Hud home ownership - Study guides, Class notes & Summaries

Principles of real estate I (Champions) Questions and Correct Answers 2024 Subsurface rights - Answer -Rights that include ownership of oil, gas and other minerals Surface and air rights - Answer -Rights that are conveyed in a cell tower lease Improvement - Answer -Any permanent man-made addition to the land Personal property - Answer -Things of a temporary, movable nature Modular homes - Answer -Factory-built housing built to local building codes Riparian rights - Answer -Rights that an ...

Basic Appraisal Procedures Exam Questions and Answers 2024/2025 (100% Correct) Valuation process A systematic procedure used in the valuation of real property. Client The party or parties who engage, by employment or contract, an appraiser in a specific assignment. Steps in Defining the problem Identification and location of the real estate; Identification of the property rights; Definition of value; Purpose and intended use of the appraisal; Effective date of the opinion of value; Any s...

Manufactured vs. modular home - Manufactured: A home that is built according to HUD construction standards. Updated term for a mobile home or house trailer. Modular: Units that are constructed in factories off-site according to state building codes. Once assembled on the home site, considered to be real property. Land - Property that includes the surface of the earth, down to the center of the earth, and upward infinitely into space. It also includes any items permanently attached to the l...

NJ Real Estate Exam Questions According to New Jersey License Law, A licensee who wants to sell property that the licensee owns MUST? a) list the same property with another licensee in the same office b) disclose the ownership interest in any advertisement of the property c) disclose the ownership interest in any notice submitted on the listing to the MLS d) disclose in the contract of sale that the seller holds a New Jersey Real Estate license d. disclose in the contract of sale that th...

Basic Appraisal Procedures - McKissock Exam Questions and Answers 2024/2025 (Already GRADED A+) Valuation process A systematic procedure used in the valuation of real property. Client The party or parties who engage, by employment or contract, an appraiser in a specific assignment. Steps in Defining the problem Identification and location of the real estate; Identification of the property rights; Definition of value; Purpose and intended use of the appraisal; Effective date of the opinio...

NMLS SAFE ACT MLO Exam - Federal Law If a borrow is on the DO NOT CALL LIST and makes an inquiry about doing business with you in regards to a loan, when does right to contact them expire? A. 1 month B. 2 months C. 3 months D. 4 months - ANSWER-C. 3 months An established business relationship with a company also will be created if you make an inquiry to the company, or submit an application to it. This kind of established business relationship exists for three months after the inqu...

KY Real Estate Exam Questions with Answers Fee SImple Determinable - Answer-Qualified by a specific limitation. Language used: so long as, while, or during Fee Simple Subject to a Condition Subsequent - Answer-If estate is no longer used for reason conveyed it reverts to original grantor by right of reentry Fully Amortized Loan - Answer-Loan consisting of equal, regular payments satisfying the total payment of principal and interest by the due date Felony Conviction - Answer-Being conv...

If a borrow is on the DO NOT CALL LIST and makes an inquiry about doing business with you in regards to a loan, when does right to contact them expire? A. 1 month B. 2 months C. 3 months D. 4 months - correct answer -C. 3 months An established business relationship with a company also will be created if you make an inquiry to the company, or submit an application to it. This kind of established business relationship exists for three months after the inquiry or application. During this t...

Acceleration Clause - correct answer Allows lenders to demand payment in full if the borrower defaults on the loan (can be construed as predatory lending) Alienation Clause (Due on Sale Clause) - correct answer Says you must repay your mortgage if you sell your home to a new owner (loan is not assumable) Appraiser Independance Requirements replaced HVCC - correct answer home valuation code of conduct Due on Demand Clause - correct answer (Considered a predatory practice) The lender can ...

HECM Exam Questions and Answers 100% Correct What is the role of the Housing Counseling Agency in the HECM program? - Answer- Educate the consumer about the costs and benefits of the HECM program. What is home equity? - Answer- Home value minus liens on the home. In what two ways are HECM's different from "home equity loans"? - Answer- Do not have to be able to make monthly payments or make monthly payments. What is the Maximum Claim Amount on a HECM? - Answer- Lesser of the home value ...