Alienation clause - Study guides, Class notes & Summaries

ASREB SCHOOL EXAM QUESTIONS AND ANSWERS When a tenant moves out of a rental unit due to an electrical fire that was not their fault this would be called? Constructive eviction A property manager is considered what type of agent? General agent If a dwelling is damaged or destroyed by fire how many days must the tenant give the landlord to terminate the rental agreement? 14 A real estate broker is normally what type of agent? Special A broker's duty to a third party would be: Honesty ...

LPL4804 PORTFOLIO MEMO - OCT./NOV. 2023 - SEMESTER 2 - UNISA - DUE 16 OCTOBER 2023 - DETAILED ANSWERS WITH FOOTNOTES & BIBLIOGRAPHY- DISTINCTION GUARANTEED! Question1 1.1. Explain why deeds that are lodged for execution in South Africa's deeds registry are linked? 1.2 What is a conveyancer? 1.3. Who may legally sign the preparation certificate of a certificate of registered title? 1.4. Under what circumstances may the state be held liable for a loss incurred by an innocent t...

Loan-to-Value Ratio (LTV) - correct answer 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 - correct answer Includes both real and personal property ( fixtures and furnishings) Blanket Mortgage - correct answer Covers more than one piece of property. Wraparound Mortgage - c...

A __________ is a permanent change in one or more of the terms of a borrower's loan. Loan Qualification Loan Modification Loan Approval Loan Origination - ANS IS Loan Modification What time period must borrowers have in job history with the same employer to qualify? 2 months 6 months 1 year 2 years - ANS IS 2 years Unscrupulous actions carried out by a lender to entice, induce and/or assist a borrower in taking a mortgage that carries high fees, a high interest rate, strips the borro...

mortgage Broker - Answer- Functions as a middleman between the borrower and the lender, negotiating, selling or arranging loans to be delivered to large investors Mortgage Banker - Answer- Provide their own funds for the purpose of providing mortgage financing Correspondent Lender - Answer- Smaller in scale then mortgage bankers or brokers, these lenders typically extended loans with their own funds at their own risk Origination - Answer- The process of creating a new mortgage loan U...

At a closing Buyer Betsy and George were provided a deed to transfer the property to them from the seller. What type of deed would Buyer Betsy and George most likely receive from the seller at closing if there were no issues at all with the title of the property? - Answer- General Warranty Deed When transferring the property to Buyer Betsy and George the seller would need to sign the deed as the ______ and Buyer Betsy and George would need to sign the deed as ________? A. Grantor/Grantee ...

NMLS Exam Questions and Answers 100% Accurate NMLS Exam Questions and Answers 100% Accurate NMLS Exam Questions and Answers 100% Accurate NMLS Exam Questions and Answers 100% Accurate Acceleration Clause - ANSWER-Allows lenders to demand payment in full if the borrower defaults on the loan (can be construed as predatory lending) Alienation Clause (Due on Sale Clause) - ANSWER-Says you must repay your mortgage if you sell your home to a new owner (loan is not assumable) Appraise...

A home is being purchased for $275,000. The buyer agrees to an 80% loan with the seller paying $5,000 of the buyer's closing costs. What amount will the ... - $55,000 A national company desires a parcel of land which must be four times the size of its proposed building. If the building design includes 20,000 square feet .... - B) 2 acres A salesperson is convicted of a crime which involved activities as a real estate licensee. The Commission obtains a certified copy of the .... Acco...

Acceleration Clause - ANSWER Allows lenders to demand payment in full if the borrower defaults on the loan (can be construed as predatory lending) Alienation Clause (Due on Sale Clause) - ANSWER Says you must repay your mortgage if you sell your home to a new owner (loan is not assumable) Appraiser Independance Requirements replaced HVCC - ANSWER home valuation code of conduct Due on Demand Clause - ANSWER (Considered a predatory practice) The lender can demand repayment of the loan in ...

Acceleration Clause correct answers Allows lenders to demand payment in full if the borrower defaults on the loan (can be construed as predatory lending) Alienation Clause (Due on Sale Clause) correct answers Says you must repay your mortgage if you sell your home to a new owner (loan is not assumable) Appraiser Independance Requirements replaced HVCC correct answers home valuation code of conduct Due on Demand Clause correct answers (Considered a predatory practice) The lender can demand...