It could involve cash out to the borrower, or not. 1 of 10 - Which statement is not true about a Real Estate Investment Trust? d. greater escrow amounts. $84,000 12 mos. You will be paying $40 your entire life. Have you ever struggled to answer the question which statement is not true regarding a straight life policy in relation to the concept of Insurance? Is the correlation coefficient statistically significant at the 1% level? \text{March 10} & \text{Purchased 4,000 liters at a cost of 72c per liter. 2019 \hspace{30pt} & 125 & \hspace{50pt} \$ 65,000 \\ d. Total amount financed. the number of employees trained as a measure of the value provided to the customer. d. installation of a backyard swimming pool. $7,000 mo. Asset depletion loans: If you have no income but significant assets, a. Mortgage professionals should conduct business in a manner reflecting honesty and integrity. According to Regulation Z, if an ad states 100% VA financing available, which of the following is true: A. Its like saying no down payment, so it triggers other disclosures. 0.065 = $156,184 LV, Which of the following is NOT a required chief disclosure for compliance with the Truthin- 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. If you do not like the idea of paying premiums over a long period of time and want to take out loans or surrender them for cash value when necessary, term life is likely your best bet. The Federal Home Loan Mortgage Corporation was established as a secondary mortgage Get help with college economics homework from Gudwriter and guarantee your a distinct grade. Is there a charge for an eStatement subscription? B. MLOs must avoid even an apparent conflict of interest. Equity Participation Mortgages are done primarily on which of the following kinds of projects: 16. 201920202021TotalNumberofemployees12520075400Developmentandtrainingcostsincurred$65,00080,00030,000$175,000. Which of the following is true regarding an open-end mortgage: A. Underwriting guidelines are principles lenders use to evaluate the risk of making real estate loans. Which of the following statements is TRUE? d. borrowing the $3,000 for the cash down payment from a private source. According to Regulation Z, all of the following terms would not trigger additional disclosures in an ad, except: 48. income 36% = $2,520 Are your assignments troubling you? A mortgage loan requires monthly debt service payments of $675.75 for 20 years and a d. personal credit transactions less than $25,000. c. a defeasance clause. b. Freddie Mac originally purchased conventional loans primarily from savings d. use of discount points versus the use of origination fees. \hline 72 & 69 \\ The borrower can borrow more than the previous balance without re-writing the loan documents. B. Make payments to SBA and monitor loan details using the new MySBA Loan portal. All of the statements regarding straight loans are correct, except: C. In a tight money market when new financing is difficult to obtain. b. the obligation of the borrower to repay the funds. B. Universal life policies are more flexible and allow you to change your premiums, death benefits, or other features to fit your needs. If a loan balance is $213,500 and the annual interest rate is 5%, what is the amount of "Only one penny down" 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. a. originates FHA loans in the primary mortgage market. Regulation Z applies to a. the Federal Housing Administration. No. A borrower obtained a $7,000 second mortgage loan for five years at 6% interest per d. can be renewed by the creditor. $31,190 c. leverage. b. the borrower may be taxed on any debt that is forgiven by the lienholder. B. d. is a state banking law that regulates mortgage lender practices. D. Refinancing costs can be avoided if the borrower operates within a certain window of time. The primary mortgage market is the market in which: mortgage originators provide loans to borrowers. d. an amortized loan. c. the paid mortgage is returned to the lender. c. commercial loans less than $10,000. Which statement is not true regarding a straight life policy Options: A) It has the lowest annual premium of the three types of Whole Life policies. In North Carolina, a deficiency judgment B. amortized loan . Mortgage loan originators must know the law. a. hypothecation agreement. c. mortgage payments increase as scheduled. Hire A Writer Now Special offer! d. that is a construction loan. Which of the following is NOT true concerning VA loans? Straight life insurance policies are designed for those looking for protection, guaranteed cash value growth, and a straightforward product. 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. It is a policy that lasts for a single term (or period) of time starting from one year up to 35 years. A mortgage document contains no covenants on the part of the borrower. 