Mortgage lending - Study guides, Class notes & Summaries

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...

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...

Variable rate disclosure scope? - ARMs with a term of greater than one year secured by the borrowers principal dwelling When is a variable rate disclosure delivered? - At Application Consumer handbook and adjustable rate mortgages scope? - ARMs with a term of greater than one year secured by the borrowers principal dwelling. When is a consumer handbook on adjustable rate mortgages delivered? - At Application What is the definition of within three business days of application? - Any day in ...

An economic recovery is defined as A) two successive quarterly declines in the gross domestic product. B) two successive quarterly increases in the gross domestic product. C) a period of higher housing prices. D) two successive periods of stock market gains. correct answers B) two successive quarterly increases in the gross domestic product. Explanation When consumers, lured by lower prices, venture back into the market, business activity increases and confidence begins to return. Sl...

Florida Real Estate Exam TEST Questions WITH 100% Correct Answers LATEST UPDATE 2023/2024 Binder deposit shows up as what on closing statement? - ANSWER Credit to buyer Which of the following is true about leverage? - ANSWER Leverage is the use of borrowed funds to purchase assets. Which of the following liens would take priority? - ANSWER A property tax lien In which of the following theories of mortgage lending does the borrower not retain ownership of the property during the loan ...

Variable rate disclosure scope? - ARMs with a term of greater than one year secured by the borrowers principal dwelling When is a variable rate disclosure delivered? - At Application Consumer handbook and adjustable rate mortgages scope? - ARMs with a term of greater than one year secured by the borrowers principal dwelling. When is a consumer handbook on adjustable rate mortgages delivered? - At Application What is the definition of within three business days of application? - Any day in ...

appraisal - value of a property maybe affected by social, economic, govt and environmental influences Loan-to-Value Ratio (LTV) - The percentage of value or sales price that a lender is willing to finance. limited appraisal report - exterior only/drive by inspection. deemed as low risk loan highest and best use of property - legal use that gives the greatest return Principal of Contribution - cost does not equal value Residential Mortgage Loan Originators (RMLO) - Must be certified licenc...

A Community Association is generally defined as real or personal property, owned by two or more entities, which share the responsibility for the costs of maintenance and administration True Purchasers of a timeshare plan have a ten day contract rescission period in which to cancel the purchase True The Florida Fair Housing Act prohibits discrimination on the basis of handicap True A valid Declaration of Condominium must contain easements for ingress and egress to all unit...

appraisal CORRECT ANSWER value of a property maybe affected by social, economic, govt and environmental influences Loan-to-Value Ratio (LTV) CORRECT ANSWER The percentage of value or sales price that a lender is willing to finance. limited appraisal report CORRECT ANSWER exterior only/drive by inspection. deemed as low risk loan highest and best use of property CORRECT ANSWER legal use that gives the greatest return Principal of Contribution CORRECT ANSWER cost does not equal value ...

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...