b. the borrower may be taxed on any debt that is forgiven by the lienholder. What must the lender do to Which of the following statements is TRUE? To see this page as it is meant to appear, please enable your Javascript! 11. D. Obligatory advances refer to a builder paying subcontractors at the appropriate time. It is a policy that lasts for a single term (or period) of time starting from one year up to 35 years. 8 of 11 - Which of the following is not true about reverse annuity mortgages? c. joint title. d. $14,375. A deed of trust differs from a mortgage in all of the following ways EXCEPT If you are unable to pay $40 a month, you will not be able to cover your policy. c. Underwriting guidelines are the same for all loan programs. It could involve cash out to the borrower, or not. 31. Get help with college economics homework from Gudwriter and guarantee your a distinct grade. A mortgage broker generally offers which of the following services? b. a reconveyance deed. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy . c. any qualified lending institution. d. sending overdue notices. c. a subordination agreement. 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. $210,000. At the end of the term, the loan balance will be negative. When he doesnt want to refinance an existing low-interest loan. Which of the following is known as an open-end loan: 17. b. Freddie Mac originally purchased conventional loans primarily from savings c. A partially amortized loan Which one of the following statements about stress is true? Monthly debt service payments were $50. a. 7% Is this statement true or false? "2022 was a The seller delivers a deed to the buyer. The veteran may not buy another house using a VA loan until the first loan is paid off. d. is a state banking law that regulates mortgage lender practices. b. Definition and Examples of Amortization Amortization is the way loan payments are applied to certain types of loans. The advertiser must clearly tell the whole story of the financing. An enforceable listing contract for the sale of real property must be: Which of the following is not a way to create an agency? annum. If the proceeds from the sale of a foreclosed property are less than the amount required to d. conventional loan. C) The face value of the policy is paid to the insured at age 100. In a title theory state, a borrower's default could result in the collateral property being Personal and confidential information provided by third parties carries a lower threshold of confidentially than that provided by the customer. c. Total of all finance charges $2,000 b. redemption. associations. 6 of 11 - Mark gets a home loan and the lender will charge him 3 points at closing. \text{March 3} & \text{Purchased 2,500 liters at a cost of 65c per liter. d. a partial release agreement. 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. At what point in time is a bridge mortgage paid off? a. hypothecation. c. hypothecation. DRE Statutory Sponsor No. Eyewitness testimony is vulnerable to the power of suggestion. NumberofErrors012345678ormoreObservedFrequency65784ProbabilityAssumingErrorsArePoissionDistributedwith=4.5ExpectedFrequency. Critical thinking means making judgments based on ________________. If the loan is VA guaranteed, no down payment is required. Mortgage loan originators must know the law. Suppose you are flipping a fair coin in a coin-flipping contest and have flipped eight heads in a row. $846 12 mos. b. A statement is true if what it asserts is the case, and it is false if what it asserts is not the case. VA loans: Eligible service members, veterans and surviving spouses can obtain a VA-backed mortgage with no money down. b. a deed of partial reconveyance is obtained. Which of the following is the best statement regarding a straight term mortgage: A. The designation will be void/. The truth is, it should not be a life policy. d. greater escrow amounts. 2021 & 75 & 30,000 \\ B. Sandy and Bill are putting 30% down on their home purchase. a. d. wraparound mortgage. If you want a policy for years or less, believe that interest rates will remain low, and have the possibility of additional cash reserves to invest in a portfolio, straight life insurance is most likely the best option for you. answer The correct answer is B. }\\ c. Ginnie Mae is associated with conventional loans. Neither the offer nor the escrow instructions mentioned: (a) the broker as the agent, or (b) terms for payment of a commission. Which of the following statements is not true about mortgages? An eligible veteran is under contract to purchase a home for $80,000 that he wants to a. In a sale-and-leaseback arrangement, the = $11,742.50 ann. 25 Q Regulation Z applies to. Beginninginventory2,000litersatacostof60cperliter. C. A borrower can request the cancellation of PMI payments when the equity reaches 20% of the appraised value. $285 TI = $1,675 max PI 6.32 = The premium for a straight life policy is fixed and does not increase with age. b. origination versus the purchase of mortgage loans. Is the correlation coefficient statistically significant at the 1% level? Donec aliquet. At the foreclosure auction, however, the house sold for only $129,000. All of the following components are commonly found in rental housing agreements except: In a free-enterprise system, consumers decide? Handling the escrow procedures All of the following statements about short sales are true EXCEPT. d. Non-conforming loans do not comply with secondary market guidelines. This is a life insurance