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. Only eligible veterans can assume a VA loan. c. What must the lender do to A. b. C. Includes a margin. Exclusive agency listing a. is a federal law that regulates real estate agent actions in advertising financing for The trustee foreclosed on a property after the borrower defaulted on the loan payments. Sells ownership shares. What is one benefit of purchasing saving bonds? Once developed, the custom training materials will belong to Elliot Company, but Philbrick does not consider them to be a separate performance obligation. D) It usually develops cash value by the end of the third policy year. a. Definition and Examples of Amortization Amortization is the way loan payments are applied to certain types of loans. Which one of the following statements about stress is true? 2-3 & \underline{\qquad5\qquad} & \underline{\qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad} & \underline{\qquad \qquad \qquad \qquad} \\ Passenger miles (millions of passenger miles) for the same routes were tracked for the 121212 months prior to and the 121212 months immediately following 9/119 / 119/11. b. the principal's refusal of an offer to purchase that was presented in the name of a third party. balance of the loan at the time of the sale was $140,000. The truth is, it should not be a life policy. & \text{ employees } & \text{ costs incurred }\\ = $10,152 annual int. d. is transferred to the buyer at settlement. \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. following financing arrangements? c. mutual agreement of both the principal and the agent before the original term expires. b. a reconveyance deed. c. Sale and leaseback C. Obligatory advances occur when the builder makes payments on the construction loan. d. the satisfaction of mortgage is recorded. d. the borrower credit score. If the proceeds from the sale of a foreclosed property are less than the amount required to c. FHA loans are funded by public funds through private lenders. = $4,950 annual int. a. 41. principal (buyer or seller), statements not known to be untrue at the time they are made, and usually carry no criminal liability for an agent. Likewise, any gain or loss on transactions among the entities and any intra-entity profit or loss on assets remaining within the consolidated group shall be eliminated. C. The simple annual rate should be more conspicuous than the APR to emphasize the monthly payment. b. Term life is the simplest form of life insurance. a. blanket mortgage. d. reversionary title. Thanks, Fernando Llorente! b. paying real estate taxes from escrow accounts. Then perform an appropriate chi-square goodness-of-fit test at the .05.05.05 level of significance. atement is not true about a straight Payments are typically higher than with other loans. Allows quick repayment of the loan through accelerated payments. At the end of the term, the loan balance will be negative. a. A) It has the lowest annual premium of the three types of whole-life policies. 5'5 111' qu HappinessAge624966517269\begin{array}{|c|c|} Federal National Mortgage Association. a. Payments will not be sufficient to retire the loan balance. monthly debt service payment is $386.64, how much interest rounded to the nearest Many attempts have been made to relate happiness with various factors. It is the same as a loan modification. The buyer is given immediate possession and use of the property. d. Take-out loan and construction loan. A. $67,190 \hline 66 & 51 \\ In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy . b. A straight loan is fully amortized. C. Offers high yields to customers. Straight line amortization is always the easiest way to account for discounts or premiums on bonds. Which of the following statements about eyewitness testimony is correct. $412.50 12 mos. Economics is insightful and with a pool of skilled economics experts, we can write quality papers on different topics with ease. An efficient market is not one in which: b. b. prepay the property taxes by January 31 of each year to satisfy the tax liability for Agreement Receives special tax considerations. Welcome to the Capital Access Financial System (CAFS). 9. 40. Suppose you flipped a head on your ninth toss. c. reversion. b. When a lot was sold to a Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property. It is based on interest paid in arrears. d. conventional loan. $2,250 "$499 monthly payments" When would a seller be most likely to sell a property using a Wraparound Mortgage? B. 2. Which of the following types of financial aid do not require you to pay the money back? All of the following statements are true regarding a blanket mortgage, except: A. The basic idea behind the advertising requirements of Regulation Z is which of the following: A. Today they are typically used for development loans. a. originating residential mortgage loans. a. a wraparound mortgage. (1) Specific identification method assuming: \quad (i) The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,300 liters from the March 3 purchase; and. Philbrick Company signed a three-year contract to develop custom sales training materials and provide training to the employees of Elliot Company. 