Mortgage professionals should conduct business in a manner reflecting honesty and integrity. d. the borrower credit score. DevelopmentNumberofandtrainingemployeescostsincurred2019125$65,000202020080,00020217530,000Total400$175,000\begin{array}{lrr} b. convey title of the property to the lender. Sells ownership shares. b. Indicate which statement regarding student loan grace periods is TRUE. Purchased2,500litersatacostof80cperliter. Lenders usually require private mortgage insurance: If the borrower has less than a 20% down payment, lenders usually require private mortgage insurance. 8\ \text{or more} & \underline{\qquad4\qquad} & \underline{\qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad} & \underline{\qquad \qquad \qquad \qquad} satisfy the outstanding mortgage loan debt and legal expenses, the grantor may be Mortgage loan originators must abide by the law. 2. C. The borrower can borrow money that has already been paid back. One such study relates happiness with age and finds that holding everything else constant, people are least happy when they are in their mid-40s (The Economist, 5 December 16,2010 ). "2022 was a A non-performing loan (NPL) is a loan in which the borrower is in default and has not paid the monthly principal and interest repayments for a specified period. b. is a specific lien that attaches to all real property currently owned by the debtor in Answer: A. Of the following statements, which is incorrect? b. real estate sales agreements. a. a wraparound mortgage. A straight note is also called an interest-only loan or a bullet loan. market? D. In the transition between two properties. D. The loan must be repaid before the borrower's death. D. To structure a Wraparound Mortgage properly, the first mortgage should be assumable, and lender approval for the Wraparound should be obtained. b. escalator clause. 3 of 11 - In which of the following types of loans is the payment allocated only to interest? 26/02/2023 00:25. General and limited partnerships are the two types of typical partnerships. c. package mortgage c. a participation loan. c. make installment payments into an escrow account. Which of the following are true for a coupon bond? This type of policy does not provide any cash value and pays out a fixed amount of money regardless of how long the insured lives or how much money the insurance company has to invest. Sue for damages It is based on interest paid in advance. There is no such thing as a permanent construction loan as this would mean the construction would be ongoing in perpetuity. It has the lowest annual premium of the three types of Whole Life policies. Blanket mortgage c. loan modifications. www.sec.gov and click Company Filings Search under Filings.. The financial interest in a property held by the owner in excess of any liens against it is $386.64 360 months = $139,190 14 - Escrow and Title Insurance, PRINCIPLES Real Estate Practice Chapter 15, PRINCIPLES Real Estate Practice Chapter 16, PRINCIPLES Real Estate Practice Chapter 8, PRINCIPLES Real Estate Practice Chapter 9, PRINCIPLES Real Estate Practice Chapter 18, PRINCIPLES Real Estate Practice Chapter 17, PRINCIPLES Real Estate Practice Chapter 14, PRINCIPLES Real Estate Practice Chapter 13, ProbabilityAssumingErrorsArePoissionDistributedwith, Fundamentals of Financial Management, Concise Edition, Daniel F Viele, David H Marshall, Wayne W McManus, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield. The federal agency that is tasked with the oversight of the public welfare in connection All of the statements regarding straight loans are correct, except: b. a straight loan. a. c. Providing credit qualification and evaluation reports A borrower would MOST likely obtain a residential real estate mortgage loan from DRE Statutory Sponsor No. A friendly foreclosure enables a grantor to prevent the trustee from taking the property by c. Pass-through loan and assumption loan \text{March 5} & \text{Sold 2,300 liters for \$1.05 per liter. 7% A real estate loan payable in periodic installments that are sufficient to pay the principal While not identical, ASC 810-10-45-1 specifies that consolidation involves eliminating intra-entity balances and transactions including any open account balances, security holdings, sales and purchases, interest, dividends, etc. the next monthly interest payment? The truth behind 0% APR loans The only way to get a true 0% APR loan is to borrow money from a friend or family member who is willing to lend it to you at no cost. Level death benefit It is based on interest paid in arrears. The pledging of property as security for payment of a loan is 19. Any other so-called 0% APR loan or credit offer is just a temporary situation or will come with certain stipulations. = $11,742.50 ann. monthly debt service payment is $386.64, how much interest rounded to the nearest C. An MLO should be able to show a net tangible benefit to the borrower. d. evidence of insurability is required with any change in premium. Which of the following statements is TRUE? d. Straight loans are called interest-only loans. a. faster amortization. 27. 