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

Deed Restrictions - Correct answer-Legally enforceable terms that govern the use of real estate Redlining - Correct answer-The practice of refusing to make residential loans or imposing more onerous terms on any loans made because of the predominant race, color, national origin, religion, sex, disability, or familial status of the area's residents. Civil Rights Act of 1968 - Correct answer-Following the assassination of Dr. Martin Luther King Jr., Congress passed what monumental piece of ...

2022 California Real Estate Exam Prep Questions & Answers (Test Bank) (top 10pages free) 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. ANS- d. all of the above. These are elements of value. Which of the following abbreviations is associated ...

Xinnix Ground School Mortgage Final Exam Questions and Answers 100% Pass On an FHA loan the upfront MIP should be included when calculating cash-to-close. False The borrower must have 5% of their own funds when putting 15% down on a primary residence. (FNMA) False A 3-Year ARM adjusts every 3 years True A Loan Officer can locate the summary of the eligibility requirements for a loan to be sold to a specific lender/investor in the lender specs. False A HELOC loan has an interest only payment ...

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. NAR b. CPM c. MIP/MMI d. MBA - c. MIP/MMI MIP - Mortgage Insurance Premium/Mu...

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 ...

Real Estate Dynamics Math - MIPB - 249,900 x 97% = 242,403 Loan Amount. 242,403 x 1.25% = $3,030.0375 rounds to $3,031.00 Upfront MIP. 242,403 + 3,031.00 = $245,434 New Loan Amount. 245,434 x . 75% = 1840.755 / 12 = 153.39625 Rounds to $153.40 per month - correct answer Calculate the Monthly MIP Amount for a property with a Sales Price of $249,900 with a 97% FHA Loan. The Up Front Amount Rate of 1.25% is financed in to the loan and the Monthly MIP Rate is .75% A. $1,840.73 B. $153.40 C. $30...

The CE shop Finance Exam Questions with Correct Answers Cassie is helping her buyer client, Gus, prepare for closing. What should she encourage him to verify as soon as he receives the form? - Answer-That the borrower and seller names, the property address, and the sales price are accurate and spelled correctly The ______ clause in a deed of trust allows the lender to foreclose non-judicially. - Answer-Power of sale -The power-of-sale clause can be understood as the borrower granting t...

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...

2023/2024 CALIFORNIA REAL ESTATE EXAM ACTUAL EXAM QUESTIONS WITH CORRECT DETAILED ANSWERS WITH RATIONALES & CALCULATIONS /A+ GRADE 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 answers d. all of the above. These are elements of value. ...

2023/2024 CALIFORNIA REAL ESTATE EXAM ACTUAL EXAM QUESTIONS WITH CORRECT DETAILED ANSWERS WITH RATIONALES & CALCULATIONS /A+ GRADE 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 answers d. all of the above. These are elements of value. ...