Help

Options

focusNode

Didn't know it?
click below

Knew it?
click below

Don't Know

Remaining cards (0)

Know

retry

shuffle

restart

0:00

Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

Normal Size Small Size show me how

Real Prop the Law 2

CHAPTER 11, 12, 15, 16, 18,19, 20

Question	Answer
A VOID CONTRACT IS ONE THAT IS	VOIDABLE BY ONLY ONE OF THE PARTIES
THE LEGAL PROCEEDING OR LEGAL ACTION BROUGHT BY EITHER THE BUYER OR THE SELLER UNDER A PURCHASE CONTRACT TO ENFORCE THE TERMS OF THE CONTRACT IS KNOWN AS	SPECIFIC PERFORMANCE
THE ESSENTIAL ELEMENTS OF A CONTRACT INCLUDE ALL OF THE FOLLOWING
A WRITTEN R.E. CONTRACT IS ASSUMED TO BE THE COMPLETE AGREEMENT OF THE PARTIES BECAUSE OF THE	STATUTE OF FRAUDS
THE TERM RESCIND MEANS
ALL OF THE FOLLOWING ARE ESSENTIAL TO THE FORMATION OF A CONTRACT
A BILATERAL CONTRACT IS ONE IN WHICH
THE LAW THAT REQUIRE R.E. CONTRACTS TO BE IN WRITING TO BE ENFORCEABLE IS THE
A BREACH OF CONTRACT IS A REFUSAL OR A FAILURE TO COMPLY WITH THE TERMS OF THE CONTRACT. IF THE SELLER BREACHES THE PURCHASE CONTRACT, THE BUYERS MAY DO ALL OF THE FOLLOWING
EVERY R.E. CONTRACT MUST HAVE
AT THE TIME A BUYER WAS NEGOTIATING THE PURCHASE OF A LOT ON WHICH TO BUILD A NEW HOME, THE SELLER CLAIMED THAT THE SOIL WAS FIRM ENOUGH TO SUPPORT THE CONSTRUCTION OF A BUILDING WHEN, IN FACT, THE SELLER KNEW IT ISNOT. THIS CONTRACT IS
AFTER THE BUYER AND THE SELLER HAVE SIGNED A SALES CONTRACT, THE SELLER CHANGES HIS MIND AND DEFAULT. THE BUYERS SUES THE SELLER TO FORCE HIM TO GO THROUGH WITH THE CONTRACT. THIS IS KNOWN AS A SUIT FOR
A PERSON MUST ACCEPT AN OFFER TO ENTER INTO A CONTRACT BEFORE
A CONTRACT AGREED TO UNDER DURESS IS
ALL OF THE FOLLOWING WILL TERMINATE AN OFFER
AN OFFEREE HAS THE RIGHT TO
WHICH OF THE FOLLOWING BEST DESCRIBES A CONTRACT THAT IS VOIDABLE
A BROKER TOOK A LISTING AND LATER DISCOVERED THAT THE CLIENT WAS PREVIOUSLY DECLARED LEGALLY INCOMPETENT. THE LISTING IS NOW
TO ASSIGN A CONTRACT FOR THE SALE OF R.E. MEANS TO
CHARGING MORE INTEREST THAN IS LEGALLY ALLOWED IS KNOWN AS
A MORTGAGOR IS THE ONE WHO
A PROMISSORY NOTE
THE FINANCE FEE CHARGED BY THE LENDER TO MAKE THE LOAN IS
THE INTEREST PAID OVER THE LIFE OF A FIXED-RATE LOAN IS
IF THE AMT REALIZED AT A SHERIFF'S SALE AS PART OF A MORTGAGE FORECLOSURE IS MORE THAN THE AMT OF THE INDEPTEDNESS AND EXPENSES, THEN THE EXCESS BELONGS TO THE
AFTER A BORROWER MAKES THE FINAL PAYMENT ON A HOME MORTGAGE, THE LIEN REMAINS ON THE PROPERTY UNTIL THE LENDER RECORDS
AN EXISTING MORTGAGE LOAN CAN HAVE ITS LIEN PRIORITY LOWERED BY A
