Mortgagee rights - Study guides, Class notes & Summaries

Greg plays trombone in his school band during football games. During a rally song in the stands one day, Greg annoys one of the opposing team's fans, who grabs his $400 trombone and hurls it down the bleachers, completely destroying it. Greg's insurance pays him $400 to replace the trombone, but then the opposing team's coach also offers to replace the instrument, at whatever the cost. So Greg orders a new $3,200 trombone and has the opposing team's athletic department absorb the cost. Which...

PSI Oklahoma Real Estate Practice Test Questions and Answers 100% Pass MOST closed real estate transactions should be reported to the IRS. REQUIRED information includes seller name(s) and social security number(s) and the sale price An owner hired a construction company to build a swimming pool at a new home. The owner failed to pay the bill once the work was completed and the construction company filed a lien to obtain payment of the debt. The encumbrance created is called a mechanic...

duties of the insured ~~> 1. pay the premium 2. take all reasonable means to save and protect the property from loss 3. give the insurance company immediate notice of loss 4. give the insurance company proof of loss within 60 days of the loss 5. separate the damaged property from the undamaged property and allow the insurance company to inspect the undamaged property as well as the insured's books and records 6. the insured cannot sue the insurance company unless all o...

Florida Real Estate STATE exam Questions and Answers 100% Pass The best protection that the public has during a Real Estate transaction is (are) A. The national and state association of REALTORS B. The punishment of licensees dealing dishonesty C. the high ethical standards of real estate agents D. FREC and the license law D. FREC and the license law A group license A. allows a broker to have a branch office B. allows a sales associate to work for more than one broker C. may be held by a...

GA REAL ESTATE EXAM PREP / HARD QUESTIONS AND ANSWERS GRADED A+ *Amortization Rate* is defined as: The percentage of periodic payment that is applied to the reduction of the principal. *In a title theory state, the *Mortgagee takes title to the mortgaged property, during the TERM of the mortgage.* *Property* may be technically defined as: *Rights or Interest* which a person has in the thing owned. A *Broker's*, license fee costs how much? *$170* A *Deficiency Judgement* ca...

California Legal Aspects of Real Estate Final Exam Questions with Verified and Updated Answers California Legal Aspects of Real Estate Final Exam Questions with Verified and Updated Answers A balloon payment on a real estate loan is: a. the final payment to pay off a loan b. the smallest payment made on the loan c. more than twice the amount of the smallest payment d. a payment made by a guarantor of the loan - Answer c. more than twice the amount of the smalles...

Which of the following is most vital or important in planning a subdivision: - ANSWER-Market Analysis When rent is computed on the gross sales of a business occupying real property, the lease is correctly termed: - ANSWER-Percentage Lease What is not an adequate method of transferring property? - ANSWER-Executive Sale What is considered personal property? - ANSWER-Existing Mortgage If an income property is valued at $100,000 based on an 8% capitalization rate, what would be the value...

National Real Estate Exam Prep Questions and Answers Graded A+ Unilateral Contract Contract containing ONE promise given in exchange for completing an act. NO obligation to act. Bilateral Contract Contract containing TWO promises. Example: A listing agreement is a bilateral contract Client/Principal A person who has entered into an agency relationship w/ a licensee & with whom there is a written contract Customer Any 3rd party w/ whom a licensee works In-Company Transaction Tr...

The doctrine of prior appropriation - Most likely used in states where water is scarce. Water rights are determined by priority of beneficial use. This means that the first person to use water or divert water for a beneficial use or purpose can acquire individual rights to the water. Indeterminable Duration - Major difference between freehold and nonfreehold estates is that freehold estates are Tenancy at will - Tenant rented an apartment signing a 15 month lease, after the lease expired the t...

What is a Lease a document? - A lease is a basic document by which a lessor agrees to provide equipment or other personal property or rights to a lessees in return for rental payments. What are Lease Exhibits document? - Also referred to a "schedules" are used if the description of lease property is too lengthy to fit into the space allotted on the lease. Often wise to have lessee initial all exhibits. What is a Delivery & Acceptance (D&A) document? - Document signed by lessee indicating ...