Mortgage agent - Study guides, Class notes & Summaries

Colibri Real Estate (Real Estate Express) Final Exam Review (UPDATED) Fully Solved Assured A+. Broker Jane has been accused of a law violation regarding commissions. Which of the following might result in her being found guilty? A) Jane paid a commission to her licensed personal assistant. B) Jane paid a commission to the wife of one of her licensees who was recently killed in an auto accident. The deceased licensee had earned the commission prior to his death. C) Jane paid a commission p...

1. Briefly describe when a Mortgage Agent would be required to obtain the following documents from an applicant. a) T4: typically when a Borrower has salaried or hourly employment income b) T4A: typically when a Borrower has commission income c) Job Letter: typically when a Borrower's income or position information is required d) Paystub: typically in addition to a Job Letter to confirm that the individual is still employed and that the YTD income matches the Job Letter e) NOA: typic...

Equity The difference, in dollars, between the value of the property and the amount of financing currently on the property. Value - Financing = Equity Balloon Payment The amount repayable at the end of the term Chattel Personal property, movable property and other property not deemed to be fixtures. Equity Take-Out (ETO) The removal of equity by refinancing of the property. An equity take-out is when a borrower increases the size of their mortgage or takes out a second mortgage ...

Mortgage Agent Final Exam Prep With Complete Questions and Answers...

1. Briefly describe when a Mortgage Agent would be required to obtain the following documents from an applicant. a) T4: typically when a Borrower has salaried or hourly employment income b) T4A: typically when a Borrower has commission income c) Job Letter: typically when a Borrower's income or position information is required d) Paystub: typically in addition to a Job Letter to confirm that the individual is still employed and that the YTD income matches the Job Letter e) NOA: typical...

South Carolina Real Estate Exam (State Portion Only) Questions and Answers The creditor should ascertain the preference of the _____ as to legal counsel relating to closing the loan and insurance agent. A) lender B) seller C) real estate agent D) borrower - Correct Answer ️️ -D) borrower The assumption fee when assuming a loan in SC may not exceed _____. A) 1% of the loan or $400, whichever is greater B) 1/2% of the loan C) $500 D) 1% of the loan or $400, whichever is less - Corr...

This will determine what land can be used for residential, commercial, industrial, agricultural among others Municipal Plans ABC Mortgage Administrators Inc. is moving their office. What do they need to do? ABC Mortgage Administrators Inc. must notify the FSRA with 5 days of the change. Which of the following occur if a brokerages license expires? All agents of the brokerage will automatically be suspended. A brokerage must disclose the following- The name of the lender, if any with whom...

Mortgage Agent Final Exam prep 2023 Graded A+

CA LIFE INSURANCE EXAM QUESTIONS AND ANSWERS LATEST J has a life policy with the Guaranteed Insurability rider. J has just celebrated their 42nd birthday and realizes that she wants to use her rider and buy more death benefit. Which of the following will apply to J's request? A: The insurer will allow J to add more insurance without proving insurability. B: The insurer will allow J to add more insurance pending a paramedical exam. C: The insurer will deny J's request to add more insu...

Mortgage Agent Final Exam prep 2023 Graded A+ 1. Briefly describe when a Mortgage Agent would be required to obtain the following documents from an applicant. a) T4: typically when a Borrower has salaried or hourly employment income b) T4A: typically when a Borrower has commission income c) Job Letter: typically when a Borrower's income or position information is required d) Paystub: typically in addition to a Job Letter to confirm that the individual is still employed and that the YTD i...