Mip amount for a property Study guides, Class notes & Summaries

A couple executes a sales contract on their home after several counteroffers with the buyer. In this case, the seller is.... -ANSWER Grantor 1 acre equals ____ sq feet -ANSWER 43,560 A primary residence is sold for $527,000 by a couple in the 28% tax bracket. The home was originally purchased by them eight years ago for $313,000 where the family lived for the entire eight years. How much will be paid in capital gains tax? -ANSWER None b/c 1) primary residence 2) lived there for at least...

What is the maximum percent of area median income allowable for a household to qualify for a Housing Choice Voucher? Correct Answer 50% Which is the maximum recommended housing ratio for renting an apartment? Correct Answer 30% Eligibility requirements for down-payment assistance programs include which factors? Correct Answer Income, home-buyer education, purchase price The client is considering an FHA mortgage. What is the upfront mortgage insurance premium (UFMIP) for an FHA mortgage...

Conventional Mortgages neither insured nor guaranteed. Typically requires 20%-25% down payment. Conventional with PMI (Private mortgage insurance) A conventional loan with insurance on it- up to 20%. The law passes in 1998 made it mandatory for the lenders to drop the PMI when the loan balance reaches 78% of the original value of the property. Borrower can request the lender to drop the PMI, when the balance reaches 80% of the value of the property. FNMA and FHLMC encourages lenders to ...

An appraiser's definition of "Value" would be: a. present worth of all rights to future benefits arising out of ownership. b. the ability of one commodity to command other commodities in exchange. c. relationship between the thing desired and the potential purchaser. d. all of the above. - ANSWERd. all of the above. These are elements of value. Which of the following abbreviations is associated with the FHA? a. NAR b. CPM c. MIP/MMI d. MBA - ANSWERc. MIP/MMI MIP - Mortgage...

What is the maximum percent of area median income allowable for a household to qualify for a Housing Choice Voucher? - ANSWER 50% Which is the maximum recommended housing ratio for renting an apartment? - ANSWER 30% Eligibility requirements for down-payment assistance programs include which factors? - ANSWER Income, home-buyer education, purchase price The client is considering an FHA mortgage. What is the upfront mortgage insurance premium (UFMIP) for an FHA mortgage? - ANSWER 1.75% ...

California Real Estate Exam Multiple Choice Questions and Answers 2023 An appraiser's definition of "Value" would be: a. present worth of all rights to future benefits arising out of ownership. b. the ability of one commodity to command other commodities in exchange. c. relationship between the thing desired and the potential purchaser. d. all of the above. Answer- d. all of the above. These are elements of value. Which of the following abbreviations is associated with the FHA? a. NA...

On a settlement statement the buyer can expect to see entries for - property and transfer taxes Which of the following terms is NOT associated with a legal life estate? Dower, Curtesy, Community property, Homestead - Community property Which of the following is an example of a conventional uninsured loan? Loan where the borrower must pay MIP, VA loan negotiated by a veteran, Loan with a loan-to-value ratio of 80%, Loan where the borrower must pay PMI - Loan with a loan-to-value ration of 80...

HECM Exam questions and correct answers A reverse mortgage is... - ANSWERS a loan against the value of a home that provides cash advances to a borrower, requiring no repayment until a future time. A reverse mortgage is different from a home equity loan because - ANSWERS You do not have to make monthly repayments on a reverse mortgage A reverse mortgage must be repaid - ANSWERS When the last eligible borrower dies, sells, or permanently moves away The purpose of a reverse mortgage is mo...

California Real Estate Exam Multiple Choice Questions Already Graded A+ An appraiser's definition of "Value" would be: a. present worth of all rights to future benefits arising out of ownership. b. the ability of one commodity to command other commodities in exchange. c. relationship between the thing desired and the potential purchaser. d. all of the above. d. all of the above. These are elements of value. Which of the following abbreviations is associated with the FHA? a. NA...

California Real Estate Exam Multiple Choice Questions with 100% Correct Answers An appraiser's definition of "Value" would be: a. present worth of all rights to future benefits arising out of ownership. b. the ability of one commodity to command other commodities in exchange. c. relationship between the thing desired and the potential purchaser. d. all of the above. - Correct Answer ️️ -d. all of the above. These are elements of value. Which of the following abbreviations is assoc...