Reverse mortgage defined - Study guides, Class notes & Summaries

MA Real Estate Exam Study Guide 2024 Questions and Answers Appraisal - Answer- An estimation of a property's value, usually prepared by a professional who is licensed in this field. Brokerage - Answer- The business of bringing people together in a real estate transaction. Commerical - Answer- The types of properties that include office spaces, shopping centers, stores, theaters, hotels, parking facilities, etc. Development - Answer- The term for the construction of improvements upon the...

ASREB Test Question Review With Correct Answers Rated 100% Correct!! Within the Arizona Groundwater Code all of the following rights were created EXCEPT? Subdivision grandfather right What is required to give someone the right to sign your name? Power of Attorney The buyer has an investment that has a feature of "a pass through certificate" this investment is most likely a: Ginnie Mae Security When an occupant holds a long term proprietary lease this is referred to as: Co-operative ...

HECM Exam questions and correct answers A reverse mortgage is... - ANSWERS a loan against the value of a home that provides cash advances to a borrower, requiring no repayment until a future time. A reverse mortgage is different from a home equity loan because - ANSWERS You do not have to make monthly repayments on a reverse mortgage A reverse mortgage must be repaid - ANSWERS When the last eligible borrower dies, sells, or permanently moves away The purpose of a reverse mortgage is mo...

NJ Real Estate Salesperson Exam Already Graded A What is the collateral in a home loan? The property itself When someone contributes to the construction or rehabilitation of a property with labor or services rather than cash, that contribution is called? sweat equity If you were buying a house that included furnishings, you would receive a written document transferring title to the personal property. This document is called a/an bill of sale What does a power of attorney grant someone? comple...

Registered Retirement Savings Plan (RRSP) Investment vehicle where investor can contribute without being taxed on investment income or capital gains. Contributions are tax deductible Money borrowed to invest is not tax deductible. Withdrawals are taxable at marginal tax rate Contributions and Contribution room for RRSP Room added each year equal to 18% of previous year's "earned income" up to annual limit. Pension adjustment reduces contribution limit. Room is lost when funds withd...

Broker One who buys and sells for another for a fee. Broker-Salesperson A qualified broker who practices real estate in the position of salesperson in another broker's office bureau of subsidized land sales control regulations covering out of state properties sold in NJ continuing education 12 hours required every two years, two of which must be on ethics NJ Real Estate Commission Department of Banking and Insurance. 8 members. 5 brokers for at least 10 years, two from general public a...

Under RESPA, the servicer may require a borrower to pay into an escrow account to cover disbursements that are unanticipated or disbursements made before the borrower's monthly payments are available in the account, a cushion or reserve that must be no greater than _____ of the estimated total annual disbursements from the escrow account. The answer is one sixth. Under RESPA, a lender may require the borrower to establish an escrow account at closing. The loan servicer may require a borrower ...

ACEABLE AGENT PRINCIPLES OF REAL ESTATE 2 PRACTICE TEST QUESTIONS AND ANSWERS, GRADED A+/ VERIFIED. A 65 years old retiree has almost $80,000 in equity in their home. She does not have enough cash to travel as she have would have liked to do in retirement. The retiree should consider which of these financing alternatives to access her equity without selling her home? - -A reverse mortgage allows a homeowner to pledge equity to a lender in exchange for monthly payments. A property is un...

NMLS - Federal Mortgage-Related Law correctly answered rated A+ 2023 What regulation is RESPA under? - correct answer Regulation X Purpose is to protect consumers by assisting them in becoming better educated while shopping for real estate services. - correct answer RESPA This act requires mortgage lenders to provide borrowers with pertinent and timely disclosures regarding the nature and costs of a real estate settlement process - correct answer RESPA What type of loans are covered by...

ASREB Test Question Review With Correct Answers Rated 100% Correct!! Within the Arizona Groundwater Code all of the following rights were created EXCEPT? Subdivision grandfather right What is required to give someone the right to sign your name? Power of Attorney The buyer has an investment that has a feature of "a pass through certificate" this investment is most likely a: Ginnie Mae Security When an occupant holds a long term proprietary lease this is referred to as: Co-operative ...