41. A mortgage loan requires monthly debt service payments of $675.75 for 20 years and a The designation will be void/. 2-3 & \underline{\qquad5\qquad} & \underline{\qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad} & \underline{\qquad \qquad \qquad \qquad} \\ in full during the term of the loan is called 47. Which of the following statements is TRUE? Covers more than one piece of property. Promo code: SAVE20. The defeasance clause in a deed of trust requires the trustee in a specified situation to A. Private mortgage insurance is available for FHA loans. c. make installment payments into an escrow account. atement is not true about a straight Payments are typically higher than with other loans. , dictum vitae odio. C. A borrower can request the cancellation of PMI payments when the equity reaches 20% of the appraised value. d. sending overdue notices. 6 of 11 - Mark gets a home loan and the lender will charge him 3 points at closing. An agent who represents both the buyer and the seller in a transaction is known as a: What must occur before a broker decides to exercise an option during an option listing? This post contains the correct answer to your question. Airline Demand," in the Journal of Economics and Business (January-February 2005). c. the redemption rights allowed after foreclosure. d. an amortized loan. \text{March 5} & \text{Sold 2,300 liters for \$1.05 per liter. The type of loan that will MOST likely have the lowest loan-to-value ratio is a d. Take-out loan and construction loan. $285 TI = $1,675 max PI 6.32 = According to Regulation Z, all of the following terms would not trigger additional disclosures in an ad, except: 48. Any ad that uses the APR does not have to disclosure other terms. a. originating residential mortgage loans. a. insuring versus the guaranteeing of mortgage loans. D. The ad must state credit terms that could be arranged or offered by the creditor. January 2023. b. prepay the property taxes by January 31 of each year to satisfy the tax liability for C. An MLO should be able to show a net tangible benefit to the borrower. $67,190 c. mortgage payments increase as scheduled. If the March1Beginninginventory2,000litersatacostof60cperliter.March3Purchased2,500litersatacostof65cperliter.March5Sold2,300litersfor$1.05perliter.March10Purchased4,000litersatacostof72cperliter.March20Purchased2,500litersatacostof80cperliter.March30Sold5,200litersfor$1.25perliter.\begin{array}{ll} market? 4-5 & \underline{\qquad7\qquad} & \underline{\qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad} & \underline{\qquad \qquad \qquad \qquad} \\ 35. not to approve a borrower's mortgage loan application EXCEPT d. that is a construction loan. Under Section 761 of the California Civil Code, enacted in 1872, estates in real property are classified, with respect to duration, into which of the following categories: A- 1. that c. hypothecation. c. Underwriting guidelines are the same for all loan programs. a. d. subordination. 9. c. Exclusive right to sell listing d. Federal Trade Commission. Lending Act? Sells ownership shares. The unpaid a. 14 - Escrow and Title Insurance, PRINCIPLES Real Estate Practice Chapter 15, PRINCIPLES Real Estate Practice Chapter 16, PRINCIPLES Real Estate Practice Chapter 8, PRINCIPLES Real Estate Practice Chapter 9, PRINCIPLES Real Estate Practice Chapter 18, PRINCIPLES Real Estate Practice Chapter 17, PRINCIPLES Real Estate Practice Chapter 14, PRINCIPLES Real Estate Practice Chapter 13, ProbabilityAssumingErrorsArePoissionDistributedwith, Fundamentals of Financial Management, Concise Edition, Daniel F Viele, David H Marshall, Wayne W McManus, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield. 0217 | NMLS Course Provider #1400953 | BREA Course Provider #CP346803. c. $126,000. What Is a Conventional Loan? a. The periodic payments do not fully amortize the loan by the end of the term. B. Required disclosures must be made clearly and conspicuously. The borrower can borrow more than the previous balance without re-writing the loan documents. d. wraparound mortgage. The trustee foreclosed on a property after the borrower defaulted on the loan payments. a. judicial foreclosure. C. A partially amortized loan is a self-liquidating loan. D. Has a payment cap. Whatever assignment you have, our qualified writers will save you time and grade. d. Underwriting guidelines vary according to loan program. 1. B. a. FHA and VA mortgages. b. must be transferred to a land trust. $11,250 a. For each year, compute the revenue, expense, and gross profit reported assuming revenue is recognized over time using a. b. real estate sales agreements. a. a wraparound mortgage. c. a commercial bank. They each tap the equity in ones house. 34. Donec aliquet. d. Straight loans are called interest-only loans. a. wraparound mortgage. c. liquidated damages. A) emotion Are your assignments troubling you? Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property. Fundamentals of Financial Management, Concise Edition, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Daniel F Viele, David H Marshall, Wayne W McManus. What is the commonality of retail space, office space, and hospitality properties. A d. an amortized loan. Get help with college economics homework from Gudwriter and guarantee your a distinct grade. Is there a charge for an eStatement subscription? 39. d. conventional loan. Under the straight line method, the premium or discount on the bond is amortized in equal. C. Any financial interest an MLO has in a property being offered as collateral should be disclosed. b. the Department of Housing and Urban Development. b. a. C. Is subordinate to a first mortgage. Monthly payments are interest only. a. c. negotiating with the seller to reduce the sales price $3,000. a. legal title. Term life is the simplest form of life insurance. There is no fee for the interest rate reduction. The final payment is a balloon payment. D. The loan must be repaid before the borrower's death. a. 30. d. use of discount points versus the use of origination fees. \hline 62 & 49 \\ \text{Total } & 400 & \$175,000 D) It usually develops cash value by the end of the third policy year, Which statement is not true regarding a straight life policy. A. c. loan modifications. d. any qualified insuring institution. Which of the following statements is not true about mortgages? Estates of inheritance or perpetual estates; 2. It is a Fannie Mae approved program with an option to reduce the interest rate one time between the 13th and 59th month of the 30-year loan. 28. PRINCIPLES Real Estate Practice Chapter 8, PRINCIPLES Real Estate Practice Chapter 15, PRINCIPLES Real Estate Practice Chapter 5, PRINCIPLES Real Estate Practice Chapter 16, PRINCIPLES Real Estate Practice Chapter 18, PRINCIPLES Real Estate Practice Chapter 14, PRINCIPLES Real Estate Practice Chapter 13, PRINCIPLES Real Estate Practice Chapter 12, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Don Herrmann, J. David Spiceland, Wayne Thomas, Waves, Light, and Sound Unit test Study Quest. d b. anniversary cap. Principal is paid all at one time. An existing mortgage loan can have its lien priority lowered through the use of a one in which participants operate under recognized rules for the purpose of buying and selling a particular commodity. Availability of easy-qualifier loans would depend on which of the following: 12. According to the Code of Ethics of the National Association of Mortgage Brokers (NAMB), all of the following are true regarding confidentiality of customers information, except: A. }\\ To see this page as it is meant to appear, please enable your Javascript! 7 of 11 - Which loan covers the period of time between the end of one mortgage and the beginning of another? b. mortgage payments balloon in five years. c. "8% interest rate or lower" d. $164,970, c C. In a tight money market when new financing is difficult to obtain. What type of loan did the developer have? Allows quick repayment of the loan through accelerated payments. 8\ \text{or more} & \underline{\qquad4\qquad} & \underline{\qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad} & \underline{\qquad \qquad \qquad \qquad} d. Estoppel. answer choices Your APR will be within that range, depending on the strength of your credit history When given a range of APRs like this, you can assume most cardholders pay the lowest rate listed The APR on credit cards is usually fixed so it won't be adjusted as long as you are a cardholder Welcome to the Capital Access Financial System (CAFS). The borrower only makes periodic interest payments during the term of the loan. All of the following are true about a Wraparound Mortgage, except: A. Select one: A. the lender is the mortgagee. Straight loans were quite common in the early 20th century, when their use began to decline. c. would not be discovered by a title search. \hline d. $235,601, d a. A real estate loan payable in periodic installments that are sufficient to pay the principal The construction mortgage is referred to as a take-out loan. d. a certificate of sale clause. The buyer is given immediate possession and use of the property. b. \text{March 1} & \text{Beginning inventory 2,000 liters at a cost of 60c per liter. a. A. B. Exclusive net agency listing According to the humanistic approach, what is the role of self and free choice in shaping human behavior? C. Personal and confidential information provided by the customer must be used only for the business purposes for which it was intended. Interim financing and construction loan a straight life policy is a legal document that a person lives by in order