Open end mortgage - Study guides, Class notes & Summaries

Material fact - About the property Related to the property Principal able to complete the transaction Special importance Disclosing material facts about a seller's property - To client or customer Even if it hurts your customer Regardless of how pubic the material fact is Listing agent has highest responsibility Buyer agent is responsible to disclose if known Answer questions to avoid misrepresentation Willful - intentional Negligent - Unintentional--failure to exercise reasonable c...

Tract building - Answer- When a dev. Acquired land, records a plat map and uses a model center from which sales may be made Local level - Answer- Planning, zoning, property taxation, building and health codes and regulations, and building moratoriums that affect development play a significant role in the cost and desirability of real estate Broker associate - Answer- A licensed broker working for another broker False - Answer- A florida real estate license applicant must be a resident a...

Loan-to-Value Ratio (LTV) ANS The percentage of the lesser of the appraised value or sales price that the lender will lend. ex If a borrower is approved for an 80% loan, it means that the lender will loan up to 80% of the sales price or appraised value, whichever is lower. 2. Package Mortgage ANS Includes both real and personal property ( fixtures and furnishings) 3. Blanket Mortgage ANS Covers more than one piece of property. 4. Wraparound Mortgage ANS Method of financing which preserv...

Champions Real Estate Finance Questions & Revised Correct Answers <Updated < Already Passed> Loan-to-Value Ratio (LTV)- : The percentage of the lesser of the appraised value or sales price that the lender will lend. ex: If a borrower is approved for an 80% loan, it means that the lender will loan up to 80% of the sales price or appraised value, whichever is lower. Package Mortgage- : Includes both real and personal property ( fixtures and furnishings) Blanket Mortg...

Champions Real Estate Finance Latest Version Graded A+ Loan-to-Value Ratio (LTV) The percentage of the lesser of the appraised value or sales price that the lender will lend. ex: If a borrower is approved for an 80% loan, it means that the lender will loan up to 80% of the sales price or appraised value, whichever is lower. Package Mortgage Includes both real and personal property ( fixtures and furnishings) Blanket Mortgage Covers more than one piece of property. Wraparound ...

Deed Restrictions - Correct answer-Legally enforceable terms that govern the use of real estate Redlining - Correct answer-The practice of refusing to make residential loans or imposing more onerous terms on any loans made because of the predominant race, color, national origin, religion, sex, disability, or familial status of the area's residents. Civil Rights Act of 1968 - Correct answer-Following the assassination of Dr. Martin Luther King Jr., Congress passed what monumental piece of ...

Open end mortgage

Functional obsolescence - Answer- Refers to the loss in desirability of the style, layout or function of an element of a property over time Sales comparison - Answer- best indicator of value for existing properties highest and best use - Answer- the legal use for property that gives the greatest return in money and/or amenities external obsolescence - Answer- the loss in value of a property caused by factors outside the property itself principle of contribution - Answer- suggests the...

MRL3701 INSOLVENCY LAW PAST EXAM PACK QUESTIONS AND ANSWERS SUMMARISED NOTES S - The study-notes marketplace MRL 3701 OCTOBER/NOVEMBER 2018 QUESTION 1 a) Inability to pay debts is, at most merely evidence of insolvency. (page 3) b) Brenda’s application for voluntary surrender must be set out the causes of her insolvency in some detail to enable the court to determine whether the application is ......................... c) Christopher commits an act of insolvency by depar...

Open end mortgage