Wraparound mortgage Study guides, Class notes & Summaries

Champions School of Real Estate - Real Estate Finance exam Correctly Answered 2024 Loan-to-Value Ratio (LTV) - 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 - Answer -Includes both real and personal property ( fixtures and furnishings) Blanket Mortgage - Answer -Cover...

Illinois Real Estate Practice Exam Questions and Answers Objectives of Federal Reserve System - Answer- To counteract inflationary and deflationary trends, to create a favorable economic climate, to maintain sound credit conditions but NOT to control the secondary mortgage market Remainder Interest - Answer- A fee simple holder of a parcel of real estate grants a life estate to her daughter and stipulates that upon the daughters death, the property will pass to her grandson. The second es...

When a deed in lieu of foreclosure is given to a lender, which of the following is true? - correct answer Time and cost are less B buys land from W using a deed of trust as security for the carryback. B makes all the payments except the final three and is now in default. W does nothing and decides not to foreclose until later. By doing this W is exercising his right of: - correct answer Forbearance A commercial building is sold in a foreclosure for $100,000 less than the balance due the le...

Under the Statute of Fraud, what doesn't have to be in writing? correct answers A lease for less than 1 year Utah Land Sales Practices (also Timeshare) Act right of rescission (calendar days) correct answers 5 calendar days Required notice for disciplinary hearing correct answers 5 days If the seller isn't sure he wants to sell during the next 5 years, what should he give a lessee who is interested in buying? correct answers first right of refusial Do all contracts need to be in wr...

Champions Real Estate Finance Exam Questions with All Correct Answers Loan-to-Value Ratio (LTV) - 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 - ANSWER Includes both real and personal property ( fixtures and furnishings) Blanket Mortgage - ANSWER ...

Loan-to-Value Ratio (LTV) - 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 - ANSWER-Includes both real and personal property ( fixtures and furnishings) Blanket Mortgage - ANSWER-Covers more than one piece of property. Wraparound Mortgage - ANSWER-Method of financin...

Pearson Vue Practice Exam Questions and Answers Latest Updated 2024/2025 | Graded A+. In stating a seller's price and terms to a prospective buyer, the seller's broker is required by the law of agency to state ONLY those terms that are a. included in the listing agreement b. based on the brokers evaluation of prevailing prices and terms c. favorable for the seller, as determined by the broker d. attractive to buyers, as determined by the broker a. included in the listing agreement a lot ...

Real Estate Questions National Finance Test 2024.The Smiths' purchased a residence for $75,000. They made a down payment of $15,000 and agreed to assume the seller's existing mortgage, which had a current balance of $23,000. The Smiths' financed the remaining $37,000 of the purchase price by executing a second mortgage whereby the seller became a mortgagee. This type of loan is called a 1 - Wraparound mortgage 2 - Package mortgage 3 - Balloon note 4 - Purchase money mortgage - ANSWER 4 ...

Pearson Vue Practice Exam Questions and Answers Latest Updated 2024/2025 | Rated A+. a lot measuring 110 feet wide by 140 feet deep has a required setback of 30 feet in front, 20 feet in the rear, and 20 feet on each side. if a builder wants to put a one-story building on the lot, the MAXIMUM square footage it can contain is a. 3,300 sq ft b. 3,600 sq ft c. 6,300 sq ft d. 6,600 sq ft c. 6,300 sq ft a house with a market value of $80,000 is located where property is assessed at 70% of mark...

Illinois Real Estate Licensee Practice Questions Verified Answers The final decision on the listing price for a property is made by the a) listing broker b) sponsoring broker c) seller d) appraiser ️c) seller A rectangular parcel of land is 260 feet deep and 50 yards wide. How many square feet does it contain? a) 13,000 sq. ft. b) 36,400 sq. ft. c) 39,000 sq. ft. d) 52,000 sq. ft. ️c) 39,000 sq. ft. A fee simple holder of a parcel of real estate grants a life estate to ...