Terms in this set (38)
A teal estate promissory note that reads "$100,000 principal payable ingerest only monthly at a rate of 10%" is what type of promissory note?
An enforceable due-on-sale clause is correctly called a
A real estate promissory note reads "$887.50 per month for 2039 payments, then a final monthly payment of $3011.19." This is an example of a
In a normal sale using both grant deed and a trust deed (deed of trust), the buyer is the
Grantee and trustor
A type of financing instrument in which the owner (vendor) retains the legal title until the buyer (vendee) fulfills the terms of the purchase contract
Installment sales contract
Under the trustees procedure, after a notice of default has been recorded, the borrower has how long to reinstate by making the past payments, penalties, the charges, and trust the expenses?
5 days prior to trustee's sale date
A mortgage broker negotiated a loan for $10,000, secured by a second trust deed to be paid and 30 monthly payments. The maximum commission the broker is permitted to charge is
Straight no difference from an installment
And installment note will contain a reduction of principal and principal
In an installment sales contract, title to the property is held by the
Under the real property loan, the maximum amount to borrow to pay for closing costs, excluding commission, regardless of the size of the loan, is
All the following are non-institutional lender's, except
Life insurance company
Discount points are typically found in
Who is not a player in the secondary mortgage market
Secondary mortgage market is where
Existing lender so to other lenders and investors
Which of the following are major types of California lenders
Commercial banks, savings banks, life insurance companies
For gross income purposes, most lenders want to borrow to have at least a
2-year work history
Private mortgage insurance (PMI)
Insures the lender for the top portion of the loan
Which of the following types of loans are made on the two individuals who are intending to occupy the property as a personal residence?
Which government program carries a prepayment penalty if the loan is paid off in less than five years?
None of the above
A loan made by a lender who intends to keep the loan until paid is a
The most important consideration in an appraisal is the
Experience, license, and integrity of the appraiser
Which of the following is a physical force that influences value?
Size and shape of the parcel
The appraisal principle that states that the value of the property is dynamic, not static
Principle of change
Loss in value because of a busy street is an example of
The market approach would be given the most weight if appraising a
Example of functional obsolescence would be
Olive green kitchen appliances
An appraisal is good for what amount of time
The day it is signed by the appraiser
Real estate loan payments and income tax depreciation deductions are not considered operating expenses
Which of the following is not exempt from the escrow licensing law
The history of title transfers for a particular purpose of land is a
Chain of title
Which insurance policy requires the title company to make a physical inspection of the property?
There are certain requirements that must be met before transaction can be placed in escrow. They are
A binding contract between Byron seller, a neutral third-party is employed, conditional delivery of all documents related to sale
Which title policy do lenders require
Which is an example of a "buyer pays" closing cost
Which law prohibits a real estate agent from receiving a referral fee from an escrow or title company?
Title insurance does not cover publicly disclosed
Title insurance rates are set by
On behalf of the buyer and seller, the escrow officer acts as
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CHAPTER 1 - 3 Q