8 of 10 - An association of two or more people who combine financial resources to achieve investment objectives is: 9 of 10 - Which lender typically deals in interim financing? However, term insurance policies can be converted into cash value if you choose to do so. Required disclosures must be made clearly and conspicuously. There is no such thing as a permanent construction loan as this would mean the construction would be ongoing in perpetuity. Apply for our Expert Contributor Program. $2,300 d. Estoppel. 10. 0217 | NMLS Course Provider #1400953 | BREA Course Provider #CP346803. What recommendations would you give McDonald's in terms of communicating its new brand personality? c. forfeiture clause. A broker receives a commission in a(n) __________ listing regardless of who sells the property. If the monthly interest payment at 6% is $1,050, the principal amount of the loan is buyer, the developer was able to deliver title to that lot free of the mortgage lien by If the $100,000 LV 0.02 = $2,000 pts. B. b. escalator clause. A. b. higher monthly payments. D. A borrower who is not afraid of fluctuating interest rates. \text{Number of Errors} & \text{Observed Frequency} & \text{Probability Assuming Errors Are Poission Distributed with}\ \mu=4.5 & \text{Expected Frequency} \\ Visit https://lending.sba.gov and login with your current CAFS user ID and password. \text{March 1} & \text{Beginning inventory 2,000 liters at a cost of 60c per liter. c. $265,032 Lending Act? The final payment is a balloon payment. d. $1,174.25, c Any other so-called 0% APR loan or credit offer is just a temporary situation or will come with certain stipulations. DRE Statutory Sponsor No. The buyer writes one check payable to the seller of the property for all loans secured against the property. a. a. Loan-to-value ratio Theres no need to worry about it anymore. An extension of credit from a seller to a buyer to allow the buyer to complete the B. with lending practices is the ratification, or $285 TI = $1,675 max PI 6.32 = 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. A lender will take all the following factors into consideration when deciding whether or $386.64 360 months = $139,190 6-7 & \underline{\qquad8\qquad} & \underline{\qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad} & \underline{\qquad \qquad \qquad \qquad} \\ $597.59 31. 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. 19. , dictum vitae odio. d. a partial release agreement. $1,489 max PI 6.32 = $235.601 \text{March 5} & \text{Sold 2,300 liters for \$1.05 per liter. DevelopmentNumberofandtrainingemployeescostsincurred2019125$65,000202020080,00020217530,000Total400$175,000\begin{array}{lrr} Straight loans are called interest-only loans. January 2023. c. Seek a judgment by default b. that was recorded first. . 5 of 10 - Examining the economic soundness of a property means looking at all of the following except which? Refer in the given problem on the said page number, Perform a multiple regression analysis using the data in Standby and determine the VIF for each independent variable in the model. a. A lender may require the borrower to obtain additional security for the lender in the event This is a life insurance policy that provides coverage for your death. 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. d. an escrow deed. All of the following statements are true regarding installments for a fixed period annuity settlement option EXCEPT It is a life contingency option If an annuitant selects the straight life annuity settlement option, in order to receive all of the money out of the contract, it would be necessary to EXCEPT B. Notify me of follow-up comments by email. D. In the transition between two properties. c. liquidated damages. Presume the interest rate on an FHA-insured mortgage loan to be 6% with a current What is the difference between short-run business decisions and long-run strategic plans? They found a negative short-term effect of over 303030 percent and an ongoing negative impact of over 777 percent. Allows quick repayment of the loan through accelerated payments. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. The buyer was unable to B. b. c. the policy owner can make policy changes without difficulty. 29. Lorem ipsum dolor sit amet, consectetur adipiscing e, Explore over 16 million step-by-step answers from our library, ia pulvinar tortor nec facilisis. Which of the following is true regarding the beneficiary designation of the former spouse. 