IF THE QUARTERLY INTEREST AT 10% IS $3150. THE PRINCIPAL AMT OF THE LOAN IS
IF A PROPERTY SOLD AS A MORTGAGE FORECLOSER DOES NOT SELL FOR AN AMT SUFFICIENT TO SATISFY THE OUTSTANDING MORTGAGE DEPT, THE MORTGAGOR MAY BE RESPONSIBLE FOR
THE CLAUSE IN A MORTGAGE THAT PERMITS THE LENDER TO DECLARE THE ENTIRE UNPAID BALANCE INMMEDIATELY DUE AND PAYABLE UPON DEFAULT IS THE
WHEN A MORTGAGE LOAN HAS BEEN PAID IN FULL, IT IS IMPORTANT FOR THE BORROWER TO BE SURE THAT
A DEED WHO ASSUMES AN EXISTING MORTGAGE LOAN IS
THE INTEREST IN A PROPERTY HELD BY THE OWNER IN EXCESS OF ANY LIENS AGAINST IT IS CALLED
THE MORTGAGEE FORECL ON A PROP AFTER THE BORROWER DEFAULTED ON THE LOAN. AT FORECL SALE, THE HOUSE SOLD FOR ONLY 29 G. THE UNPAID BALANCE OF THE LOAN AT THE TIME WAS 40 G. WHAT MUST THE LENDER DO TO RECOVER THE 11 G THE BORROWER STILL OWES
THE RIGHT A MORTGAGOR HAS TO REGAIN THE PROP BY PAYING THE DEPT AFTER A FORECLOSURE SALE IS CALLED
THE CLAUSE IN A MORTGAGE INSTRUMENT THAT WOULD PREVENT THE ASSUMPTION OF THE MORTGAGE BY A NEW PURCHASER IS A
THE DEFEASANCE CLAUSE IN A MORTGAGE REQUIRES THE MORTGAGE TO EXECUTE
A 'FRIENDLY FORECLOSER' ENABLES A MORTGAGOR TO PREVENT THE MORTGAGEE FROM TAKING THE PROP BY STATUTORY MEANS. THIS CAN BE ACCOMPLISHED BY
IN ABSENCE OF AN AGREEMENT TO THE CONTRARY, THE MORTGAGE HAVING PRIORITY WILL BE THE ONE
THE PLEDGING OF PROPERTY AS SECURITY FOR PAYMENT OF A LOAN IS
A MORTGAGE BROKER GENERALLY OFFERS WHICH SERVICE
A BORROWER OBTAINED A 7 G SECOND MTG LOAN FOR 5 YEARS AT 6 % INTEREST PER ANNUM. MONTHLY PAYMENTS WERE $50. THE FINAL PYMT INCLUDED THE REMAINING OUTSTANDING PRINCIPAL BALANCE. WHAT TYPE OF LOAN IS THIS
THE PRINCIPAL DISTINCTION BETWEEN THE PRIMARY MORTGAGE MARKET AND THE SECONDARY MORTGAGE MARKET IS IN THE
A REAL ESTATE LOAN PAYABLE IN PERIODIC INSTALLMENTS TAHT ARE SUFFICIENT TO PAY THE PRINCIPAL IN FULL DURING THE TERM OF THE LOAN IS CALLED
IF THE AMT OF A HOUSE EQUITY LOAN IS 13.5 GS AND THE INTEREST RATE IS 7 1/2% WHAT IS THE AMT OF THE SEMIANNUAL INTEREST PAYMENT
THE SUPPLY OF MORTGAGE MONEY FOR SINGLE-FAM HOMES IS REGULATED BY THE FEDERAL RESERVE SYSTEM THROUGH WITH OF THE FOLLOWING
LAST MONTHS LOAN PAYMENT INCLUDED 412.50 INTEREST ON A 60 G LOAN BALANCE. WHAT IS THE ANNUAL RATE OF INTEREST
THE PURPOSE OF A MORTGAGE IS TO
FOR A SALESPERSON TO BE VIEWED AS AN INDEPENDENT CONTRACTOR, FEDERAL LAW REQUIRES
THE AMT OF COMMISSION DUE TO A SALESPERSON IS DETERMINED BY
A R.E. BROKER WAS RESPONSIBLE FOR A CHAIN OF EVENTS THAT RESULTED IN THE SALE OF A CLIENT'S PROPERTIES. THIS IS REFERRED TO AS A