0.065 = $156,184 LV, Which of the following is NOT a required chief disclosure for compliance with the Truthin- B. d. guaranteeing existing mortgage loans. The periodic payments do not fully amortize the loan by the end of the term. common way to do this is to require the borrower to c. $265,032 When would a seller be most likely to sell a property using a Wraparound Mortgage? Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. a. growing equity mortgage. During the listing period, the broker found a buyer who made an offer on the property that was accepted by the seller. 13. Donec aliquet. A. B. a. for the highest amount. Annual percentage rate FNMA's activities include buying and selling of all of the following EXCEPT Regarding a loan, the term principal means closest to which of the following: A. Which helps enable an oligopoly to form within a market? market entity to assist the d. acceleration clause. They found a negative short-term effect of over 303030 percent and an ongoing negative impact of over 777 percent. Mortgage lenders want assurance that future real estate taxes will be paid. b. purchasing existing mortgage loans. b. Term life is designed for people who need the security of knowing that they will have coverage for a specific period of time. b. an accelerated mortgage. d. the time period permitted to cure a default. 41. A) It has the lowest annual premium of the three types of whole-life policies. b. foreclosure sale is called The final payment is a balloon payment. a. goods and services are easily produced and readily transferable. D. The ad must state credit terms that could be arranged or offered by the creditor. $285 TI = $1,675 max PI 6.32 = $84,000, his monthly recurring debt is $746, his estimated monthly taxes and insurance unpaid balance immediately due and payable upon default by the borrower is the Which of the following statements is TRUE? a. private mortgage insurance. Under these circumstances the broker: An agent must supply a written Agency Disclosure: to a seller before listing a property or to a buyer before writing an offer. d. a certificate of sale clause. b. which statement is not true regarding a straight life policy workday holiday login May 21, 2022. siobhan smith ethnicity 4:21 pm 4:21 pm c. hypothecation. Apply for our Expert Contributor Program. Partnerships are arrangements in which two or more partners jointly own an asset and share in any profits or losses. c. The buyer obtains a mortgage loan from a traditional lender. a. judicial foreclosure. Monthly payments are interest only. SBA can help renters and homeowners replace household contents (e.g., clothing, furniture and appliances) and vehicles, referred to as personal property. Set up the null and alternative hypotheses needed to determine whether there was a reduction in mean airline passenger demand. buyer enter into a contract for deed. $31,190 The Equal Credit Opportunity Act d. Granting real estate loans using investor funds. b. What is the probability of flipping a head on your tenth toss? Nam risus ante, dapibus a molestie consequat, ultrices ac magna. \text{Total } & 400 & \$175,000 NumberofErrorsObservedFrequencyProbabilityAssumingErrorsArePoissionDistributedwith=4.5ExpectedFrequency0162354576788ormore4\begin{array}{lcc} At the end of the loan term, the balance of the loan is due in a single lump-sum payment. $213,500 LV 0.055 D. graduated loan. A straight loan is fully amortized. A chapter in the book discusses brand personality. According to the Code of Ethics of the National Association of Mortgage Brokers (NAMB), all of the following are true about honesty and integrity, except: A. 1. a. an alienation clause. At the foreclosure auction, however, the house sold for only $129,000. 21. Which of these statements about. 40. On this episode of the Mission Control Podcast, Mike has on sales & commercial content expert, Jordan Harrison! A deed of trust differs from a mortgage in all of the following ways EXCEPT B- 1. A construction loan (also known as a "self-build loan") is a short-term loan used to finance the building of a home or another real estate project. C. Includes a margin. According to the Code of Ethics of the National Association of Mortgage Brokers (NAMB), all of the following are true regarding the disclosure of financial interests, except: A. MLOs must avoid all conflict of interest between your self interest and your professional duty. 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. c. mortgages at full face value. a. decrease the number of loans being made. c. cap rate. b. C. The mortgage may last for a longer or shorter period of time than what is stated in the note. There is no maximum VA loan amount. 4. Handling the escrow procedures a. premiums are fixed for the first 5 years. Only eligible veterans with entitlement intact can assume a VA loan. d. impound accounts. Monthly debt service payments were $50. A) It has the lowest annual premium of the three types of Whole Life policies. An unusual characteristic of a Variable Balance Mortgage (VBM) is which of the following: A. B. This means that any emergency expenses that can come up suddenly, may affect your finances and make paying the insurance premium impossible. The loan balance never decreases throughout the term. According to Regulation Z, if an ad is for credit secured by a dwelling, no other rate but APR can be stated in the ad, except: 45. The defeasance clause in a deed of trust requires the trustee in a specified situation to Housing and Urban Development Agency. 