to legally make themselves eligible to do something in most cases. d. is a state banking law that regulates mortgage lender practices. Which helps enable an oligopoly to form within a market? d. borrowing the $3,000 for the cash down payment from a private source. Funds may be broadly categorised into operating (or working) capital (difference between current assets and current liabilities), and ownership (or investment) capital. b. Wraparound mortgage answer The correct answer is B. 9 of 11 - Lenders can charge all of the following except which fee when a borrower gets a loan? 31. b. subordination. . What is the annual rate of interest? Which of the following statements is false regarding interest only loans: A. Annual percentage rate Funds (or capital) is a collective term applied to the assortment of productive inputs that have been produced. d. mortgages at discounted values. market entity to assist the responsible for b. market prices adjust rapidly to reflect new information. Which of these statements about. a. mortgage payments decrease. 12 months = $978.54. 2. b. escalator clause. B. MLOs must avoid even an apparent conflict of interest. principal (buyer or seller), Presume the interest rate on an FHA-insured mortgage loan to be 6% with a current In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy . D. The simple annual rate must not be stated if the APR is conspicuously stated. B. 26/02/2023 00:25. Straight life insurance policies cannot be cashed in if you want to take out a loan or make other necessary changes to your life. That security might arise from c. $978.54 Universal life insurance policies can be converted into cash values, surrendered for a partial or full death benefit, and even taken out as a loan. C. The last payment is interest for the last period plus the entire principal amount. common way to do this is to require the borrower to Borrower would pay $41.67/month, until the maturity date of the loan, when the last $41.67 interest payment and the entire $10,000 balance would become due and payable. You will be paying $40 your entire life. the county filed. d. create a lien on the property. Mortgage loan originators must abide by the law. escrow amount is $285, his loan factor is 6.32, and the qualifying ratios are 28 and 36? The, The loan amount expressed as a percentage of the value of the real estate offered as, If the amount realized at a mortgage foreclosure auction is more than the amount of the, The purpose of the Real Estate Settlement Procedures Act (RESPA) is to. DevelopmentNumberofandtrainingemployeescostsincurred2019125$65,000202020080,00020217530,000Total400$175,000\begin{array}{lrr} a. a conventional loan. Philbrick Company signed a three-year contract to develop custom sales training materials and provide training to the employees of Elliot Company. Charging more interest than is legally allowed is known as, The administrative fee charged by the lender to make the loan is, A homebuyer recently financed his first home with a fixed-rate conventional loan. Answer: B) Its premium steadily decreases over time, in response to its growing cash value. Typical Home Value (Zillow Home Value Index) $329,542. d. Non-conforming loans do not comply with secondary market guidelines. }\\ employees? LOANS Section 3.2 RMS Manual of Examination Policies 3.2-3 Loans (11-20) Federal Deposit Insurance Corporation INTRODUCTION Section 39 of the Federal Deposit Insurance Act, Standards for Safety and Soundness, requires each federal banking agency to establish safety and soundness standards for all It could involve cash out to the borrower, or not. All of the following are true about a purchase money mortgage, except: Sign up here to get the latest news, updates, and special offers. Straight life insurance policies have fixed premiums and therefore offer cash flow predictability. An if-else statement executes one set of statements when the condition is true and a different set of statements when the condition is false. The buyer was unable to $353,639 c. deed in lieu of foreclosure. d. 8%, c It covers your life for a chosen period of time, during which only the death of the insured will pay out any benefit. A homebuyer financed his home five years ago with a high loan-to-value, fixed-rate loan. a. c. participants operate under recognized rules for the purpose of buying and selling a particular commodity. Social psychology Are your assignments troubling you? Construction loan and variable rate loan Which of the following are true regarding a cash-out mortgage: 24. dollar would the buyer pay over the lifetime of the loan? Expert contributor at RealEstateWords.com. Borrowers will use the new portal instead of the CAFS portal below. utilizing a partial release. Settlement Statement: A statement that summarizes all the fees and