IN PA, SALES PPL MAY ADVERTISE A PROPERTY FOR SALE ONLY IF THEY
A PARCEL OF VACANT LAND 80 FT WIDE AND 200 FT DEEP SOLD WAS SOLD FOR $200 PER FRONT FT. HOW MUCH MONEY WOULD A SALESPERSON RECEIVE FOR HER 60 % SHARE IN THE 10% COMMISSION
A R.E. SALESPERSON WHO IS AN INDEPENDENT CONTRACTOR RECEIVES
UPON DISCOVERING A LATENT DEFECT IN THE PROPERTY, THE LICENSEE SHOULD DISCUSS THE PROBLEM WITH THE SELLER AND THEN
TO BE ENTITLED TO COLLECT A R.E. COMMISSION, BROKER MUST BE ABLE TO PROVE ALL OF THE FOLLOWING
THE BUYER BACKS OUT OF THE OFFER THAT WAS ACCEPTED ON A HOUSE OF 100 G WITH 5 % COMMISSION. IN THIS SITUATION THE BROKER IS ENTITLED TO
A SALESPERSON FINALLY CONCLUDED DIFFICULT NEGOTIATIONS THAT RESULTED IN THE SALE OF A LISTED PARCEL OF PROP. FOR ALL OF HER EXTRA EFFORTS, THE SALESPERSON CAN LEGALLY DEMAND A PERFORMANCE BONUS FROM
ANTITRUST LAWS PROHIBITS ALL OF THE FOLLOWING
THERE IS A GREAT HOUSE THAT FIRM A HAS NOT LISTED FOR SALE YET. OWNER SPOKE TO ANOTHER AGENT AND WAS OFFERED 2% LESS THAN FIRM A, AND INFORMING ABOUT IT. WHAT SHOULD FIRM A SAY TO THE OWNERS TO GET THE LISTING
A BUYER WHO IS SHOWN PROPERTIES LISTED FOR RENT BY A BROKER IS A BROKER'S
A LICENSED SALESPERSON MAY RECEIVE COMPENSATION OR COMMISSION FROM ONLY
THE BROKER INFORMS THE AFFILIATE LICENSEES THAT FROM NOW ON, THE MINIMUM COMMISSION THEY MAY CHARGE A SELLER IS 7 %, IN THIS SITUATION, THE BROKER IS
WHICH OF THE FOLLOWING IS AN EXAMPLE OF DUAL AGENCY
THE RELATIONSHIP OF A BROKER TO A CLIENT IS THAT OF
A R.E. BROKER ACTING AS THE AGENT OF THE SELLER
STATEMENTS BY A R.E. LICENSEE EXAGGERATING THE BENEFITS OF A PROPERTY ARE CALLED
A BROKER IS PERMITTED TO REPRESENT BOTH THE SELLER AND THE BUYER IN THE SAME TRANSACTION WHEN
UNLESS SOME OTHER WRITTEN AGREEMENT HAS BEEN MADE, THE BROKER WILL USUALLY RECEIVE THE SALES COMMISSION FROM THE SELLER WHEN
ALL OF THE FOLLOWING ARE CONSIDERED FRAUDULENT
AS AN AGENT FOR THE SELLER, A R.E. BROKER CAN
A SELLER HAS LISTED HER HOME WITH A BROKER FOR 190 G AND THE BROKER TELLS A BUYER TO SUBMIT A LOW OFFER BC THE SELLER IS DESPERATE TO SELL. THE BUYER OFFERS 180 G AND THE SELLER ACCEPTS IT. THE BROKER IS
WHEN A LISTING BROKER WAS TOLD BY HIS PRINCIPAL NOT TO ADVERTISE THE LISTING IN A PARTICULAR NEWSPAPER, WHICH WAS OUT OF THE AREA, THE BROKER COMPLIED BC THE BROKER
IN A TYPICAL AGENCY RELATIONSHIP BETWEEN THE BROKER AND THE CLIENT, THE BROKERS COMMISSION IS DETERMINED BY
AN AGENT HAS A DUTY TO DISCLOSE TO THE PRINCIPAL EVERY STEP TAKEN IN THE TRANSACTION OF THE PRINCIPALS BUSINESS. THIS IS BE THE
