Open end mortgage - Study guides, Class notes & Summaries

Kentucky Real Estate Mock Test 1 Already Graded A+ A $450,000 sale price was obtained from a 12% capitalization rate. What was the gross income when the total expenses were 15% of the gross? ️$63,529.41 Step 1 $450,000 x 12% = $54,000 Step 2 100% - 15% = 85% Step 3 $54,000 ÷ 85% = $63,529.41 A borrower purchased mortgagee's title insurance on a property. After the final payment was made on the mortgage, a title defect was found. The borrower would have recourse through the ️...

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. - Answer-Loan-to-Value Ratio (LTV) Includes both real and personal property ( fixtures and furnishings) - Answer-Package Mortgage Covers more than one piece of property. - Answer-Blanket Mortgage Method of financing which preserves the low, existing ...

Regulation B states that a creditor must provide an applicant a copy of all appraisals and other written valuations developed in connection with an application for credit that is to be secured by a first lien on a dwelling. For closed-end credit, the appraisal copy must be provided to the applicant at least ____ business days prior to consummation of the transaction correct answers 3 Regulation B, which implements ECOA, states that a creditor must provide an applicant a copy of all appraisals...

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...

An open-end management company is a: A. mutual fund B. publicly traded fund C. fixed unit investment trust D. real estate investment trust A. mutual fund To impose the maximum sales charge, under FINRA rules, mutual funds must offer investors all of the following benefits EXCEPT: A. Breakpoints B. Plan Completion Insurance C. Rights of Accumulation D. Letter of Intent B. Plan Completion Insurance A closed-end...

REAL ESTATE EXAM FL SALES ASSOCIATE QUESTIONS AND ANSWERS, VERIFIED/ Absentee Owner - -A property owner who does not reside on the property and who usually relies on a property manager to oversee the investment Abstract of Title - -A compilation of the recorded documents relating to a parcel of land from which an attorney may give an opinion as to the condition of title (a history of title) Acceleration Clause - -A condition in a loan contract that permits the lender to require immediat...

Champions real estate finance with Correct Solutions Latest 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...

An open-end management company is a: A. mutual fund B. publicly traded fund C. fixed unit investment trust D. real estate investment trust A. mutual fund To impose the maximum sales charge, under FINRA rules, mutual funds must offer investors all of the following benefits EXCEPT: A. Breakpoints B. Plan Completion Insurance C. Rights of Accumulation D. Letter of Intent B. Plan Completion Insurance A closed-end...

CMB Exam – Study Questions With 100% Verified Answers According to federal law, which of the following transactions are subject to the three-day right of rescission? - answerPrimary residence for rate/term and/or cash-out refinance. What federal law governs right of rescission? - answerTruth in Lending Act What are 3 borrower qualifications unique to the VA loan product? - answer1. Certificate of Eligibility 2. Active or previous duty service w/ entitlement available 3. VA loans do not...

Champions Real Estate Finance Q&A- 2024 Loan-to-Value Ratio (LTV) - ️️ - 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 - ️️ - Includes both real and personal property ( fixtures and furnishings) Blanket Mortgage - ️️ - Covers more than one piece of property. Wrapa...