real estate finance final exam questions and answers 2023-2024, Exams of Nursing

Download real estate finance final exam questions and answers 2023-2024 and more Exams Nursing in PDF only on Docsity! real estate finance final exam questions and answers 2023-2024 personal property that is often included with real estate is called - chattel a fuidciary relationship is - a personal with a relationship of finanical trust, a special agency reglationship The federal reserve is empowered to - Set, oversee and contraol an estates that remains for the life of the estate is the - life estate the first bank was - the bank of the united states The federal reserve system overseend by - Board of Governors The highest form of possessory interest - Fee simple estate legal power to print money is - power of currency prime rate - given to best csutomers impact fees - regulation levied on new housing projects A grant deed implies - an implied warranty real estate finance final exam questions and answers 2023-2024 on a promissory note the borrower is the - maker or payor or obligor who is the owner of the deed of trust? - Trustor in california what is the most often form of deed - Trustee sale Regulzation B made it illegal to - discriminate by intent practice or by effect Regultion Z - disclure, recession or of the three which is a govenrmental agency - GNMA Portfolio Loan - held by the lender and not sold FIRREA is - Financial institutions Reform, Recovery and Enforcement Act which governs all federally related transactions FIRREA - protects all of the the above Pension plans are proected by - ERISA Insurance companies - lower for cost real estate finance final exam questions and answers 2023-2024 The practice of holding a loan for a specified period before it may be sold into the secondary market is called - loan seasoning Requiring a percentage of a developers profit sa well as principal and interest is known as - loan participation Money market funds are - not insured Loans that are not sold into the secondary market are called - portfolio loans The usuage of computer and the internet - increases productivity, saves time, lowers consumer cost. An investment is liquid when - it can be readily sold Mortgage related securities are - easily brought and sold, issued by participants in the secondary market have real estate mortgages as their collateral. (all of the above) Standard and Poor's and Moodys are - rating services FNMA and FHLMC - government chartered private corporations Private Mortgage Insurance is required on loans that exceed what percentage of the value of the property? - 80% real estate finance final exam questions and answers 2023-2024 The process of tracking mortgages in a pool decline and comparing their rates to current market rates is called - market to market The Federal Fair Housing Act contained in Ttile VIII of making it illegal to discriminate of basis of race color relgion sex national orginal or hadicap - Civil rights act of 1968 or 1964 RESPA stands for - Real Estate Settlement Procedures ACT (RESPA) Regulation Z - requires that advertisers disclose all terms of the financing Redlining is - refusal to loan in certain neighborhoods The Federal Housing Act prohibits acts based on - blockbusting, steering and redlining FIRREA applies to - everyone involved in a federally related transaction A good faith estimate - is provided for at the beginning of the loan process Regulation Z - is overseen by the Federal Reserve board The most commonly used deeds are - General Warranty Deeds real estate finance final exam questions and answers 2023-2024 Mortgage - a legal document that pledges the property of the borrower to the a lender as security (Lien) for a loan. Garn St Germaine Bill - was to transfer a part of the property owners rights to the lenders The constituional amendenment that reserves all powers not granted to the federal government to the states is the - 10th amendment An estate is a - form of ownership interest A lenders right to limit or deny a byers ability to assume a loan is called - due on sale clause Real property is - LAND, the rights that come with ownership of the real estate. (land) affixed or attached, incidential or appertuant TO LAND immovable by law in the California CIVIL law, called a statue also A grant deed is also called - a naked title deed The return of property at the end of the lease is called - reversion Special Warranty Deed - warranties the title only for the actions of the grantor real estate finance final exam questions and answers 2023-2024 LENDERS HAVE POWERS TO ENFORCE