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

MN Course 2 Exam Prep: Buyer Contracts and Financing Latest Update Graded A+ Buyer's agent The agent representing the buyer, and only the buyer, in a real estate transaction Buyer agency agreement An agency agreement between a buyer and an agent to provide representation; it explains the duties of the agent to the buyer and the duties of the buyer to the agent. Client The principal in a transaction who is represented by an agent Customer A person related to the transaction wh...

HUD Housing Counselor Certification Practice Questions and Answers. What is the maximum percent of area median income allowable for a household to qualify for a Housing Choice Voucher? correct answer50% Which is the maximum recommended housing ratio for renting an apartment? correct answer30% Eligibility requirements for down-payment assistance programs include which factors? correct answerIncome, home-buyer education, purchase price The client is considering an FHA mortgage. What is the u...

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...

VA Practice Test 1 Exam with Complete Questions And Answers A couple executes a sales contract on their home after several counteroffers with the buyer. In this case, the seller is.... - answerGrantor 1 acre equals ____ sq feet - answer43,560 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? - answe...

HUD Housing Counselor Certification Practice (HUD Knowledge Assessment) Questions And Answers Already Graded A+ What is the maximum percent of area median income allowable for a household to qualify for a Housing Choice Voucher? 50% Which is the maximum recommended housing ratio for renting an apartment? 30% Eligibility requirements for down-payment assistance programs include which factors? Income, home-buyer education, purchase price The client is considering an FHA mortgage. What is ...

California Real Estate Exam Multiple Choice Questions and 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. - Answer- d. all of the above. These are elements of value. Which of the following abbreviations is associated with the FHA? a. NAR ...

Mortgage - ANSWERSA pledge of real property as security for a debt. Deed of Trust - ANSWERSA three party loan instrument - borrower, lender and trustee. Note, Promissory Note - ANSWERSA personal promise to repay a debt. Mortgagor - ANSWERSBorrower under a mortgage Mortgagee - ANSWERSLender under a mortgage Beneficiary - ANSWERSLender under a deed of trust Trustor - ANSWERSBorrower under a deed of trust Trustee - ANSWERSA third party under a deed of trust who acts as an agent...

Conventional Loan most common loan type available Government-backed loans: FHA, VA, RHS, VLB, TDHCA FHA Federal Housing Administration DVA/VA The Department of Veterans Affairs RHS Rural Housing Service VLB Texas Veterans Land Board TDHCA Texas Department of Housing and Community Affairs The Federal Housing Administration (FHA) provides low-down-payment mortgage loans to qualified buyers; high loan-to-value ratio loans * low closing costs...

HUD Housing Counselor Certification Practice Questions with 100% Correct Answers 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? - Correct Answer ️️ -1.75% If ...

Promulgated Contracts Exam 2023 (Answered) Accessories in the real estate contract - definition, features, disposition PARAGRAPH 2.(C) Describes accessories, which, while not necessarily permanently installed or built-in, are commonly conveyed to the buyer in the sale Window air conditioning units, stove, fireplace screen, curtains and rods, blinds, window shades, door keys, mailbox keys, above ground pool, swimming pool equipment and maintenance accessories, artificial fireplace logs, an...