A SALES PERSON EMPLOYED BY A BROKER TOLD A PROSPECTIVE BUYER THAT THE HOUSE SHE WAS LOOKING AT IS 'THE BEST HOUSE IN THE AREA' BE OF THIS STATEMENT, THE
WHICH OF THE FOLLOWING BEST DEFINES LAW OF AGENCY
A BROKER WHO IS THE AGENT OF THE BUYER SHOULD DO WHICH OF THE FOLLOWING
ONE BROKER SELLS PROPERTY LISTING FROM A PRACTICE DESIGNATED AGENCY. THE SALESPERSON DONT HAVE AN AGENCY WITH BUYER. UNDER PA LAW, THE SALESPERSON MAY BE PRESUMED TO REPRESENT
A BROKERS SALESPERSON LISTS A UNIT FOR SALE IN A CONDOMINIUM BLD. THE SALESPERSON IN THIS TRASACTION
WHEN SHOULD A PA LICENSE PRESENT THE CONSUMER NOTICE TO A PROSPECTIVE BUYER
A LISTING AGREEMENT MAY BE TERMINATED FOR ANY OF THE FOLLOWING REASONS
BY EXECUTING A LISTING AGREEMENT WITH A SELLER, A R.E. BROKER HAS BECOME
THE PROVISION IN A LISTING AGREEMENT THAT GIVES ADDITIONAL AUTHORITY TO THE BROKER AND OBLIGATES THE BROKER TO DISTRIBUTE THE LISTING TO OTHER BROKER IS
WHAT IS THE FIRST STEP WHEN TAKING A LISTING
IN PA, IN WHAT TYPE OF LISTING MUST THE BROKER INCLUDE AN EXTRA CLAUSE, IN BOLD TYPE, EXPLAINING THAT THE SELLER WILL OWE THE BROKER A COMMISSION NO MATER HOW THE PROPERTY IS SOLD
THE TYPE OF LISTING AGREEMENT THAT PROVIDES FOR THE PAYMENT OF A COMMISSION TO THE BROKER EVEN THOUGH THE OWNER MAKES THE SALE W/OUT THE AID OF THE BROKER IS CALLED AN
PROPERTY OWNERS LIST THEIR PROPERTY FOR SALE W/ A BROKER. DURING NEGOTIATIONS, THE OWNERS TOLD THE BROKER THAT THEY WANTED 138 G FOR THE PROPERTY AND THAT ANYTHING ABOVE THAT AMT THE BROKER COULD KEEP AS HIS COMMISSION.THIS TYPE OF PROVISION IS KNOWN AS A
UNDER WHICH LISTING AGREEMENT CAN THE OWNERS OF LISTED PROPERTY SELL THE PROPERTY ON THEIR OWN W/ HAVING TO PAY THE LISTING BROKER A COMMISSION
A PROP OWNER SIGNED A 90 DAY LISTING AGREEMENT WITH A BROKER. THE OWNER WAS KILLED IN AN ACCIDENT BEFORE THE LISTING EXPIRED. THE LISTING IS NOW
A LISTING CONTRACT IN WHICH THE BROKERS COMMISSION A CONTINGENT ON THE BROKER BEING ABLE TO PRODUCE A BUYER BEFORE THE PROP. IS SOLD BY THE OWNER OF ANOTHER BROKER IS CALLED
A BROKER WHO REPRESENTS A SELLER UNDER AN EXCLUSIVE LISTING RECEIVES TWO OFFERS FOR THE PROPERTY AT THE SAME TIME, ONE FROM ONE OF HIS SALESPERSON AND ONE FROM A SALESPERSON OF A COOP BROKER. WHAT SHOULD THE BROKER DO
PROPERTY IS AN EXCLUSIVE RIGHT TO SELL; ONE BROKER SALESPERSON OBTAINED AN OFFER TO PURCHASE WITH CERTIFIED CHECK OF 5% OF THE PURCHASE PRICE AS EARNEST MONEY. WHAT SHOULD THE SALESPERSON DO W/ THE EARNEST MONEY CHECK
ALL OF THE FOLLOWING ARE TYPICAL PROVISIONS OF A LISTING AGREEMENT