THE DUEor transfer clause ON SALE BECAUSE OF FEDERAL LEGISLATIONS - THE GARN ST GERMAIN ACT IN A MORTGAGE OR DEED OF TRUST TO provision to HAVE A HIGHER LIEN PRIORITY JUNIOR IN effect - SUBORNATION CLAUSE DISCRIMATED IS PROHIBITED BY - ECOA, EQUAL CREDIT OPPORTUNITY ACT IN CONNECTION WITH THE LOAN APPLICATION EMPLOYENT - PAST 2 YEARS INFORMATION PROVIDED FOR GOVENRMENT MONITORING PURPOSES IS - VOLUNTARY WHAT DOES THE APPRAISER PROVIDE - AN OPINION AS TO THE VALUE OF THE PROPERTY THE ESCOW AGENT - DOES WHAT AUTHORIZED DO BY BOTH THE NEUrTAL DISINTERED THIRD PARTY ON THE LOAN APPLICATION REAL ESTATE LOANS ARE TO BE NOTED ON THE SECTION ENTITLED - ASSETS AND LIABILITIES THE FIRST STEP IN THE LOAN PROCESS - FILING OUT LOAN APPLICATION CAL VET LOAN LOAN PROCESS - PROCESS CERTIFICATE OF ELIGIBILITY real estate finance final exam questions and answers 2023-2024 IN PROCESSING HTE LOAN A COMITTMENT FOR PMI INSURANCE WOUDL NEEDED IF THE DOWNPAYMENT IS LESS THAN - 20% A CONVENTIONAL LOAN IS - SECURED BY MORTGAGE MADE WITHOUT GOVERNMENTAL UNDERWRITING no governmental backing A LOAN THAT IS REPAID WITH PEIRODIC PAYMENTS SO THAT THE ENTIRE LOAN IS PAID BY END OF THE TERM - AN AMORTIZED LOAN A FEE THAT COVERS ADMINISTRATIVE COSTS PROVIDING A LOAN IS DESCRIBED - LOAN ORGINATION FEE, LOAN FEE, LOAN SERVICE FEE A LOAN THAT MEETS THE STANDARDS OF THE SECONDARY MARKET IS CALLED A - CONFORMING LOAN A CONFORMING LOAN IS 417,000 IF THE AMOUNT IS MORE THAN 417000 - A NONCONFORMING LOAN A BORROW SEEKING A CONVENTIONAL LOAN WITH A LARGER LOAN TO VALUE RATIO IS REQUIRED TO CARRY .. - CARRY PMI IN A LOAN WITH NEGATIVE AMORTIZATION THE BALANCE OWED - INCREASES OVER TIME THE GREATEST RISK OF DEFAULT INVOLVED IN LOANS IS BY - SMALL OR NO DOWNPAYMENT real estate finance final exam questions and answers 2023-2024 THE MORTGAGE INSURANCE POLICY IS ... - IS A CONTRACT BETWEEN THE INSURANCE COMPANY AND THE LENDER TO PROTECT AGAINST BORROWER DEFAULT ALTERNATIVE FINANCING PROGRAMS ARE POPULAR DURING - TIMES OF HIGH INTEREST RATES BASED UPON FMNA AND FHLMC GUIDELS INSTEST RATE CAPS ARE - 2% THE MOST POPULAR FORM OF ALTERNATIVE FINANCING IS - ARM ADJUSTABLE RATE MORTGAGE, OR ALSO A VARIABLE RATE MORTGAGE A BORROWER WHO HAS A 90 % LOAND 6% INSTERST MUST QUALIFY AT - 8.1/2 PERCENT 1 POINT IS - 1% OF THE LOAN AMOUNT THE PATIENT OF POINTS TO THE LENDER TO REDUCE THE INTEREST IS CALLED A - BUYDOWN AGE FOR A REVERSE mortgage borrower MUST - OVER 62 LENDERS OFFERING ADJUSTAble rate must - COMPLY WITH REgulationz s, BRO all of the above real estate finance final exam questions and answers 2023-2024 75.5 - .755 8.75 - .0875 .88 - 88% .015 - 1.5% .09 - 9% If a lender requires a loan to value ratio of 75% and a house is worth $89,000 what will be the maximum loan amount? What is 75% of 89,000 - .75X$89000=66,750 Percentage is - P = % x T percent x total Smith spends 24% of her monthly salary on her house payment. Her monthly salary is 2,750 what is the amount of her house payment - P=24%x$2,750 .24X2,750 = $660 Deed of Trust - is security instrument that gets recorded of the two mortgage or deed of trust is the security device used in california DEED OF TRUST, underlying obliagtion for a valid doft real estate finance final exam questions and answers 2023-2024 Lien - charge against specific title in this order Grant Deed Deed of Trust alienation clause - if appropriate language exits provides that the acceleration clause be activated Straight note - interest only note Deposit Receipt - A good faith deposit that when accepted becomes a binding contract of sale. liquidated damages - a sum certain, normally 3% if buyer breaches or reasonable or fair market value in most residential sales HARP - loan that was designed in 2009 to help borrowrs in trouble with less equity upside down hamp - for owners that are current on their mortgage in the last six months Private mortgage need on loans exceeding - 80% The california residential purchase agreement widespread useand joint escrow instructions financial terms unless the applicable language is modified or stricken the buyer obtaining whatever loan is a real estate finance final exam questions and answers 2023-2024 continugency - the result is that the agreement is conditional on the buyer paying on the good faith paying the loan non performance, and is not enforceable against the buyer. deed in lieu of foreclosure - is a deed instrument in which a mortgagor (i.e. the borrower) conveys all interest in a real property to the mortgagee (i.e. the lender) to satisfy a loan that is in default and avoid foreclosure proceedings.