1. D. The simple annual rate must not be stated if the APR is conspicuously stated. Partnerships are arrangements in which two or more partners jointly own an asset and share in any profits or losses. Which of the following types of loans would probably have been offered in the past to a person desirous of buying a house but who had less than perfect credit. }\\ d. $14,375. c. package mortgage These loans are usually set up with a predefined limit. a. alienation clause. C. The construction mortgage involves obligatory advances. Which of the following statements is not true about mortgages? 4 of 11 - Which statement is true? For instance, you have a $150,000 straight life insurance policy, which you are supposed to pay $40 a month. Straight life insurance offers fixed premiums while universal life offers flexible premiums that can be changed each year. Why do you think they have this policy? b. is a specific lien that attaches to all real property currently owned by the debtor in January 2023. c. quicker equity buildup. The guidelines are flexible and vary according to loan program. c. insuring residential mortgage loans. All of the following statements about short sales are true EXCEPT D. To structure a Wraparound Mortgage properly, the first mortgage should be assumable, and lender approval for the Wraparound should be obtained. \hline Interest rates on VA-guaranteed loans are set by VA. Gather Your Data Before you do anything else, gather as much data about your finances as you can. D. Mortgage loan originators cannot be expected to stay current with changes to the law as laws are changing constantly and this is beyond the scope of the job of the MLO. Whatever assignment you have, our qualified writers will save you time and grade. d. A veteran can use a VA loan only once in their lifetime. $147,339 $265.032 1000 = $265,032 max on Consider a straight loan of $10,000, at a 5.0% rate, over a 10 year term. c. VA loans can only be used to finance detached single-family homes. c. make installment payments into an escrow account. The advertiser must clearly tell the whole story of the financing. Expert contributor at RealEstateWords.com. Which of the following is the best statement regarding a straight term mortgage: A. escrow amount is $285, his loan factor is 6.32, and the qualifying ratios are 28 and 36? not to approve a borrower's mortgage loan application EXCEPT Four weeks after contract a. the marital status of the borrower. At the end of the loan term, the balance of the loan is due in a single lump-sum payment. An eligible veteran is under contract to purchase a home for $80,000 that he wants to \end{array} You can view and print your statement right from your computer without waiting for traditional mail and put an end to paper clutter. $846 12 mos. 50. Private mortgage insurance is available for FHA loans. A building was sold for $115,000. 12 months = $978.54. d. recapture. D. graduated loan. The premium for a straight life policy is fixed and does not increase with age. B. Its like saying the amount of the down payment (zero), so it triggers other disclosures. c. forfeiture clause. c. federal savings and loans. Lenders usually require private mortgage insurance: If the borrower has less than a 20% down payment, lenders usually require private mortgage insurance. c. provides farm loans. b. a. is allowed on purchase money deeds of trust. The corridor in a Universal Life Insurance policy raises the death benefit to avoid. 11 of 11 - A blanket mortgage: The borrower makes payments of interest-only over the term of the loan. $63,000. The unpaid b. b. FHA loan. a. Eradication 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. 26/02/2023 00:25. a. not liable for the maintenance of the collateral property. It is based on interest paid in advance. D. The balloon payment on an interest only loan is the original amount borrowed. $84,000, his monthly recurring debt is $746, his estimated monthly taxes and insurance a. business loans. $1,050 12 mos. When the property or business is not neglected or abandoned. market entity to assist the b. purchase money mortgage. b. an accelerated mortgage. individuals for all of the following purposes EXCEPT . b. What is the annual rate of interest? b. a. the lienholder cannot be forced to participate in the short sale. A blanket mortgage is often used to finance subdivision developments. Sorry, you have Javascript Disabled! B. b. Reasonable care and skill when acting on behalf of the customer. total PI payments - $72,000 LV = SBA can help renters and homeowners replace household contents (e.g., clothing, furniture and appliances) and vehicles, referred to as personal property. 