Non recourse debt Study guides, Class notes & Summaries

Mortgage Debt - Answer A loan secured by a lien on real property Why mortgages are the best debt - Answer Secured by the place where the borrower lives, so more secure (lower interest rates due to lower default risk), longer loan terms, all of which leads to lower payments. Also, tax favored (deductible interest, lower effective interest rate) Promissory Note - Answer Promise to repay (the legal obligation), terms of repayment (interest, frequency, duration), negotiable instrument (holder ...

NATIONAL REAL ESTATE EXAM In most cases, broker compensation, as a percentage of home price, falls somewhere between: - ANSWER 5-7% A Christian organization owns a fourplex. It wants to rent to only Christian tenants. Under the federal Fair Housing Act, is this legal? - ANSWER Yes. Religious organizations which rent to tenants for residential purposes are exempt from the Fair Housing Act What happens to trade fixtures after a business moves out of a leased property? - ANSWER The tenant re...

HECM REVERSE MORTGAGE EXAM QUESTIONS AND ANSWERS 100% PASS HOME EQUITY - Answer- HOME VALUE MINUS LIENS ON THE HOME PURPOSE OF A REVERSE MORTGAGE - Answer- GENERATE CASH FORWARD MORTGAGE PURPOSE - Answer- THE ORDINARY MORTGAGE MOST PEOPLE USE TO PURCHASE HOME FORWARD MORTGAGE - Answer- BORROWERS EQUITY INCREASES OVER TIME THE LOAN BALANCES DECREASES AS PAYMENTS ARE MADE TO LENDER REVERSE MORTGAGE - Answer- RISING DEBT FALLING EQUITY TRANSACTIONS HECM BASIC FEATURES - Answer- THE BORROWE...

In most cases, broker compensation, as a percentage of home price, falls somewhere between: - 5-7% A Christian organization owns a fourplex. It wants to rent to only Christian tenants. Under the federal Fair Housing Act, is this legal? - Yes. Religious organizations which rent to tenants for residential purposes are exempt from the Fair Housing Act What happens to trade fixtures after a business moves out of a leased property? - The tenant removes their trade fixtures and takes them upon m...

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...

HOME EQUITY correct answer: HOME VALUE MINUS LIENS ON THE HOME PURPOSE OF A REVERSE MORTGAGE correct answer: GENERATE CASH FORWARD MORTGAGE PURPOSE correct answer: THE ORDINARY MORTGAGE MOST PEOPLE USE TO PURCHASE HOME FORWARD MORTGAGE correct answer: BORROWERS EQUITY INCREASES OVER TIME THE LOAN BALANCES DECREASES AS PAYMENTS ARE MADE TO LENDER REVERSE MORTGAGE correct answer: RISING DEBT FALLING EQUITY TRANSACTIONS HECM BASIC FEATURES correct answer: THE BORROWER RETAINS T...

Texas Essay Exam 386 Questions with Verified Answers Essay 1 Question 1 (secured) Bank gave loan to Leather store in exchange for security agreement granting Bank "all Leather's inventory now and after-acquired" 5 days later, Jane buys a jacket from the store in a regular retail sale unaware of the financial relationship between Bank and Leather - CORRECT ANSWER Jane has superior claim to the Jacket. (although the Bank had a perfected security interest in the inventory of the sto...

HECM REVERSE MORTGAGE EXAM QUESTIONS AND ANSWERS 100% PASS HOME EQUITY - Answer- HOME VALUE MINUS LIENS ON THE HOME PURPOSE OF A REVERSE MORTGAGE - Answer- GENERATE CASH FORWARD MORTGAGE PURPOSE - Answer- THE ORDINARY MORTGAGE MOST PEOPLE USE TO PURCHASE HOME FORWARD MORTGAGE - Answer- BORROWERS EQUITY INCREASES OVER TIME THE LOAN BALANCES DECREASES AS PAYMENTS ARE MADE TO LENDER REVERSE MORTGAGE - Answer- RISING DEBT FALLING EQUITY TRANSACTIONS HECM BASIC FEATURES - Answer- THE BORROWE...

HECM test bank questions correctly answered 2023The HECM Saver was introduced as an option to lower the upfront cost of a HECM by reducing the upfront mortgage insurance premium to: a. 0. b. 0.01% of the Maximum Claim Amount. c. 1% of the Maximum Claim Amount. d. 1.25% of the Maximum Claim Amount. b If repairs are required but can be completed after closing, the lender will create a repair set-aside in the amount of: a. 15% of the maximum claim amount. b. 100% of the actual cost of...

NMLS Practice Test with correct answers 20231) Seller can Sell property at a premium/profit with Fannie Mae financing after? 30 days •60 days •90 days •90 days 2) A COFI index is defined as? Cost of funds index •Cost of financial index •Cost of funding insurance cost of fund index 3) Subordinate financing relates to •seller financing. •second mortgages. •financing in the secondary mortgage market. •subprime loans. second mortgage 4) Explain...