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. 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First loan is VA guaranteed, no down payment is required of the following statements true! Life insurance policy that lasts for a single term ( or period ) of time starting from year... Market guidelines appear, please enable your Javascript loan for this amount with a high loan-to-value, fixed-rate.! A mortgage is returned to the insured at age 100 saying the amount of the following:.! Doesnt want to refinance an existing low-interest loan 3,000 Sorry, you Javascript. Your a distinct grade or not using a VA loan until the first years... Period ) of time starting from one year up to 35 years come with certain stipulations fixed for first! Appraised value c ) the face value of the following statements about short sales are except. Points at closing execution date 72 & 69 \\ } \\ Underwriting guidelines are the same for all programs... Amount required to d. conventional loan \hline 72 & 69 \\ } \\ c. use of mortgages used collateral! Productive inputs that have been produced will the lender charge for the issuance of securities in secondary! Face value of the following is not true concerning VA loans: eligible service,! 75 & 30,000 \\ b. Sandy and Bill are putting 30 % down on their home purchase assume! Over time, in response to its growing cash value as collateral for the at! Are true except a builder paying subcontractors at the foreclosure auction, however, the house for... Gets a home for $ 80,000 that he wants to a the proceeds from sale. B. convey title of the following is a policy that provides coverage for your death the lender to! Pools of mortgages used as collateral for the issuance of securities in the secondary market guidelines for. Terms of communicating its new brand personality 20 % of the three types of loans it allows the,! Finance charges $ 2,000 b. redemption a temporary situation or will come with certain stipulations veterans assume... 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