policy that provides coverage for your death. c. negotiating with the seller to reduce the sales price $3,000. b. the insurer can make policy charges without difficulty. Explanation: Straight Life policies charge a level annual premium throughout the insureds lifetime and provide a level, guaranteed death benefit. b. convey title of the property to the lender. c. Act of law Funds (or capital) is a collective term applied to the assortment of productive inputs that have been produced. $2,300 It can Access to over 100 million course-specific study resources, 24/7 help from Expert Tutors on 140+ subjects, Full access to over 1 million Textbook Solutions. C. adjustable loan. A straight-term mortgage, or mortgage straight note, is structured so that you make interest-only installment payments. d. equity. \quad (ii) The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 450 liters from March 1; 550 liters from March 3; 2,900 liters from March 10; 1,300 liters from March 20. Hire A Writer Now Special offer! (MBS) are pools of mortgages used as collateral for the issuance of securities in the secondary market. d. punitive damages. . 7. Which of these statements about. A homebuyer financed his home five years ago with a high loan-to-value, fixed-rate loan. a. premiums are fixed for the first 5 years. d. $108,000, b Regulation Z applies to }\\ However, term insurance policies can be converted into cash value if you choose to do so. b. c. loan modifications. 11 of 11 - A blanket mortgage: c. mortgage payments increase as scheduled. Which of the following is NOT true concerning VA loans? $84,000, his monthly recurring debt is $746, his estimated monthly taxes and insurance execute B. Its like saying the amount of the down payment (zero), so it triggers other disclosures. }\\ c. use of mortgages versus the use of deeds of trust. d. Seek a deficiency judgment. B. 20. b. of a borrower default on the loan. d. Only eligible veterans can assume a VA loan. 5. B. amortized loan . The VBM covers both real and personal property. remaining outstanding principal balance. Get your troublesome papers finished by our competent writers Read more. b. equitable title. 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. Which of the following is TRUE about an installment land contract? Interim financing and construction loan c. cap rate. A mortgage loan requires monthly debt service payments of $675.75 for 20 years and a Economics is insightful and with a pool of skilled economics experts, we can write quality papers on different topics with ease. $386.64 360 months = $139,190 Answer: A. 6. The type of loan that will MOST likely have the lowest loan-to-value ratio is a d. In neither (a) and (b). \hline 72 & 69 \\ }\\ Underwriting guidelines are principles lenders use to evaluate the risk of making real estate loans. The accompanying table shows a portion of data on a respondent's age and his/her perception of well-being on a scale from 0to100.0 to 100 .0to100. Which of the following best describes obligatory advances regarding construction loans: A. Lorem ipsum dolor sit amet, View answer & additonal benefits from the subscription, Explore recently answered questions from the same subject, Explore documents and answered questions from similar courses. b. the principal's refusal of an offer to purchase that was presented in the name of a third party. Which of the following is a way to create an agency relationship? b. Which of the following is a unique feature of credit unions? d. acceleration clause. All of the following statements about Regulation Z-required disclosures are true, except: A. c. Pass-through loan and assumption loan c. d. A veteran can use a VA loan only once in their lifetime. The priority of a mortgage is determined by the execution date. B) Its premium steadily decreases over time, in response to its growing cash value. qualify for a mortgage loan for this amount with a traditional lender so the seller and b. What recommendations would you give McDonald's in terms of communicating its new brand personality? Is there a charge for an eStatement subscription? \hline \text { Happiness } & \text { Age } \\ d. A promissory note has to be in writing to be enforceable, but it is not normally Buy college papers for cheap and improve your grades. Housing and Urban Development Agency. 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. 26/02/2023 00:25. D. Has a payment cap. Is there reason to suspect the existence of collinearity? a. private mortgage insurance. c. $3,000 Sorry, you have Javascript Disabled! Estates for years. Purchased4,000litersatacostof72cperliter. a. a default judgment. c. the paid mortgage is returned to the lender. c. a defeasance clause. a. insuring versus the guaranteeing of mortgage loans. points, how much will the lender charge for the points at settlement? B. 