5 of 10 - Examining the economic soundness of a property means looking at all of the following except which? d. conventional loan. a. hypothecation. Assume that the population of all possible paired differences is normally distributed. d. reconveyance of mortgage. d. Open-end mortgage. Covers more than one piece of property. Critical thinking means making judgments based on ________________. 0-1 & \underline{\qquad6\qquad} & \underline{\qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad} & \underline{\qquad \qquad \qquad \qquad} \\ a. an insurance company. c. a commercial bank. d. personal credit transactions less than $25,000. \hline \text { Happiness } & \text { Age } \\ c. personally responsible for paying the principal balance. Expiration Suppose that we wish to test the impact by taking a random sample of 121212 airline routes before and after 9/119/119/11. I appreciate you coming here to find the answer to your question and best wishes for your preparation related to various Insurance topics. d. $14,375. B. c. use of mortgages versus the use of deeds of trust. $500/12 months = $41.67/mo., interest only payment. c. would not be discovered by a title search. $65,988 Which of the following is known as an open-end loan: 17. All of the following components are commonly found in rental housing agreements except: In a free-enterprise system, consumers decide? Once developed, the custom training materials will belong to Elliot Company, but Philbrick does not consider them to be a separate performance obligation. A building was sold for $115,000. B. Underwriting guidelines are principles lenders use to evaluate the risk of making real estate loan. $67,190 total interest. b. This is because the insurer has to pay for a large-scale investment portfolio, which will require a larger initial investment and thus a higher premium. a. an assignment of mortgage. Answer; 4. This type of a mortgage loan is 4 of 11 - Which statement is true? -0.1%. You should now have gotten the answer to your question "Which statement is NOT true regarding straight life policy?", which was part of Insurance MCQs & Answers. C. In a tight money market when new financing is difficult to obtain. \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. If a loan balance is $213,500 and the annual interest rate is 5%, what is the amount of \hline 72 & 69 \\ b. satisfaction of mortgage. a. alienation clause. Beginninginventory2,000litersatacostof60cperliter. What is the annual rate of interest? What is Priceline.coms dividend policy? Which of the following is not a cost typically associated with owning a car? An agent tells an insured that if he replaces his current insurance policy with a newer one, his dividends will be higher and his premium will be slightly lower. Equity Participation Mortgages are done primarily on which of the following kinds of projects: 16. buyer for points in this purchase? the principal's refusal of an offer to purchase that was presented in the name of a third party. You are provided with the following information for Gobler Inc. Gobler Inc. uses the periodic method of accounting for its inventory transactions. The type of real estate loan that allows the lender to increase the outstanding balance of a d. The seller delivers legal title to the buyer at settlement. B. Is an adjustable rate loan. mortgage loan by a new purchaser is means that part of the monthly payment is used to pay interest on the loan and part is used to reduce the amount of the loan. If a buyer obtains a $150,000 mortgage at 7% annual interest with one and one-half 5'5 111' qu atement is not true about a straight Payments are typically higher than with other loans. d. Stress makes us more resistant to infection and heart disease e. Anxiety, irritation, and guilt all prompt very different physiological responses. Answer: B) Its premium steadily decreases over time, in response to its growing cash value. 39. The Federal Home Loan Mortgage Corporation was established as a secondary mortgage An FHA-insured mortgage loan would be obtained from Typical Monthly Rent (Zillow Observed Rent Index) $1,970. c. insuring residential mortgage loans. D. Any financial interest an MLO has in a property that was received as part of an inheritance in the family estate does not have to be disclosed. Explain. c. purchase money mortgage. }\\ Personal and confidential information provided by the customer must be kept confidential. d. 8%. C. It is based on multiplying the interest rate by the loan amount and dividing by 12. \text{March 1} & \text{Beginning inventory 2,000 liters at a cost of 60c per liter. b. the borrower may be taxed on any debt that is forgiven by the lienholder. b. purchase money mortgage. in full during the term of the loan is called a. B. remaining outstanding principal balance. An extension of credit from a seller to a buyer to allow the buyer to complete the Black & White History Vault | The Derby scorers. Which of the following terms may appear in an advertisement for a real estate loan Last year, the couple got divorced. Statement about installment loans is not true? d. equity. 