Mortgage terms - Study guides, Class notes & Summaries

_____ is the consummation of a contractual real estate transaction in which all appropriate documents are signed, and the mortgage loan proceeds are disbursed by the lender. - Answer- Closing The primary determinants of real estate values are supply and _____. - Answer- Demand _____ is something of value that can be pledged as security for repayment of a loan. - Answer- Collateral Servicing includes which of the following activities? - Answer- Maintaining records of payment The monet...

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 licensee was showing property in an eight-unit complex to a prospective tenant using a motorized wheelchair. The tenant wanted to rent a unit, install grab bars in the bathroom, and lower all the door handles. The landlord... - Must allow the tenant to make the modifications at the tenants expense, but can require, by the terms of the lease, restoration of the property Which of the following is the best description of a fee simple estate? - The most complete ownership in property that one...

when does the real estate agent give the seller's a copy of their listing agreement form? - immediately what are the elements needed for a valid purchase and sales agreement? - consideration (not of monetary value), in writing & lawful purpose. There does not need to be earnest money but often is a mortgage that secures both real and personal property as collateral to secure a borrower's debt - package mortgage name of the state/local sales tax debt to the seller in the transfer of prope...

RECA Fundamentals Exam Questions and Answers Already Passed Which of the following is NOT a RECA educational resource for industry professionals? Spatial Information System (Spin 2) Which entity has the authority to amend the Real Estate Act Provincial Legislature Which of the following measures the change in a cost of a fixed basket of goods and services purchased by families over a period of time Consumer Price Index (CPI) Which of the following will occur to the supply of a good when ther...

$.55 - County Transfer Tax $10,000 - Fine for violating a cease and desist order issued by the commissioner 30 days - An agent must report a change in his or her mailing address to the Department of Insurance within 36 - How many sections are in a township 40 years - How long is the Michigan Marketable Title Act 40 years - To obtain marketable record title to real property, an owner needs an unbroken chain of title for how many years 6 miles - The space between range lines 640 acres - A...

Which of the following would create legally binding acceptance of a written offer? -The seller's agent emails the buyer's agent that the seller signed the offer as written. A broker is preparing a comparative market analysis (CMA) for a subject property with 3200 square feet. A comparable property has 2750 square feet. The estimated value of 450 additional square feet is $22,500. The broker should... -Add $22,500 to the sales price of the comparable property. An option to purchase has bee...

Which of the following is part of RECA's commitment to consumer protection? - AnswerWhat are some benefits that mortgage brokerage trade associations offer their members? - Answer- Licensing Standards for mortgage industry members Which entity has the authority to amend the Act? - Answer- Provincial Legislators Which of the following represents an accountability mechanism that RECA must comply with under the Act? - Answer- Previous Fiscal year In addition to mortgage brokerage trade associ...

This document contains workings, explanations and solutions to the LAH3701 Assignment 1 (QUALITY ANSWERS) Semester 1 2024. For assistance call or us on 0.6.8..8.1.2..0.9.3.4...... Question 1 [LAND ISSUES AND PRINCIPLES] Complete the following sentences by filling in the missing words: a) _________________ is a form of land tenure that is not of a permanent nature and whereby land is occupied in terms of a contract of lease. [1] b) ____________________ entailed the occupation of property for a...

NYS Real Estate Exam 2024 Which of the following is considered a fixed operating expense? utilities, cleaning expenses, insurance premiums, management fees. - Answer ️️ -Insurance Premiums What is overage rent? - Answer ️️ -Rent calculated on a percentage of sales volume what is the amount a buyer owes at closing equal to? - Answer ️️ -The excess of the buyers debits over the buyers credits real estate agents are typically what kind of agent - Answer ️️ -special agent what...