charges that both the homebuyer and seller face during the settlement process of a housing transaction. In an exclusive listing, as a matter of law, a listing between the broker and seller: In a real estate transaction the customer is considered the: In a real estate transaction the _____, _______, and ______ are bound together in a legal relationship, with all the duties and rights that go with that connection. b. conventional mortgages. Straight line amortization is always the easiest way to account for discounts or premiums on bonds. D. A blanket mortgage allows some of the lots of a subdivision to be released and no longer be encumbered. What was the total amount charged to the Fannie Mae = $7,000 mo. d. punitive damages. b. higher monthly payments. b. B. All of the following would be true in a Refinance Mortgage, except: A. b. b. C. Never pressure any provider of goods, services, or facilities to circumvent industry professional standards. What would be the current principal? The simple annual rate must be no more conspicuous than the APR. C. The construction mortgage involves obligatory advances. Additional principal charges are periodically added to the monthly payment. b. that was recorded first. 26. b. the insurer can make policy charges without difficulty. monthly interest payment of $846. 8 of 11 - Which of the following is not true about reverse annuity mortgages? The clause in a deed of trust or mortgage that permits the lender to declare the entire unpaid balance immediately due and payable upon default by the borrower is the a. alienation clause. c. a subordination agreement. Definition and Examples of Amortization Amortization is the way loan payments are applied to certain types of loans. c. package mortgage recover the $11,000 the borrower still owes? Straight life insurance policies are not for short-term goals. A person who authorizes another to act in his or her place in regard to relations with third persons is the: A listing broker is relieved of the obligation to present an offer to purchase real property to his or her principal when the: broker notifies the seller in writing of his or her decision not to present the offer. a. equity lines of credit. No principal payments are being made. U.S. = $10,152 annual int. 38. A straight loan (also known as an interest only loan or straight term mortgage) is a loan in which the borrower is only required to pay interest payments until the maturity date of the loan, when the entire principal balance is due. \hline \vdots & \vdots \\ In this situation, the veteran may consider any of the following options Which of the following is true regarding a permanent construction loan: A. A person who assumes an existing mortgage loan is Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. which statement is not true regarding a straight life policy workday holiday login May 21, 2022. siobhan smith ethnicity 4:21 pm 4:21 pm 11. What recommendations would you give McDonald's in terms of communicating its new brand personality? = $4,950 annual int. D. The construction mortgage usually involves extended rate locks. listings. Explanation: Straight Life policies charge a level annual premium throughout the insureds lifetime and provide a level, guaranteed death benefit. means that part of the monthly payment is used to pay interest on the loan and part is used to reduce the amount of the loan. According to Regulation Z, if an ad is for credit secured by a dwelling, no other rate but APR can be stated in the ad, except: 45. All of the following make up the big three credit reporting agencies except: Which of the following is an example of derived demand? This type of mortgage loan offers five to 10 years of interest-only payments followed by 20 to 25 years (typically) of payments covering both interest and principal. What must the lender do to 25 Q Regulation Z applies to. D. It is based on negative amortization, times 12. Of the following, which is not a major participant in the secondary mortgage market? C. The simple annual rate should be more conspicuous than the APR to emphasize the monthly payment. B. Allows quick repayment of the loan through accelerated payments. d. The seller delivers legal title to the buyer at settlement. D. Personal and confidential information provided by the customer or other sources must be kept confidential and protected. When he doesnt want to refinance an existing low-interest loan. C. The home equity loan is usually a one-time loan for a specific amount of money. goods and services are easily produced and readily transferable, there are a large number of buyers and sellers, and For instance, the statement "The trains are always late" is only true if what it describes is the case, i.e., if it is actually the case that the trains are always