THE TYPE OF LISTING AGREEMENT THAT PROVIDES THE LEAST PROTECTION FOR THE LISTING BROKER IS THE
IN PA, HOW CAN A BROKER GUIDE THE SELLER TO AN APPROPRIATE ASKING PRICE
A SELLER REFUSED TO PAY A COMMISSION TO THE BROKER EVEN THOUGH THERE WAS A VALID LISTING AGREEMENT AND THE BROKER PROCURED A BUYER FOR THE PROPERTY. WHAT CAN THE BROKER DO
UNDER AN EXCLUSIVE-AGENCY LISING, THE LISTING BROKER WOULD NOT BE ENTITLED TO A COMMISSION IF THE
ALL OF THE FOLLOWING ARE TYPES OF LISTING CONTRACTS
A LISTING AGREEMENT MAY BE TERMINATED BY ALL OF THE FOLLOWING
THE SELLER WANTS TO NET 65 G ON THE SALE OF HIS HOUSE AFTER PAYING THE BROKER A FEE OF 6%. WHAT MUST THE GROSS SELLING PRICE BE
A BROKER ENTERS INTO A LISTING AGREEMENT WITH A SELLER IN WHICH THE SELLER WILL RECEIVE 12 G FROM THE SALE OF A LOT AND THE BROKER WILL RECEIVE ANY SALE PROCEEDS OVER THIS AMT. THIS TYPE IF LISTING IS
AN OWNER LISTS HER PROPERTY FOR SALE WITH A BROKER. ANOTHER BROKER, FINDS A BUYER FOR THE HOUSE. THE LISTING BROKER DID NOT RECEIVE A COMMISSION FROM THE SALE. THE TYPE OF LISTING CONTRACT BETWEEN THE OWNER AND THE BROKER COULD HAVE BEEN
AN OWNER WHO IS INTERESTED IN SELLING HIS HOUSE IS USUALLY CONCERNED ABOUT HOW MUCH MONEY HE CAN GET WHEN IT SELLS, A COMPARATIVE MARKET ANALYSIS MAY HELP THE SELLER DETERMINE A REALISTIC LISTING PRICE. THE STATEMENT IS
IF UPON THE RECEIPT OF AN OFFER TO PURCHASE HIS PROPERTY UNDER CERTAIN CONDITIONS, THE SELLER MAKES A CONTEROFFER, THE PROSPECTIVE BUYER IS
THE AMT OF EARNEST MONEY DEPOSIT IS DETERMINED BY THE
IF A BUYER DEFAULTED SOME TIME AGO ON A WRITTEN CONTRACT TO PURCHASE A SELLER'S R.E., THE SELLER STILL CAN SUE FOR DAMAGES. IF HE IS NOT PROHIBITED FROM DOING SO BY THE
WHICH OF THE FOLLOWING GIVES THE BEST EVIDENCE OF THE BUYER.S INTENTION TO CARRY OUT THE TERMS OF THE R.E. PURCHASE CONTRACT
WHAT IS THE EFFECT OF AN OPTION
WHEN A PROSPECTIVE BUYER MAKES A WRITTEN PURCHASE OFFER THAT THE SELLER ACCEPTS THEN THE
A BUYER AGREES TO BUY A PROP FOR 230 G AND DEP. 6900. EARNEST MONEY, WITH THE LISTING BROKER. THE SELLER IS UNABLE TO CLEAR THE TITLE TO THE PROPERTY, AND THE BUYER DEMANDS THE RETURN OF HIS EARNEST MONEY AS PROVIDED IN THE PURCHASE CONTRACT. THE BROKER	SHOULD
A BUYER MAKES AN EARNEST MONEY DEPOSIT OF 1500. ON A 150 G PROP AND THEN WITHDRAWS HER OFFER B4 THE SELLER CAN ACCEPT IT. THE BROKER IS RESPONSIBLE FOR DISPOSING OF THE EARNEST MONEY BY
AN OWNER ENTERS INTO AN AGREEMENT NOT TO SELL A PROP TO OTHER INTERESTED PARTIES FOR A SPECIFIED TIME IN EXCHANGE FOR SOME CONSIDERATION,ADD GRANTING A RIGHT IN THE AGREEMENT FOR THE PROP TO BE PURCHASED ON OR B4 THE END OF THAT TIME FOR A SPECIFIED PRICE