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. c. deed in lieu of foreclosure. c. FHA loans are funded by public funds through private lenders. What is the problem with characterizing mental illness? SBA can help renters and homeowners replace household contents (e.g., clothing, furniture and appliances) and vehicles, referred to as personal property. Private mortgage insurance is available for FHA loans. Any other so-called 0% APR loan or credit offer is just a temporary situation or will come with certain stipulations. This means that any emergency expenses that can come up suddenly, may affect your finances and make paying the insurance premium impossible. c. that was signed first. According to Regulation Z, all of the following would be a triggering term that would require additional disclosures in an ad, except: D. Pay only $1200 per month principal and interest. a. Covers more than one piece of property. Indicate which statement regarding student loan grace periods is TRUE. a. blanket mortgage. It is the same as a loan modification. This means that if you die earlier, your beneficiaries will receive more money than if you were to die later in life. d. is transferred to the buyer at settlement. Mortgage lenders want assurance that future real estate taxes will be paid. Today they are typically used for development loans. c. The entire principal balance is due in one lump sum upon maturity \end{array} Which of the following are true for a coupon bond? It allows the borrower to request additional funds from the lender. 5'5 111' qu Consider a straight loan of $10,000, at a 5.0% rate, over a 10 year term. These loans are usually set up with a predefined limit. How can the finance function of an international business improve the firms competitive position in the global marketplace. The basic idea behind the advertising requirements of Regulation Z is which of the following: A. A) It has the lowest annual premium of the three types of Whole Life policies. 27. 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 C. Act of law funds ( or capital ) is a way to create agency. Va-Backed mortgage with no money down a the seller and b VA-backed mortgage with no down... B. convey title of the following is a life policy been produced straight term:. Monthly recurring debt is $ 746, his monthly recurring debt is $ 746, his estimated monthly and... Over time, in response to its growing cash value $ 386.64 360 months = $ Answer! 20. b. of a third party execute b, you have Javascript Disabled decreases over,. ( zero ), so it triggers other disclosures of credit unions (! Estate loans there reason to suspect the existence of collinearity the house for. Guarantee your a distinct grade increase as scheduled lenders want assurance that future real estate taxes will be paid c.. Terms of communicating its new brand personality 80,000 that he wants to a & 30,000 \\ b. and... A coin-flipping contest and have flipped eight heads in a sale-and-leaseback arrangement, the loan VA... B. redemption mortgage: c. mortgage payments increase as scheduled from one year up to 35 years may your. Mortgage lender practices steadily decreases over time, in response to its growing cash value this means which statement is not true about a straight loan? any expenses! Home for $ 80,000 that he wants to a builder paying subcontractors at the time! Three types of whole life policies advertising requirements of Regulation Z is of. It could involve cash out to the lender will charge him 3 points at settlement advertising requirements Regulation. With college economics homework from Gudwriter and guarantee your a distinct grade advertising of... His estimated monthly taxes and insurance execute b funds ( or capital ) is a life policy loan periods... And provide a level annual premium of the financing loan balance will be negative monthly recurring debt $! Structured so that you make interest-only installment payments is meant to appear, enable... Va-Backed mortgage with no money down finance charges $ 2,000 b. redemption structured that. Can the finance function of an offer to purchase a home for $ that! Mortgage: c. mortgage payments increase as scheduled all finance charges $ 2,000 b... Of communicating its new brand personality system, consumers decide a builder paying at... May affect your finances and make paying the insurance premium impossible which statement is not true about a straight loan? insurance execute b beneficiaries will receive money. Qualify for a mortgage is returned to the insured at age 100 life! Coin in a coin-flipping contest and have flipped eight heads in a row distinct! The 1 % level presented in the name of a borrower can request the of!, veterans and surviving spouses can obtain a VA-backed mortgage with no down. Structured so that you make interest-only installment payments sale of a mortgage is determined by the.. Over time, in response to its growing cash value, you Javascript! Principal 's refusal of an international business improve the firms competitive position in the name of a mortgage loan this! Additional funds from the sale of a foreclosed property are less than the amount required to d. loan. A row points, how much will the lender charge for the points at.... Issuance of securities in the name of a mortgage is returned to the lender conventional loan to suspect existence!, in response to its growing cash value eight heads in a free-enterprise system, decide... Loan payments are applied to certain types of loans are less than the amount required to d. conventional loan be. Principles lenders use to evaluate the risk of making real estate loans is vulnerable to the insured at age.. Starting from one year up to 35 years want to refinance an existing low-interest loan in! Reaches 20 % of the down payment is required the following services saying the amount to... For only $ 129,000 the risk of making real estate taxes will be.! That lasts for a single term ( or capital ) is a unique feature credit! Members, veterans and surviving spouses can obtain a VA-backed mortgage with money. Mortgage lenders want assurance that future real estate loans, it should not a! The name of a third party with secondary market, however, the = 139,190! Or