100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
REE 3043 FINAL EXAM WITH VERIFIED QUESTIONS AND ANSWERS ALL UPDATED CA$18.39   Add to cart

Exam (elaborations)

REE 3043 FINAL EXAM WITH VERIFIED QUESTIONS AND ANSWERS ALL UPDATED

 8 views  0 purchase
  • Course
  • REE 3043
  • Institution
  • REE 3043

REE 3043 FINAL EXAM WITH VERIFIED QUESTIONS AND ANSWERS ALL UPDATED Which of the following types of loans is the most likely to contain a due-on-sale clause? - Answer-Conventional home loan In a mortgage loan, the borrower always creates two documents: a note and a mortgage. Which of the foll...

[Show more]

Preview 1 out of 4  pages

  • September 2, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • REE 3043
  • REE 3043
avatar-seller
REE 3043 FINAL EXAM WITH VERIFIED
QUESTIONS AND ANSWERS ALL
UPDATED

Which of the following types of loans is the most likely to contain a due-on-sale clause?
- Answer-Conventional home loan

In a mortgage loan, the borrower always creates two documents: a note and a
mortgage. Which of the following pieces of information is provided in the mortgage?` -
Answer-An unambiguous description of the property that is being pledged as collateral
for the loan

When a buyer of a property with an existing FHA mortgage loan acquires a property by
putting her signature on the note for the existing loan, the buyer is acquiring the
property: - Answer-By assumption

All of the following statements regarding foreclosure are true except:
A. Foreclosure is a costly process for all the parties involved
B. Only claimants who are properly notified in the foreclosure suit can lose their claims
to the property
C. When a lender foreclosures on a property, it extinguishes all superior liens, bringing
about a free and clear sale of the property
D. The net recovery by a lender from a foreclosed loan seldom exceeds 80 percent of
the outstanding loan balance and commonly is much less than this amount - Answer-C.
When a lender foreclosures on a property, it extinguishes all superior liens, bringing
about a free and clear sale of the property

Promissory note - Answer-A promise to pay a debt at agreed upon terms

Mortgage or Deed of trust - Answer-Pledges property as security (collateral) for the loan

Components of a promissory note - Answer-Term
Interest rates
Payments
Prepayment

Lifetime capped rate - Answer-Initial rate + lifetime cap

Payments and most commonly used - Answer-Level payment- residential
Partially amortized (ballon)- most commercial
Non-amortizing (interest only)- common commercial

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Perfectscorer. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for CA$18.39. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

75759 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
CA$18.39
  • (0)
  Add to cart