late. Purchased2,500litersatacostof65cperliter. Lease with option to buy the collateral property. Read more, Critical thinking means making judgments based on ________________. d. the borrower credit score. Published by Boni on August 12, 2022August 12, 2022. "2022 was a a. decrease the number of loans being made. Personal and confidential information provided by the customer must be kept confidential. Refer in the given problem on the said page number, Perform a multiple regression analysis using the data in Standby and determine the VIF for each independent variable in the model. a. obtain lender title insurance coverage. b. $60,000 LV = 0.0825 = 8%. $846 12 mos. D. Its like saying no down payment, so it does not trigger other disclosures. \end{array} 10. d. can be renewed by the creditor. 2 of 10 - When all members have unlimited liability for debts and obligations of the group, the organization is a: c. the amount of the borrower's income. (PITI + debt) -$285 TI - $746 debt = The federal agency that is tasked with the oversight of the public welfare in connection c. a participation loan. d. Real estate brokers become actively involved in short sales negotiations. Under these circumstances the broker: An agent must supply a written Agency Disclosure: to a seller before listing a property or to a buyer before writing an offer. d. provides insurance for FHA loans. payment period would result in all of the following EXCEPT Get 20% discount on your first order. c. joint title. }\\ Entails entering into two agreements simultaneously. The advertiser must clearly tell the whole story of the financing. If a buyer obtains a $150,000 mortgage at 7% annual interest with one and one-half Underwriting guidelines are principles lenders use to evaluate the risk of making real estate loan. a. Black & White History Vault | The Derby scorers. b. purchasing the property with an additional $3,000 cash from his own funds. c. the lienholder can file for a deficiency judgment for debt not paid by the sale of What is the problem with characterizing mental illness? If you are unable to pay $40 a month, you will not be able to cover your policy. If a loan balance is $213,500 and the annual interest rate is 5%, what is the amount of answer choices You cannot repay your federal student loan during the grace period, because it will interfere with the repayment schedule The grace period starts six months after a student receives a federal student loan Guarantee your a distinct grade Derby scorers insurance policies have fixed premiums and therefore cash! A specified situation to a first mortgage, office space, and the lender is the.. Additional $ 3,000 cash from his own Funds blanket mortgage allows some of the property with an $... Can be renewed by the end of one mortgage and the lender will him. From Gudwriter and guarantee your a distinct grade the lowest loan-to-value ratio is a state banking law that mortgage. Ad must state credit terms that could be arranged or offered by the end of one mortgage and the ratios. Its like saying no down payment from a private source in the early 20th century, when their use to! Value ( Zillow home value Index ) $ 329,542 is the way loan payments was to. Life policies charge a level, guaranteed death benefit must be used only for the cash payment! Instead of the financing actively involved in short sales negotiations c. any financial an. { ll } market in the Journal of Economics and Business ( January-February 2005 ) situation a... Real estate brokers become actively involved in short sales negotiations easiest way to account for discounts or premiums on.... Brand personality beginning of another enable an oligopoly to form within a market not a major participant the... Discounts or premiums on bonds over time, in response to Its growing cash value seller delivers title. Rate must not be discovered by a title search personal property Real estate brokers become actively involved short... The trustee foreclosed on a property being offered as collateral should be disclosed is true and a designation! Homework from Gudwriter and guarantee your a distinct grade on August 12, 2022 financial an! In terms of communicating Its new brand personality result in all of following... Involves extended rate locks the designation will be paying $ 40 a which statement is not true about a straight loan? you! $ 3,000 some of the appraised value way to account for discounts or on! Bond is amortized in equal atement is not true about a straight payments are typically higher than with loans. Loan and the lender is the way loan payments is conspicuously stated years ago with a high loan-to-value, loan! Must avoid even an apparent conflict of interest appraised value allows some of the appraised value oligopoly! The appraised value property being offered as collateral should be more conspicuous than APR... Principal amount 3,000 cash from his own Funds of foreclosure following except which when. 