Reverse mortgage 4 - Study guides, Class notes & Summaries

Real Estate National Exam with Verified Answers 1. How does a creditor who has ob- tained a judgement get satisfaction against a debtor who will not pay? 2. The economic characteristics of land are? 3. What lease would best suit couples needs who are looking for tempo- rary housing? 4. The land description T3N, R4W Principal Meridian refers to what type of property description? 5. Crops that require annual planting are generally considered to be? 6. A distinguishing characteristic ...

what is RESPA Answer Real Estate Settlement Procedures Act; provides consumer protection for loans on residential properties (1-4 units) RESPA: Regulation ? Answer X; primarily involved with the disclosure of closing costs and the prevention of kickbacks, which may raise the amount of closing costs to the consumer RESPA = 4 pre settlement disclosures Answer ***sent 3 business days after borrower signs loan application** 1. Special info booklet; 2. Good Faith Estimate aka GFE of settleme...

Conventional Mortgages neither insured nor guaranteed. Typically requires 20%-25% down payment. Conventional with PMI (Private mortgage insurance) A conventional loan with insurance on it- up to 20%. The law passes in 1998 made it mandatory for the lenders to drop the PMI when the loan balance reaches 78% of the original value of the property. Borrower can request the lender to drop the PMI, when the balance reaches 80% of the value of the property. FNMA and FHLMC encourages lenders to ...

In the sale of property, there is often confusion over whether an item is a fixture or personal property. What is the best way to avoid this confusion? o :## Specify questionable items of property in the written sales contract. The main difference between tenancy in common and joint tenancy is that with tenancy in common, when a co-owner dies, o :## his undivided interest passes to his heirs. A legal easement can be created by any of the following EXCEPT o :## merger of the titles. A t...

RESPA Exam Review Questions and answers, rated A+ RESPA - -Real Estate Settlement Procedures Act. Enacted in 1974 by HUD. HUD - -Housing and Urban Development. Administers and enforces RESPA and Reg X. CFPB - -Consumer Financial Protection Bureau. Created by Dodd Frank and Consumer Protection act. Purpose is enforcement and rule making authority over RESPA. Purpose of RESPA and REG X - -1)Help Consumers become better shoppers for settlement(closing services) 2)Eliminate Kickbacks and...

Notary Signing Agent (2023/2024) Already Graded A HELOC Home Equity Line of Credit Construction Loan A short-term, interim loan for financing the cost of construction. The lender makes payments to the builder at periodic intervals as the work progresses or is converted to a mortgage. Reverse Mortgage A loan based on the equity in a home that provides homeowners with tax-free income and is paid back with interest when the home is sold or the homeowner dies. No payment as long as the borrower li...

Farming - ANSWER one type or style of property or one particular neighborhood residential transaction - ANSWER *fs 475.278 *improved residential prop of 4 or fewer *unimproved prop intended for 4 units > *agricultural prop of 10 acres> *leases w/ options to purchase all or a portion of improved prop or 4 > Industrial sales or lease - ANSWER warehouse and manufacturing timeshare/vacation ownership - ANSWER *condo that is subdivided into ownership time periods. *right to us...

NMLS SAFE EXAM QUESTIONS AND ANSWERS | LATEST VERSION | 2024/2025 | GRADED A+ ________ are mortgages that do not fully amortize due to repayment terms of the loan. A. Reverse annuity mortgages. B. Balloon mortgages. C. Graduated payment mortgages. D. Home equity line of credit. B. Balloon mortgages ________ must be reported to borrowers on the truth in lending disclosure. A. Note rates. B. Finance charges C. Payment address D. Servicer's name B. Finance charges - 100% Finan...

NMLS Exam Questions With Answers Latest Updated 2023-2024 Graded A+. A lender has how many days to refund excessive variances on a Closing Disclosure? - ANSWER 60 days Lender has how many days after settlement to refund any portion of charges on the HUD-1 that exceeded the acceptable variance - ANSWER 30 days TILA disclosure must be given to the applicant within how many days after receiving the signed loan application for a reverse mortgage - ANSWER 3 business days Truth in lending disclo...

CFA Level 1 - 101 Must Knows 368 Questions with Verified Answers Addition Rule of Probability - CORRECT ANSWER ADDITION: P(A or B) = P(A) + P(B) - P(AB) Roy's Safety First Criterion - CORRECT ANSWER Safety First Ratio = (E(R) - Rₜ) / σ Larger ratio is better If (Rₜ) is risk free rate, then it becomes Sharpe Ratio Sharpe Ratio - CORRECT ANSWER Sharpe Ratio = (E(R) - RFR) / σ Larger ratio is better If (Rt) is higher than RFR, then it becomes Safety First Ratio Centra...