In a va loan Study guides, Class notes & Summaries

Real estate class final exam(2023 updated)question and answers rated A+ Which of the following cannot be a trustee? - correct answer CPA The discount points are 3%, which represents $2,700. The buyer down payment is 20%. What is the purchase price of the property - correct answer 100%-20%= 80% $2,700/3%= $90,000 90,000/80%= $112,500 A method of legal description that uses definite property lines and starting points is called? - correct answer Formal metes and bounds The seller wants t...

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...

Real estate class final exam(2023- 2024)With complete updated solution Which of the following cannot be a trustee? - answerCPA The discount points are 3%, which represents $2,700. The buyer down payment is 20%. What is the purchase price of the property - answer100%-20%= 80% $2,700/3%= $90,000 90,000/80%= $112,500 A method of legal description that uses definite property lines and starting points is called? - answerFormal metes and bounds The seller wants to net $175, 000 after paying a 6...

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 ...

HUD Certification Questions and Answers 100% Pass Which document is most important when working with a client to develop an initial budget as part of a Client Action Plan? Pay stub Retirement plan statement List of assets Current lease Pay stub A client would like purchase a home within one year. The client is motivated to increase household income as a way to save for a down payment and qualify for a loan. Which is the best solution for the client to reach this goal? Find a second job Bo...

In the State of Texas who is allowed to use a customized real estate contract? The real estate brokerage company The salesperson The broker Lawyers licensed to practice in Texas - Answer- Lawyers licensed to practice in Texas Marcy is 17 and married. Her spouse is stationed in the Middle East. She purchased a home shortly before Stan, her husband returns to the United States. Select a problem that exists with this situation. Offer and acceptance issue Competency issue Consideration iss...

CHAPTER 3 Mortgage Loan Foundations: The Time Value of Money TRUE/FALSE 1. In order to solve a compounding problem, you must know all four of the variables in order to solve for the fifth variable. (T) 2. One way to calculate the present value of a single payment is with the following formula: PV = FV * (1+i)n. (F) 3. At 6%, the present value of a $1 payment in 12 months is .. At 7%, the present value of a $1 payment in 12 months is .. (F) 4. The future value of $800 deposited ...

Champions Powerhouse Training SAE 146 Questions with Verified Answers An area of neighborhoods or sub divisons that is serviced by your firm. - CORRECT ANSWER Geographic Farm A plan by which you develop to gain name recognition - CORRECT ANSWER Marketing Plan Becoming different in your approach through growth and development - CORRECT ANSWER differentiate All the properties in a particular price range, in the area your firm services - CORRECT ANSWER economic farm Words or cont...

Real Estate Finance I-CHAMPIONS Latest Update 100% Pass The minimum downpayment on a VA loan is: (a) 2% of the sales price (b) 0% of the sales price (c) 3.75% of the sales price (d) 1% of the sales price B _________ is the process of creating a new mortgage loan. (a) Origination (b) Funding (c) Underwriting (d) Servicing * A A veteran can have more than one VA loan: (a) If the prior VA loan was paid in full and the property disposed of (b) The prior V...

Xinnix Ground School Mortgage Final Exam Questions and Answers 100% Pass On an FHA loan the upfront MIP should be included when calculating cash-to-close. False The borrower must have 5% of their own funds when putting 15% down on a primary residence. (FNMA) False A 3-Year ARM adjusts every 3 years True A Loan Officer can locate the summary of the eligibility requirements for a loan to be sold to a specific lender/investor in the lender specs. False A HELOC loan has an interest only payment ...