation purposes.

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asset - ANSWER✔✔-items of value owned by an individual. assets that can be quickly converted into

cash are considered "liquid assets." these include bank accounts, stocks, bonds, mutual funds, and so on.

other assets include real estate, personal property, and debts owed to an individual by others.

assignment - ANSWER✔✔-when ownership of your mortgage is transferred from one company or

individual to another, it is called an assignment

assumable mortgage - ANSWER✔✔-mortgage that can be assumed by the buyer when a home is sold.

usually, the borrower must "qualify" in order to assume the loan.

assumption - ANSWER✔✔-the term applied when a buyer assumes the seller's mortgage

balloon mortgage - ANSWER✔✔-a mortgage loan that required the remaining principal balance be paid

at a specific point in time. for example, a loan may be amortized as if it would be paid over a thirty year

period, but requires that at the end of the tenth year the entire remaining balance must be paid.

balloon payment - ANSWER✔✔-the final lump sum payment that is due at the termination of a balloon

mortgage.

bankruptcy - ANSWER✔✔-by filing in federal bankruptcy court, an individual or individuals can

restructure or relieve themselves of debts and liabilities. bankruptcies are of various types, but the most

common for an individual seem to be a "ch. 7 no asset" bankruptcy which relieves the borrower of most

types of debts. a borrower of most types of debts. a borrower cannot usually qualify for an "A" paper

loan for a period of two years after the bankruptcy has been discharges and requires the

reestablishment of an ability to repay debt.

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