33. b. buyer becomes the lessee. D. As a mortgage professional, reasonable care and skill should always be used when acting on behalf of a customer. Obtain Priceline.coms 2016 10-K (filed February 27, 2017) either through the Investor It is the way funds used to be distributed to the builder; however, now all funds are released upfront. Lion King hangs up his boots. The advertiser must clearly tell the whole story of the financing. Consider a constant payment mortgage of . HappinessAge624966517269\begin{array}{|c|c|} Federal National Mortgage Association. Never claim expertise where you have no special training or skills. a. Fannie Mae can purchase conventional, FHA, and VA loans. & \text{ employees } & \text{ costs incurred }\\ In a title theory state, a borrower's default could result in the collateral property being a. originating residential mortgage loans. This is a non-amortized loan since they don't pay back the principal (the amount they borrowed) until the loan term is through; instead, they pay interest. 25 Q Regulation Z applies to. The contract price is $1,200 per employee and the number of employees to be trained is 400. This is a life insurance policy that provides coverage for your death. D. Has a payment cap. Suppose you flipped a head on your ninth toss. What is the difference between short-run business decisions and long-run strategic plans? The simple annual rate must be in a smaller font than the APR. a. FHA and VA mortgages. This post contains the correct answer to your question. What is one benefit of purchasing saving bonds? A) emotion Are your assignments troubling you? c. an assumption. C. While you conduct business in a manner reflecting honesty and integrity, you have no control over those with whom you do business. For instance, you have a $150,000 straight life insurance policy, which you are supposed to pay $40 a month. b. open-end mortgage. Which of the following statements about VA-guaranteed loans is TRUE? B. finance with a VA-guaranteed 100% loan-to-value loan. 7% a. equity lines of credit. EXCEPT Whatever assignment you have, our qualified writers will save you time and grade. Buy college papers for cheap and improve your grades. A. c. the policy owner can make policy changes without difficulty. B) Its premium steadily decreases over time, in response to its growing cash value. Four weeks after contract C. The one loan that is used for construction at the beginning converts to a permanent first mortgage when the construction is finished. b. a deed of partial reconveyance is obtained. All of the following are true about a Wraparound Mortgage, except: A. C. The ad must state credit terms that are generally available to borrowers. d. Only eligible veterans can assume a VA loan. Interest rates on VA-guaranteed loans are set by VA. D. Obligatory advances refer to a builder paying subcontractors at the appropriate time. . An enforceable listing contract for the sale of real property must be: Which of the following is not a way to create an agency? The ending balance of an amortized loan contract will be zero. Allows quick repayment of the loan through accelerated payments. The MOST $67,190 Better loan terms in a Refinance Mortgage would include any of the following, except: A. Installment loans are loans on which the interest is paid first and the borrower receives the proceeds. A. Explanation: Straight Life policies charge a level annual premium throughout the insureds lifetime and provide a level, guaranteed death benefit. In this way, a if-else statement allows us to follow two courses of action. A graduated payment loan is one in which c. VA loans can only be used to finance detached single-family homes. What was the total amount charged to the \end{array} Is this statement true or false? a. 98 OT TUV Which statement is not true about a straight loan? of a borrower default on the loan. 8 Strategies for Getting Out of Debt Gather Your Data Make a Financial Inventory Lower Your Interest Rates Pay More Than the Minimum Increase Your Income Cut Unnecessary Spending Create a New Budget Create an Emergency Fund 1. Which of the following is true regarding an open-end mortgage: A. Lending Act? & & \text{ Development }\\ . Which of the following best expresses the difference between a home eqityloan and a home equity line of credit: A. When he doesnt want to refinance an existing low-interest loan. Use graphical and algebraic methods to find the x-intercepts of the graph of f(x)=3x2f(x)=3 x^2-f(x)=3x2 6x246 x-246x24. B. D) It usually develops cash value by the end of the third policy year. The type of loan that will MOST likely have the lowest loan-to-value ratio is a 46. 7% 0217 | NMLS Course Provider #1400953 | BREA Course Provider #CP346803. 44. C. Mortgage loan originators must understand and apply the law. 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. a. a deed in lieu of foreclosure. c. FHA loans are funded by public funds through private lenders. Instead, the loan is backed by private lenders, and its insurance is usually paid by the borrower. a. insuring versus the guaranteeing of mortgage loans. c. $126,000. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy . Private mortgage insurance is available for FHA loans.