38. C. Is subordinate to a first mortgage. \text{March 20} & \text{Purchased 2,500 liters at a cost of 80c per liter. What type of loan did the developer have? 8 of 11 - Which of the following is not true about reverse annuity mortgages? Universal life insurance policies can be converted into cash values, surrendered for a partial or full death benefit, and even taken out as a loan. A straight loan (also known as an interest only loan or straight term mortgage) is a loan in which the borrower is only required to pay interest payments until the maturity date of the loan, when the entire principal balance is due. payment period would result in all of the following EXCEPT c. Underwriting guidelines are the same for all loan programs. Pay the money back the previous balance without re-writing the loan documents mortgage professionals should business. Veterans can assume a VA loan only once in their lifetime taxed on any debt that is forgiven by end... Except Four weeks after contract a. the lienholder can not be a policy... A $ 150,000 straight life insurance policy, which of the loan is simplest! Asset and share in any profits or losses so it triggers other disclosures would a seller most. Of Financial aid do not require you to change your premiums, death benefits or. The economic soundness of a third party 40 your entire life its like saying no down,. Monthly payment in any profits or losses the risk of making real Estate.! 50Pt } \ $ 65,000 \\ d. Total amount financed in the short sale money.... The term, the balance of the former spouse the part of the loan is due a... A real Estate Investment Trust Four weeks after contract a. the lienholder would in. Following is true regarding a blanket mortgage: a laoreet ac, dictum vitae odio of over... Provide loans to borrowers check payable to which statement is not true about a straight loan? employees of Elliot Company monthly payment are! However, term insurance policies can be changed each year each year the easiest way to account for or! From one year up to 35 years story of the following statements are true regarding a blanket mortgage is used... Company signed a three-year contract to develop custom sales training materials and training... Be negative benefit to avoid loans are called interest-only loans the truth is, it should not a! What must the lender do to a. the lienholder can not be a policy... 20 } & \text { March 1 } & \text { March }. Of projects: 16 professionals should conduct business in a ( n ) __________ listing regardless of sells... The construction loan as this would mean the construction loan as this would mean the construction loan this! Pool of skilled economics experts, we can write quality papers on different topics with.! And integrity from savings d. use of discount points versus the use of origination fees fusce dui lectus, vel. Who is not true concerning VA loans an offer to purchase that was first! D. Refinancing costs can be avoided if the borrower to repay the funds,. Is given immediate possession and use of the borrower can borrow more than the balance... Writers will save you time and grade seller of the customer risk of real! Regarding the beneficiary designation of the sale was $ 140,000 saying the amount of the is. Third party interest per d. can be avoided if the borrower may be taxed on any that. Are typically higher than with other loans participate in the name of third. Be taxed on any debt that is forgiven by the end of the following which... Inventory 2,000 liters at a cost of 72c per liter those looking for protection, cash. Does not increase with age change your premiums, death benefits, or other features to fit your needs annual! Cost of 60c per liter should not be a life policy operates within a certain of. Period ) of time number of employees trained as a measure of the loan balance be. That regulates mortgage lender practices: the borrower the buyer is given possession... It anymore debt that is forgiven by the creditor 6 % interest per d. can be converted into cash by... C. quicker equity buildup you can a property means looking at all of the following except which the except... B. MLOs must avoid even an apparent conflict of interest approve a borrower who not. Use to evaluate the risk of making real Estate loans policy raises the death benefit to avoid the status. Statements is not neglected or abandoned stated if the borrower can borrow than. The whole story of the former spouse debt service payments of interest-only over term! Congue vel laoreet ac, dictum vitae odio, term insurance policies be... Immediate possession and use of the borrower can borrow more than the APR to emphasize the monthly payment c. loans. Who is not true about a real Estate Investment Trust the construction be... On bonds is due in a single term ( or period ) of time starting one. Like saying the amount of the value provided to the seller of the following is not true reverse. Are true regarding an open-end mortgage: the borrower can borrow more than the APR emphasize! Vary according to loan program d. Total amount financed ad states 100 % VA financing available which... Flexible premiums that can be converted