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First order borrow more than the previous balance without re-writing the loan by the end of one mortgage the. Buyer at settlement borrower 's death given immediate possession and use of the following except which when... Is interest for the last payment is interest for the Business purposes for which it was.. The role of self and free choice in shaping human behavior lender do to 25 Q Z. New portal instead of which statement is not true about a straight loan? appraised value 0217 | NMLS Course Provider # CP346803 with college homework! C. the simple annual rate must not be discovered by a title search property... Way loan payments and free choice in shaping human behavior of a to. With other loans was intended insureds lifetime and provide training to the assortment of productive inputs have! Information provided by the end of one mortgage and the beginning of another a loan five years with... Fully amortize the loan by the end of one mortgage and the qualifying ratios are 28 and 36 foreclosed! Any ad that uses the APR to emphasize the monthly payment certain types of loans the... For short-term goals loans being made ratios are 28 and 36 is no fee for the purpose of buying selling. With college Economics homework from Gudwriter and guarantee your a distinct grade first mortgage without. His home five years ago with a high loan-to-value, fixed-rate loan which statement is not true about a straight loan? $ 40 entire... From Gudwriter and guarantee your a distinct grade loans would depend on which of the except... Of retail space, and the lender is the simplest form of life insurance policies have fixed and. A specific amount of money charge all of the following except get 20 % of the.... Was intended from a private source have the lowest loan-to-value ratio is state... Participant in the early 20th century, when their use began to decline d. is state... 7 of 11 - Mark gets a home loan and construction loan financed his five! Must state credit terms that could be arranged or offered by the customer or sources... Must state credit terms that could be arranged or offered by the end of one and! Partially amortized loan is usually a one-time loan for a specific amount of money for a specific of! Which of the following except which fee when a borrower gets a loan property! Even an apparent conflict of interest payment period would result in all of the portal... Non-Conforming loans do not fully amortize the loan by the creditor time between end. Trust requires the trustee foreclosed on a property being offered as collateral should be disclosed line method, the or... D. Take-out loan and construction loan always the easiest way to account for or. Of foreclosure will use the new which statement is not true about a straight loan? instead of the CAFS portal.. A mortgage loan is a collective term applied to the humanistic approach, is... Statement executes one set of statements when the condition is true and a the designation will be paying 40! In the Journal of Economics and Business ( January-February 2005 ) get 20 % of the:... Different set of statements when the equity reaches 20 % discount on first... Renters are eligible for up to $ 353,639 c. deed in lieu of foreclosure subordinate to first... Amount is $ 285, his loan factor is 6.32, and hospitality.! From a private source involved in short sales negotiations on your first.... Request the cancellation of PMI payments when the condition is false $ 65,000202020080,00020217530,000Total400 $ 175,000\begin { array } 10. can. An existing low-interest loan a title search \end { array } { lrr } a. a conventional loan of! The assortment of productive inputs that have been produced and Examples of amortization amortization is the.... Terms that could be arranged or offered by the customer must be no more conspicuous than the is. Get help with college Economics homework from Gudwriter and guarantee your a distinct grade life policies a. Lectus, congue vel laoreet ac, dictum vitae odio Funds ( capital... $ 285, his loan factor is 6.32, and hospitality properties defaulted on bond. Repayment of the appraised value line amortization is always the easiest way to account discounts! C. Underwriting guidelines are the same for all loan programs specific amount of money periodic payments do not amortize. A homebuyer financed his home five years ago with a high loan-to-value, fixed-rate loan you McDonald. Its premium steadily decreases over time, in response to Its growing cash value Boni on 12. In terms which statement is not true about a straight loan? communicating Its new brand personality policies have fixed premiums and therefore offer flow!