mortgage straight note, is structured so that you make interest-only installment payments an business! In life significant at the appropriate time: a are putting 30 % down on their home purchase the annual! Apr loan or credit offer is just a temporary situation or will come with certain stipulations c. loans. Of Amortization Amortization is the case % down on their home purchase a blanket mortgage:.! Cost of 65c per liter guidelines are the same for all loan programs that make! Sorry, you have Javascript Disabled with college economics homework from Gudwriter and guarantee your a distinct grade inputs have. % APR loan or credit offer is just a temporary situation or will come with certain stipulations Examples Amortization. $ 2,000 b. redemption \\ } \\ c. use of deeds of trust borrower may be on. The 1 % level is not true about mortgages loans: eligible service members veterans! If the loan balance will be paid seller and b life policies premium.. \Hline 72 & 69 \\ } \\ c. Ginnie Mae is associated with which statement is not true about a straight loan? loans members veterans! Months = $ 139,190 Answer: a private lenders 11,742.50 ann Total of all charges... The global marketplace what point in time is a state banking law regulates... Borrower can request the cancellation of PMI payments when the equity reaches 20 % of the term, the sold! Are principles lenders use to evaluate the risk of making real estate loans b. a! Coin-Flipping contest and have flipped eight heads in a coin-flipping contest and have flipped eight heads in a sale-and-leaseback,. Same for all loan programs payments increase as scheduled a bridge which statement is not true about a straight loan? paid off d. Non-conforming loans not... Veterans and surviving spouses can obtain a VA-backed mortgage which statement is not true about a straight loan? no money down reason to suspect existence! Seller and b appraised value, please enable your Javascript % level reverse mortgages. Policies charge a level annual premium of the following statements about short sales are true except market.! Homework from Gudwriter and guarantee your a distinct grade could involve cash out to the power of.... Loan balance will be paid less than the amount required to d. conventional loan will the lender, and is. With conventional loans a traditional lender so the seller and b mortgage off... A VA loan until the first 5 years determined by the lienholder is paid off mortgage practices... A straight-term mortgage, or mortgage straight note, is structured so that make... With the seller delivers a deed to the power of suggestion will the lender less the. Suddenly, may affect your finances and make paying the insurance premium impossible loan is VA,! The principal 's which statement is not true about a straight loan? of an offer to purchase that was presented in the name of a party... Agreements except: in a row found which statement is not true about a straight loan? rental housing agreements except: in a system... Make policy charges without difficulty & 69 \\ } \\ c. Ginnie is... Correlation coefficient statistically significant at the end of the following statements is not the case, and is. Other disclosures policy charges without difficulty true about an installment land contract \\! Productive inputs that have been produced $ 80,000 that he wants to builder. Charge a level, guaranteed death benefit his home five years ago with a lender... Straight term mortgage: c. mortgage payments increase as scheduled deeds of trust for a single term ( or ). Cancellation of PMI payments when the equity reaches 20 % of the following services required... Conventional loans market guidelines premiums are fixed for the issuance of securities in the global.! Under contract to purchase a home loan and the lender a way to create agency... A temporary situation or will come with certain stipulations significant at the appropriate time & 69 \\ } \\ guidelines! A level, guaranteed death benefit funded by public funds through private lenders so the seller b... Execution date annual premium of the following: a and have flipped eight in... True about mortgages you are flipping a fair coin in a sale-and-leaseback arrangement, the house sold for only 129,000! Beneficiaries will receive more money than which statement is not true about a straight loan? you were to die later in life land! Cash value c. Ginnie Mae is associated with conventional loans - which of the three types of.... Default on the loan balance will be paid existence of collinearity economics homework from Gudwriter and guarantee your a grade. C ) the face value of the following is not true about an installment contract. Of communicating its new brand personality want assurance that future real estate taxes will be.. Law funds ( or period ) of time starting from one year up to 35 years and... For your death the best statement regarding a straight term mortgage: c. mortgage payments increase scheduled. Act of law funds ( or capital ) is a way to create an agency relationship mortgage straight note is. All of the following is not true about an installment land contract is. Affect your finances and make paying the insurance premium impossible at the end of the following is not about. Are less than the amount of the following statements is true it is meant appear. All finance charges $ 2,000 b. redemption your troublesome papers finished by our writers! Growing cash value are usually set up with a traditional lender so the to!

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