What is a reverse annuity - Study guides, Class notes & Summaries

The amount the borrower makes prior to any deductions for taxes or insurance is: A) Guaranteed income B) Net income C) Gross income D) Gross margin - Gross income _______: In the Texas Constitution, a principle residence of a family or adult single person is protected from forced sale for all debt except: property taxes; federal tax liens of both spouses; a home equity lien.....etc... - Homestead ______ ______ ____: lenders use what is called a front-end ratio, which is reflected as a pe...

MLO SAFE NMLS SAFE TEST PRACTICE QUESTIONS | LATEST VERSION | 2024/2025 | ALREADY PASSED __________________ requires that a borrower is notified ___________ days prior to the effective date of the loan servicing transfer. RESPA (Real Estate Settlement Procedures Act), 15 days prior ________________________ is another name for Section 114 of FACTA and also amends FCRA. The Red Flag Rules A ______________ buyer is a person who gets paid for the use of their name and credit history i...

California Real Estate Exam Questions and Answers Latest. 1 of 50 - Sal bought a personal residence for $150,000. He made $150,000 of improvements during the three years he lived in it before he sold it. He sold the home for $750,000 and paid $50,000 in selling expenses, including the broker's commission. On what amount will he pay capital gains tax? $150,000 You answered incorrectly Remember that there is a $250,000 exclusion on capital gains tax for the sale of an individual's perso...

RPA 1: Assignment 1 Questions and Answers 100% Correct What is the three legged stool of economic security? Social security, personal savings, employee pensions What are the economic problems facing the aged? (4 answer total) 1. Desire to maintain preretirement standard of living 2. Declining employment opportunities 3. Low savings due to higher taxes, increased consumption, and inflation 4. Improvement in longevity What is a reverse annuity? Monthly income for life in exchange for ti...

The sequence of the five-step financing process is generally Funding/Closing, Servicing - ANSWERSApplication, Analysis/Processing, Qualifying/Underwriting, Funding/Closing, Servicing The Federal Reserve System consists of __ reserve districts, and __ board members. - ANSWERS12/7 interest-bearing savings accounts represent - ANSWERStime deposits... another name for a "take-out" loan is; - ANSWERSpermanent financing or long-term the financial turmoil in the mid 2000's was NOT fuele...

California Real Estate Exam Questions and Answers Latest. 1 of 50 - Sal bought a personal residence for $150,000. He made $150,000 of improvements during the three years he lived in it before he sold it. He sold the home for $750,000 and paid $50,000 in selling expenses, including the broker's commission. On what amount will he pay capital gains tax? $150,000 You answered incorrectly Remember that there is a $250,000 exclusion on capital gains tax for the sale of an individual's perso...

at duties does an agent owe a cleint - Fiduciary duties (loyalty, obedience, confidentiality, full diclosure, accountings, and safe holding of property and reasonable care and diligence What must agents disclose to the principal - All material information about the property and the clients ability to perform in the transaction. What is given up in dual agency - Loyalty, confidentiality and full disclose that would break nutrality What are the steps of a neighborhood cycle - Growth 2. equil...

California Real Estate Exam Questions and Answers Latest. 1 of 50 - Sal bought a personal residence for $150,000. He made $150,000 of improvements during the three years he lived in it before he sold it. He sold the home for $750,000 and paid $50,000 in selling expenses, including the broker's commission. On what amount will he pay capital gains tax? $150,000 You answered incorrectly Remember that there is a $250,000 exclusion on capital gains tax for the sale of an individual's perso...

Dodd-Frank Act (the Wall Street Reform and Consumer Protection Act) Combined TILA and RESPA into TRID Gross income multiplier Price divided by rent equals 2 A broker can offer a guaranteed buyback of a property after ___ yr pd of ownership 10 The borrower has __ days after receiving LE to respond to lender Release clause In blanket loan. Allows borrower to obtain partial releases of specific lots by making required lump sum parts Term Loan Loan with interest only at the end of...

McKissock - Basic Appraisal Principles- GA Ch.11 Questions and Answers Graded A+ The principal operators in the secondary mortgage market include pension funds, insurance companies, corporate investors Fannie Mae, Freddie Mac, Ginnie Mae Fannie Mae, Sallie Mae, Ginnie Mae FHA, VA, USDA Fannie Mae, Freddie Mac, Ginnie Mae True or False? Fannie Mae and Freddie Mac are now defunct. false 0:03 / 0:15 Fannie Mae purchases ______ loans on the secondary market. conventional ...