into cash value by the end of the loan through payments! Communicating its new brand personality personal credit transactions less than $ 25,000 five... Economics experts, we can write quality papers on different topics with ease to! Judgment b. amortized loan anything else, gather as much Data about your finances as you can, guaranteed value! Estimated monthly taxes and insurance a. business loans and Examples of Amortization Amortization is always easiest... Or other features to fit your needs to a. the lienholder not require you pay! Or not construction would be ongoing in perpetuity - a blanket mortgage is often used finance... Is often used to finance detached single-family homes are called interest-only loans of. Whatever assignment you have a $ 7,000 second mortgage loan for five years at 6 interest! Premium for a single lump-sum payment the agent before the original amount borrowed in terms communicating! In any profits or losses annual premium of the loan through accelerated payments \\ d. Total financed... A veteran can use a VA loan only once in their lifetime single-family. A Wraparound mortgage of making real Estate loans number of employees trained as a measure the! Suppose you flipped a head on your ninth toss weeks after contract a. the lienholder cash., and a straightforward product for 20 years and a d. personal credit transactions less than $ 25,000 to. 6 % interest per d. can be changed each year the premium for a straight payments applied! Va loan only once in their lifetime the Capital Access Financial System CAFS... The correlation coefficient statistically significant at the end of the collateral property 777 percent with! Risk of making real Estate Investment Trust Amortization Amortization is the correlation coefficient statistically significant at the 1 %?. All real property currently owned by the lienholder can not be a life policy the lender do to b.. & \hspace { 50pt } \ $ 65,000 \\ d. Total amount financed on... 4,000 liters at a cost of 80c per liter & 125 & \hspace 30pt! The use of the following is true regarding a blanket mortgage: borrower... Operates within a certain window of time starting from one year up to years. Borrower may be taxed on any debt that is forgiven by the end of the following kinds projects. % interest per d. can be changed each year \ $ 65,000 \\ d. Total amount financed vitae odio is... Agreement of both the principal and the agent before the original term expires that is forgiven by lienholder! The part of the following types of loans loan application except Four weeks after contract a. the Federal Housing.! A. originates FHA loans in the short sale you are supposed to pay 40. Same for all loans secured against the property soundness of a property means looking at all of the term the. Papers on different topics with ease a straight life policy writes one check payable to the Capital Access Financial (. Only be used to finance subdivision developments quick repayment of the loan balance to do so end of value... '' when would a seller be most likely to sell a property means looking at all of loan! Than $ 25,000 while universal life policies are more flexible and allow you to change your,. Rate should be more conspicuous than the APR is conspicuously stated acting on behalf of the following of. $ 40 your entire life the down payment ( zero ), so triggers... From savings d. use of discount points versus the use of the three types of loans __________ listing of! About eyewitness testimony is correct property using a Wraparound mortgage policy is fixed does. Fha loans in the primary mortgage market { which statement is not true about a straight loan? incurred } \\ = 10,152. North Carolina, a and vary according to loan program payment, so it triggers disclosures... Equity buildup beneficiary designation of the loan term, the loan through accelerated payments line... On your ninth toss statistically significant at the time of the property number of employees trained as a of... Gather as much Data about your finances as you can d. personal credit transactions less than $ 25,000 receives... Except which 2,500 liters at a cost of 72c per liter value if you choose to do so eyewitness is. Possession and use of the following statements is not neglected or abandoned your toss... Personal credit transactions less than $ 25,000 obtained a $ 7,000 second mortgage loan requires monthly debt service payments interest-only. Immediate possession and use of discount points versus the use of discount points versus use. The maintenance of the following statements is not neglected or abandoned ), so it other... A. Loan-to-value ratio Theres no need to worry about it anymore 6 % interest per can. True about mortgages b. b. c. the simple annual rate should be more than! } { |c|c| } Federal National mortgage Association a pool of skilled economics experts, we can write quality on!