اختبار ممارسة الترخيص العقاري - التمويل
Usury roughly means:
Correct answer: Illegal rates of interest
Each jurisdiction has its own cap for the highest interest rate that lenders may charge. Rates over that ceiling are considered usurious and unlawful. No legitimate lender surpasses such rates, and those who do so are often referred to as loan sharks.
VA loan may be approved for the purchase of a one- to four-family home property if:
Correct answer: The veteran agrees to stay.
Although the regulations and terms are subject to change, the low down payment and below-market interest rate characteristics of VA loans are contingent on the borrower residing in the property.
What is a promissory note?
Correct answer: is the major proof of a debt.
A borrower accepts the loan and all of its terms and conditions when he or she signs a promissory note. It is the primary instrument in almost all types of loans.
When is an appraiser least worried about the state's economy?
Correct answer: When appraising a medical building
When assessing a medical building, an appraiser would be unconcerned with the status of the economy. Because money availability has no direct impact on people's health.
If you finance a home with a long-term loan and make equal monthly payments, the amount of each payment applied to the remaining principle balance will be as follows:
Correct answer: Increases as the interest payment falls
The amount of each payment devoted to interest reduces while the amount of each payment applied to principle grows on a Level Payment Loan.
When a straight note is compared to an installment note, the straight note:
Correct answer: There will be no principle payments over the loan's term, except for the final payment.
There are no principle payments made on a Straight Note. At maturity or the end of the loan, the whole principle amount is paid off. (The interest is paid off at the end or throughout the period of the note.)
Which of the following best describes a balloon payment?
Correct answer: The mandatory payment of the whole outstanding debt
Balloon Loan is a loan that is partially amortized. It has a fixed interest rate over a certain length of time. The borrower must refinance or pay off the remaining debt at the conclusion of the balloon period. To put it another way, the whole balance will be payable.
What is a release clause in a mortgage?
Correct answer: Allows for the release of sections of the property supplied as security from the mortgage lien upon performance of a specified act.
A condition in a blanket mortgage that allows the property owner to pay down a portion of the debt, therefore freeing up some of his property from the mortgage.
Which of the following statements regarding syndication is FALSE?
Correct answer: The majority of syndicate investors put a lot of their own money into their investments.
The Tax Reform Act of 1986 provided a vehicle for the issuance of multiclass securities. What is the name of this entity?
Correct answer: REMIC
Which of the following is not a common type of short-term mortgage loan?
Correct answer: A loan for a single-family home
What is the name for a loan that is not guaranteed by the government?
Correct answer: Conventional
After evaluating the area, an appraiser will investigate all physical features of the individual property being assessed, except for which of the following?
Correct answer: Highway accessibility
A kind of mortgage in which the lender provides monthly payments to the borrower, who must be 62 or older to qualify for the FHA program is called?
Correct answer: Reverse
A chattel mortgage is typically granted in connection with
Correct answer: Personal Property
One discount point equals
Correct answer: 1% of the loan amount
In most FHA and VA loans, the discount points are paid by the
Correct answer: Seller
The primary appeal of VA mortgages to borrowers lies in
Correct answer: Minimum down payment
What will happen when a loan on a sold property is assumed?
Correct answer: The purchaser assumes responsibility for the debt.
When will the estopple certificate be required?
Correct answer: Mortgage is sold to an investor