WHICH OF THE FOLLOWING BEST DESCRIBES EARNEST MONEY
WHAT IS THE EFFECT WHEN THE BUYER AND THE SELLER SIGN A VALID PURCHASE CONTRACT
THE BROKER PRESENTED A FIRST OFFER ONLY NOT THE SECOND SO THAT THE SELLER COULD MAKE A DECISION ABOUT THE FIRST OFFER. WHICH CAN BE TRUE TO WHAT HAPPENED
A BROKER HAS AN EXCLUSIVE RTS LISTING ON A BLD. THE OWNER IS OUT OF TOWN WHEN BROKER GETS AN OFFER FROM A BUYER, THE SELLER AGREES TO TAKE A PURCHASE-MONEY MTG. THE BUYER MUST HAVE COMMITTED FROM SELLER B4 THE SELLER IS SCHEDULED TO RETURN TO THE CITY.
MON, A SELLER OFFERS TO SELL HIS VACANT LOT TO BUYER FOR 12 G, ON TUES, BUYER COUNTEROFFERS TO BUY FOR 10,5. ON FRI, THE BUYER WITHDRAWS THE COUNTEROFFER AND ACCEPTS THE ORIGINAL OFFER 12 G. THESE CONDITIONS, IS
IN AN OPTION TO PURCHASE R.E. THE OPTIONEE
THE BROKER RECEIVES AN EARNEST MONEY DEPOSIT WITH A WRITTEN OFFER TO PURCHASE THAT INCLUDES 10 DAYS ACCEPTANCE CLAUSE. ON THE 5TH DAY, B4 THE OFFER IS ACCEPTED THE BUYER NOTIFIES A WITHDRAWAL AND DEMANDS TO RETURN THE MONEY DEPOSIT. IN THIS SITUATION, THE
THE CONCEPT THAT REQUIRES AN INJURED PARTY TO BRING AN ACTION WITHIN A SPECIFIC PERIOD OF TIME AFTER AN INJURY IS
A R.E. CONTRACT BECOMES VALID OR IN EFFECT WHEN IT HAS BEEN SIGNED BY
IF A BROKER DEPOSITS A BUYER'S EARNEST MONEY IN A TRUST ACCOUNT. AT WHAT TIME IS THE SELLER ENTITLED TO RECEIVE IT
UNDER AN INSTALLMENT CONTRACT, TITLE TO THE PROPERTY IS HELP BY THE
A LAND CONTRACT PROVIDES FOR THE
THE AMT OF A LOAN EXPRESSED AS A % OF THE VALUE OF THE R.E. OFFERED AS COLLATERAL IS THE
THE PURPOSE OF THE R.E. SETTLEMENT PROCEDURES ACT (RESPA) IS TO
THE SELLER AGREES TO SELL THE HOUSE TO THE BUYER FOR 100 G; THE BUYERS WAS UNABLE TO QUALIFY FOR A MTG LOAN FOR THIS AMT, SO THE SELLER AND THE BUYER ENTERED INTO A CONTRACT FOR DEED. THE INTEREST THE BUYER HAS IN THE PROPERTY UNDER A CONTRACT FOR DEED IS
MTG LENDERS WANTS ASSURANCE THAT FUTURE R.E.. TAXES WILL BE PAID. THE MOST COMMON WAY TO DO THIS IS TO REQUIRE THE BORROWER TO
WHEN R.E. IS SOLD UNDER AN INSTALLMENT LAND CONRACT AND THE BUYER TAKES POSSESSION OF THE PROPERTY, THE LEGAL TITLE
WHICH OF THE FOLLOWING IS TRUE ABOUT AN INSTALLMENT CONTRACT (LAND CONTRACT)
IF A BUYER OBTAINS A 50 G HOME EQUITY LOAN WITH FOUR POINTS, HOW MUCH WILL THE LENDER CHARGE AT CLOSING
THE TRUTH IN LENDING ACT, IMPLEMENTED BY REGULATION Z, SETS FORTH CERTAIN REQUIREMENTS REGARDING R.E. LOANS TO INDIVIDUALS FOR ALL O F THE FOLLOWING PURPOSES
A FHA-INSURED MTG LOAN WOULD BE OBTAINED FROM WHICH OF THE FOLLOWING
A ELIGIBLE VET MADE A PURCHASE OFFER OF 80 G ON A HOME HE WANTS TO FINANCE WITH A VA GUARANTEED LOAN. 4 WKS AFTER THE OFFER WAS ACCEPTED, A CERTIFICATE OF REASONABLE VALUE CRV FOR 77 G WAS ISSUED FOR THE PROP. FOLLOWING SITUATION CAN HAPPEN LIKE
AN EXTENSION OF CREDIT FROM A SELLER TO A BUYER TO ALLOW THE BUYER TO COMPLETE THE TRANSACTION IS CALLED A
WHEN COMPARED WITH A 30 YEAR PYMT PERIOD, TAKING OUT A LOAN WITH A 20 YR PYMT WOULD RESULT IN ALL OF THE FOLLOWING
REGULATION Z APPLIES TO
THE TYPE OF MTG LOAN THAT USES BOTH R.E. AND PERSONAL PROPERTY AS SECURITY IS
IF A HOUSE SOLD FOR 80 G AND THE BUYER OBTAINED A LOAN FOR 72, HOW MUCH MONEY WOULD THE BUYER PAY IF THE LENDER CHARGED 4 PTS
A MTG LOAN REQUIRES MONTHLY PAYMENT OF $675.75 FOR 20 YRS AND A FINAL PYMT OF 5,095. THIS TYPE OF A MTG LOAN IS
IN A SALE-AND LEASEBACK ARRANGEMENT, THE
A PERSON OLDER THAN 62 HAS FALLEN BEHIND ON MAINTENANCE ON THE HOME SHE LIVED IN FOR MORE THAN 50 YRS. SHE HAS A CONSIDERABLE AMT OF EQUITY IN THE HOUSE. IN ORDER FOR HER TO OBTAIN FUNDS TO MAKE THE NEEDED REPAIRS, WHAT TYPE OF LOAN BEST SUITS HER NEEDS
THE TYPE OF LOAN THAT WILL MOST LIKELY HAVE THE LOWEST LOAN-TO-VALUE RATIO IS A
A LENDER MAY PROTECT ITS INTEREST IN A MTG LOAN BY ASKING THE BUYER TO OBTAIN ADDITIONAL SECURITY FROM
A LENDER WILL TAKE CERTAIN FACTORS INTO CONSIDERATION WHEN DECIDEDING WHETHER TO GRANT A BORROWER A MTG LOAN. ALL OF THE FOLLOWING ARE LEGITIMATE FACTORS
ONE WAY THAT LENDERS INCREASE THEIR REVENUE IS BY SERVICING LOANS. ALL OF THE FOLLOWING ARE ACTIVITIES OF SERVICING LOANS
WHICH OF THE FOLLOWING WAYS TO ADVERTISE LOAN TERMS IS LEGAL
A DEVELOPER HAD A MTG LOAN ON HIS ENTIRE HOUSING DEVELOPMENT. WHEN HE SOLD A LOT TO A BUYER, HE WAS ABLE TO DELIVER TTILE TO THAT LOT FREE OF THE MTG LIEN BY OBTAINING A PARTIAL RELEASE. WHAT TYPE OF LOAN DID THE DEVELOPER HAVE
THE SELLING PRICE OF A PROP IS 96 G THIS CAN BE FINANCED IF THE BUYER CAN PUT 10 % DOWN AND PAY A LOAN ORIGINATION FEE OF 1.5 %.HOW MUCH CASH MUST THE BUYER PRODUCE TO COMPLETE THIS TRANSACTION
THE BUYER OF A 125 G HOME HAS PD 2 G AS EARNEST MONEY AND HAS A LOAN COMMITMENT FOR 70 % OF THE PURCHASE PRICE. THE BALANCE OF THE CASH THE BUYER NEEDS TO COMPLETE THE TRANSACTION IS
THE GRANTOR BECOMES THE LESSEE AND THE GRANTEE BECOMES THE LESSOR UNDER WHICH FINANCING ARRANGEMENT
THE TYPE OF R.E. LOAN THAT ALLOWS THE LENDER TO INCREASE THE OUTSTANDING BALANCE OF A LOAN UP TO THE ORIGINAL SUM IN THE NOTE WHILE ADVANCING ADDITIONAL FUNDS IS THE

Created by: miraclesmiranda

"Know" box contains:
Time elapsed:
Retries: