Real Estate Practice : Lesson 604 - 03/29/10 12:38 AM
                                                            #604
Some licensees, after dedicating years of service to marketing properties, might decide to retire but not get out of real estate all together.
They may decide to help clients make decisions about investing in or purchasing property.
What capacity would a licensee serve in this manner ?

A. Real estate counselor
… (0 comments)

Real Estate Practice : Lesson 603 - 03/29/10 12:36 AM
                                                               #603
A bill of sale is a document which is used to transfer the title of personal property from one person to another.
Do you believe this fact to be true or false ?
Please take your time. The solution is posted below the wildlife photo.

A. True
A bill of sale is a document used to transfer personal property title from one person to another.
… (0 comments)

Real Estate Practice : Lesson 602 - 03/29/10 12:34 AM
                                                            #602
An estmate of a property's market value conducted in a manner based on methods that have been established and undertaken by trained professionals applying professional judgement about market value is performed by whom ?
Take your time. The answer is posted below the wildlife photo.

A. A real estate appraiser
 
… (0 comments)

Real Estate Practice : Lesson 601 - 03/29/10 12:33 AM
                                                         #601
What are the two characteristics that we consider to have the most impact when we consider the market value of the land ?
Please take your time. The answers are posted below the wildlife photo.


A. Uniqueness and immobility.
What we're considering here is that no two parcels of any
… (0 comments)

Real Estate Practice : Lesson 600 - 03/29/10 12:32 AM
                                                                       #600
When we consider the words broker and REALTOR® are they alike or unrelated ?
Take your time. The answer is posted below the photo.

A. The terms are unrelated .
A broker is a real estate licensee and a REALTOR® is a member of the National Association of REALTORS®. More specifically, the term REALTORS® or REALTOR® represents a proprietary, protected trademark owned by the national REALTOR® organizaton.
 
… (0 comments)

Real Estate Practice : Lesson 599 - 03/29/10 12:30 AM
                                                     #599
A beneficiary is someone who is a decendant of Benny Fish.
Is this fact true or false ?
Please remember to take your time. The answer is posted below the wildlife photo if it's too tough for you.

A. False
A beneficiary is a person or entity which will receive the benefit from specific acts or actions which have been or are to be performed.
 
 
… (0 comments)

Real Estate Practice : Lesson 598 - 03/29/10 12:28 AM
                                                           #598
A bearer is one who searches for objects that reflect the life of a bear when decorating a home or staging.
Is this fact true or false ?
Please take your time. The solution is posted below the wildlife photo.
 
A. False
A bearer is the person or entity that has possession of any instrument which is considered to be a negotiable instrument.
… (0 comments)

Real Estate Practice : Lesson 597 - 03/29/10 12:21 AM
                                                        #597
When we talk about the intitial basis we're referring to the basic reason why a buyer wanted to buy a home in the first place.
Is this fact true or false ?
Please take your time. The solution is posted below the wildlife photo.

A. False
The initial basis is the amount of the original investment in a property.
It's basically the collective costs which include closing and any other expenses necessary to purchase a property, including the purchase price of the property.
… (0 comments)

Real Estate Practice : Lesson 596 - 03/29/10 12:19 AM
                                                          #596
An adjusted basis would be a property owner's basis in the property which includes expenses for improvements minus any deductions for depreciation.
Is this fact true or false ?
Please take your time. The solution is posted below the wildlife photo.

A. True
basis+improvement costs-deductions for depreciation=adjusted basis
 
… (0 comments)

Real Estate Practice : Lesson 595 - 03/29/10 12:10 AM
                                                         #595
The basis is the carbon copy of a mortgage document.
Is this fact true or false ?
Please remember to take your time. The solution is posted below the wildlife photo.
theory
A. False
The basis is a figure which is used to calculate gain on the sale of real estate as required for federal income tax.
… (0 comments)

Real Estate Practice : Lesson 594 - 03/22/10 07:12 AM
                                                    #594
A balloon mortgage is a contract for the purchase of a home which is delivered to the buyer by the lender by a lighter than air method of transportation known as a balloon.
Is this fact true or false ?
Please take your time. The solution is posted below the wildlife photo.

A. False
A balloon mortgage is an interest-only or partially amortized loan for a mortgage that requires the borrower to make a payment of the remaining principal balance of the loan at the end of the term of the loan.
It's called a balloon mortgage because of the … (0 comments)

Real Estate Practice : Lesson 593 - 03/22/10 07:12 AM
                                                        #593
When we talk about the bad debt/vacancy factor were referring to an income approach to an appraisal whereby a percentage will be deducted from a property's expected gross income and an estimate of the income that is most likely to be suffered because of tenants who default on their payments, including vacancies, will be projected.
Is this fact true or false ? 
Please remember to take your time. The solution is posted below the wildlife photo.

A. True
… (0 comments)

Real Estate Practice : Lesson 592 - 03/22/10 07:11 AM
                                                  #592
An audit in real estate means the ability to hear, in audible terms, the price of the property in a normal speaking voice.
Is this fact true or false ?
Please take your time as I know this question is a difficult one. Of course, if you just can't wait, the solution is posted below the wildlife photo.
 
A. False
An audit is an examination of records and an inspection of accounting procedures by a trained accountant, CPA or other official.
… (0 comments)

Real Estate Practice : Lesson 591 - 03/22/10 07:11 AM
                                               #591
An assumption fee is a fee that a lender will charge a borrower for assuming that his or or loan will be approved.
Is this fact true or false ?
Please take your time with this extremely difficult answer, and  consult with an expert if you think you might have any problems solving this one.
As usual, the solution is posted below the wildlife photo if you just can't stand it anymore and just have to peek.

A. False
An assumption fee is a fee that lender will charge when a buyer assumes the seller's loan.
The fee is … (0 comments)

Real Estate Practice : Lesson 590 - 03/22/10 07:09 AM
                                                   #590
An assumption is when one party or another assumes that the property is going to be given to them as part of a devise.
Is this fact true or false ?
Please take your time. The solution is posted below the wildlife photo.

A. False
If a buyer takes over the responsibility of repaying a seller's existing mortgage, and subsequently the buyer becomes liable to the lender, this is known as an assumption.
If the seller is not released by the lender the seller may still remain secondarily liable for repayment of the loan.
 
… (0 comments)

Real Estate Practice : Lesson 589 - 03/22/10 07:08 AM
                                              #589
An assignor is one who has engaged in the practice of breeding mules and donkeys.
Is this fact true or false ?
Please take your time. The solution is posted below the wildlife photo.

A. False
An assignor is one who assigns rights or interests to another person or entity.
The assignor is the party who makes the assignment.
 
… (0 comments)

Real Estate Practice : Lesson 588 - 03/22/10 07:08 AM
                                                       #588
When we talk about an assignment, when discussing real estate, we're actually referring to the homework which is assigned by the instructor or professor in your real estate class.
Do you have any doubt in your mind as to whether or not this fact is true ?
What's your verdict ? True or false ?
Please take your time because, as we all know by now, the solution is posted below the wildlife photo.

A. False (were you stumped ?)
When contract rights are transferred from one party to another it's know as an assignment.
… (0 comments)

Real Estate Practice : Lesson 587 - 03/22/10 07:07 AM
                                                    #587
An assignee is one who has placed their name on a legal document and has had it witnessed by a government official.
Is this fact true or false ?
Please take your time. The soution is posted below the wildlife photo.

A. False
One who has had interests or rights assigned to them is known as an assignee.
Wasn't that easy ?
… (0 comments)

Real Estate Practice : Lesson 586 - 03/22/10 07:07 AM
                                                       #586
To assign in real estate terms means to assign parking spaces to the employees in a brokerage based of the number of homes they've sold in the last 90 days.
Is this fact true or false ?
Please take your time on this difficult question as it may appear on a brokers exam one day. :-)
As usual, the solution is just below the pink birdies.

A. False
Assign means to transfer interests and rights to another.
 
 
… (0 comments)

Real Estate Practice : Lesson 585 - 03/22/10 07:06 AM
                                                 #585
Liquid assets are things of value that have fallen into the river and need drying off, or whiskey which may be sold for cash and valuable prizes.
Is this fact true or false ?
Please remember to take your time.
If your having difficulty with the answer please seek medical attention.
The solution is posted below the wildlife photo.
 
A. False
Liquid assets are things of value which may be converted into cash as needed.
Cash is also a liquid asset.
 
… (0 comments)

Can a borrower legally get cash back at closing of a purchase money mortgage? - 03/17/10 06:58 PM

                     Can a borrower legally get cash back at closing of a purchase money mortgage?

                                                             YES OR NO ???

                              
(not posted for points)
… (0 comments)

Real Estate Practice : Lesson 584 - 03/15/10 03:39 AM
                                                          #584
An asset is a special seat, stool or chair designed to conform to the contour of the posterior hind end of quadrupeds and gorillas.
Is this fact true or false ?
Please take your time. The solution is posted below the wildlife photo.

A. False (duh)
An asset may be considered to be anything of value owned by a person or other entity.
… (0 comments)

Real Estate Practice : Lesson 583 - 03/15/10 03:38 AM
                                                    #583
Depreciation is a term which, by it's absolute meaning in real estate, represents the decrease in the value of an asset.
It is also considered to be the opposite of appreciation which is the increase in the value of an asset.
Is this fact considered to be true or false ?
Please take your time. The solution is posted below the wildlife photo.

A. True
Depreciation is the decrease in the value of an asset.
… (0 comments)

Real Estate Practice : Lesson 582 - 03/15/10 03:38 AM
                                                            #582
Appreciation is a term which, by it's absolute meaning in real estate, stands for the increase in the value of an asset.
It is also considered to be the opposite of depreciation which is the decrease in the value of an asset.
Is this fact considered to be true or false ?
Please take your time. The solution is posted below the wildlife photo.

A. True
Appreciation is the increase in the value of an asset.
… (0 comments)

Real Estate Practice : Lesson 581 - 03/15/10 03:37 AM
                                                     #581
An appraiser is a professional who's skill and expertise are both utilized in estimating the value of a piece of property.
An appraiser will seek qualification through training, study and experience.
An appraiser is an expert who will estimate the value of real estate.
Is this fact true or false ?
Please take your time. The solution is posted below the wildlife photo.

A. True
… (0 comments)

Real Estate Practice : Lesson 580 - 03/15/10 03:37 AM
                                                          #580
An appraisal, the expert opinion by a professional appraiser, is performed at a particular date and time in order to rend an estimate of value of a piece of real estate.
The appraisal is based on a detailed analysis of the many and varied features of a property.
Is this fact considered to be true or false ?
Please take your time. The solution is posted below the wildlife photo.

A. True
… (0 comments)

Real Estate Practice : Lesson 579 - 03/15/10 03:37 AM
                                                                 #579                                              Anticipation is an appraisal theory that believes that value is something which is created by inflation. Is this fact true or false ?
Take your time. The soultion is posted below the wildlife photo.

A. False
Anticipation is a principle of appraisal theory and practice which maintains that value will be created by the expectation of benefits to be received at some future time.
… (0 comments)

Real Estate Practice : Lesson 578 - 03/15/10 03:36 AM
                                                         #578
Ammortization is the process of paying off a short term loan which will end with the payment of a final installment known as a balloon.
Is this fact true or false ?
Please take your time. The solution is posted below the wildlife photo.

A. False
Amortization is the process of paying off a loan in gradual installment payments that include both interest on the loan amount and a portion of the principal amount of the loan.
… (0 comments)

Real Estate Practice : Lesson 577 - 03/15/10 03:36 AM
                                                     #577
An alienation clause is an item or provision included in a security instrument whcih will allow a lender to sell a home in a short sale if the borrower defaults on the loan.
Is this fact true or false ?
Take your time. The solution is posted below the wildlife photo.

A. False
An alientation clause will allow the lender to accelerate the loan if the borrower transfers or sells the property without the lender's approval.
… (0 comments)

Real Estate Practice : Lesson 576 - 03/15/10 03:35 AM
                                                              #576
After someone has signed a document and formally declares to a public official, like a notary, that they have signed the document voluntarily and without any coercion, this is known as longanimity of a truthful attestation.
Is this fact true or false ?
Please take your time. The soultion is posted below the wildlife photo.

A. False
This is known as an acknowledgement.
… (0 comments)

Real Estate Practice : Lesson 575 - 03/15/10 03:35 AM
                                                       #575
Deferred interest is the transfer of interest or ownership in a property from one party to another.
Is this fact true or false ?
Please take your time. The solution is posted below the wildlife photo.

A. False
Alienation is the transfer of interest or ownership in a property from one party to another.
 
 
… (0 comments)

Real Estate Practice : Lesson 574 - 03/08/10 12:14 AM
                                                      #574
Expenses that have been applied but have not yet become due and payable, and seller's accrued expenses that are credited to the buyer at closing, are known as accrued items of expense.
Is this fact true or false ?
Please remember to take your time. the solution is posted below the wildlife photo.

A. True
… (0 comments)

Real Estate Practice : Lesson 573 - 03/08/10 12:14 AM
                                                     #573
A principle which is considered under appraisal guidelines that holds that value may be created by the expectation of benefit to be received at some future point and time is known as the Principle of Anticipation.
Is this fact considered to be true or false ?
Remember to take your time. The solution is posted below the wildlife photo.

A. True
… (0 comments)

Real Estate Practice : Lesson 572 - 03/08/10 12:13 AM
                                                         #572
An item in an instrument used for the security of a home purchase that will allow the lender to declare the entire debt of the loan due and payabe immediately if the borrower defaults or breaches the agreement is known as the Principle of Anticipation.
Is this fact true or false ?
Please take your time. The soultion is posted below the wildlife photo.

A. False
The item used in the instrument for the security of the home purchase if the borrower defaults or breaches the loan is known as an acceleration clause.
… (0 comments)

Real Estate Practice : Lesson 571 - 03/08/10 12:12 AM
                                                     #571
Acceleration is the process of declaring an entire loan balance due because a borrower defaulted on the loan or, if there is an alienation clause in the loan, the borrower sold the home without the lender's approval.
Is this fact true or false ?
Please take your time. The solution is posted below the wildlife photo.

A. True
… (0 comments)

Real Estate Practice : Lesson 570 - 03/08/10 12:11 AM
                                                       #570
This phrase, "If you have great credit your could get great loan terms", would red flag the requirement under the Truth In Lending Act or TILA.
True or False ?
Take your time. The solution is posted below the wildlife photo.

A. False
This is a general statement because loan terms are not included in the body of the statement.
Disclosure of the finance charge and annual percentage rate would be required under TILA if loan terms were disclosed in the body of the statement.
… (0 comments)

Real Estate Practice : Lesson 569 - 03/08/10 12:10 AM
                                                          #569
A federal law that prohibits lenders from making high cost predatory home equity loans is known as Equal Credit Opportunity Act or the ECOA.
Is this fact true or false ?
Please take your time. The solution is below the wildlife photo.

A. False
The federal law that prohibits lenders from making hgh-cost predatory home equity loans is known as the Home Ownership and Equity Protection Act, or HOEPA.
… (0 comments)

Real Estate Practice : Lesson 568 - 03/08/10 12:10 AM
                                                       #568
Loan flipping is prohibited under the Real Estate Settlement Procedures Act.
Is this fact true or false ?
Please take your time the solution is posted below the wildlife photo.

A. False
The Real Estate Settlement Procedures Act or RESPA is not concerned with loan flipping
Solicited tip flipping, maybe :-)
RESPA would be concerned with an illegal kickback.
HUD.Gov can tell you more about RESPA.
 
… (0 comments)

Real Estate Practice : Lesson 567 - 03/08/10 12:08 AM
                                                             #567
Wmen we talk about an impound waiver we're discussing a practice that involves charging points or processing fees that are out of the ordinary.
Is this fact true or false ?
Please take your time. The solution is posted below the wildlife photo.

A. False
This is known a s fee packing, once again.
… (0 comments)

Real Estate Practice : Lesson 566 - 03/08/10 12:07 AM
                                                      #566
Steering involves charging a borrower processing fees or points to close that are higher than usual because the lender is steering the borrower away from a conventional loan.
Is this fact true or false ?
Please take your time. The solution is posted below the wildlife photo.

A. False
Fee Packing is the practice of charging the borrower excess processing fees or higher than usual points.
… (0 comments)

Real Estate Practice : Lesson 565 - 03/08/10 12:04 AM
                                                         #565
A loan secured by a fleet of tractors to purchase additional farm equipment would be covered under the Truth In Lending Act.
Is this fact true or false ?
Please take your time. The solution is posted below the wildlife photo.

A. False
The Truth In Lending Act excludes loans made for agricultural purposes.
… (0 comments)

Real Estate Practice : Lesson 564 - 03/01/10 02:16 AM
                                                                                     #564
Property flipping will involve the charging of processing fees that are not necessary for the services provided by the lender.
Is this true or false ?
Please take your time. The solution is posted below the wildlife photo.

A. False
Fee Packing is the charging of unnecessary fees for the processing of a loan.
 
… (0 comments)

Real Estate Practice : Lesson 563 - 03/01/10 02:16 AM
                                                                                 #563
Fee Packing is a predatory lending practice which imposes the practice of charging points and fees for processing a loan that are out of the ordinary and higher than normally charged.
These are fees that have no reason to be included in the processing of the loan.
Is this fact true or false ?
Please take your time. The solution is posted below the wildlife photo.

A. True
… (0 comments)

Real Estate Practice : Lesson 562 - 03/01/10 02:15 AM
                                                  #562
An unsecured loan for 50 thousand dollars would be covered by the Truth In Lending Act.
Is this fact true or false ?
Please take your time. The solution is below the wildlife photo.

A. False
The Truth In Lending Act excludes consumer loans not secured by real property that are in excess of 25 thousand dollars.
Seller financing is also excluded, as are loans for business or agriculture.
See what you can discover about the Truth In Lending Act (TILA).
… (0 comments)

Real Estate Practice : Lesson 561 - 03/01/10 02:15 AM
                                                  #561
Another purpose of the HOme Mortgage Disclosure Act is to insure that a person, whose income is derived from public assistance, is not discriminated against.
Is this fact true or false ?
Please take your time. The solution is posted below the wildlife photo.

A. False
The purpose of the Home Mortgage Disclosure Act is to require lenders to disclose information that may provide evidence of redlining.
The Equal Credit Opportunity Act addresses the discrimination of a person whose income is derived from public assistance.
… (0 comments)

Real Estate Practice : Lesson 560 - 03/01/10 02:14 AM
                                                        #560
One thing that the Home Mortgage Disclosure Act does not do is require that lenders provide information that could provide evidence of redlining.
Is this fact true or false ?
Please take your time. The solution is posted below the wildlife photo.

A. False
One fundamental purpose of the Home Mortgage Disclosure Act is to require that lenders provide and disclose information that may provide evidence of redlining.
The intention is to observe closely any signs of prohibited lending practice.
… (0 comments)

Real Estate Practice : Lesson 559 - 03/01/10 02:14 AM
                                                   #559
Under the Real Estate Settlement Procedures Act (RESPA) a lender may pay a kickback to a builder for sending a buyer in.
Is this fact true or false ?
Please take your time. The solution is posted below the wildlife photo.

A. False
A lender may not pay a kickback under RESPA.
Visit HUD.gov for more information about the Real Estate Settlement Procedures Act.
… (0 comments)

Real Estate Practice : Lesson 558 - 03/01/10 02:13 AM
                                                  #558
Under the Real Estate Settlement Procedures Act (RESPA) a lender is allowed to pay a referral fee.
Is this fact true or false ?
Please take your time. The solution is posted below the wildlife photo.

A. False
Under RESPA lenders are prohibitied from paying referral fees.
Look at the revised RESPA pages at HUD.gov.
… (0 comments)

Real Estate Practice : Lesson 557 - 03/01/10 02:13 AM
                                                     #557
Under the Real Estate Settlement Procedures Act or RESPA, a lender is required to give an applicant for a loan a good faith estimate (GFE) of the closing costs associated with the loan within seven days of the application.
Is this fact true or false ?
Please take your time. The solution is posted below the wildlife photo.

A. False
Under RESPA, the lender must provide the GFE or good faith estimate of closing costs associated with the loan within three days of receiving the loan application.
… (0 comments)

Real Estate Practice : Lesson 556 - 03/01/10 02:13 AM
                                                      #556 
When charges are calculated, the charges in a real estate transaction that are payable by or to a party to the closing will be found in the Truth In Lending Statement (TILA).
Is this fact true or false ?
Please take your time. The solution is posted below the wildlife photo.

A. False
The charges that are payable by or to a party in a real estate transaction will show up in USS or the Uniform Settlement Statement.
The Uniform Settlement Statement is the document which will show all of the closing costs payable by or to each … (0 comments)

Real Estate Practice : Lesson 555 - 03/01/10 02:12 AM
                                                          #555
Federal legislation that will prevent discrimination against an applicant because of their race is RESPA.
Is this fact true or false ?
Please take your time. The solution is posted below the wildlife photo.

A. False
The ECOA or the Equal Credit Opportunity Act is legislated to protect loan applicants regardless of their national origin, religion, color, race, whether or not their income is received from a public assistance program, their marital status or age.
… (0 comments)

 
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David Saks

Broker

Memphis, TN

More about me…

The Real Estate Mart of Tennessee, Inc.

Address: 4040 North Watkins, Suite #4, Memphis, TN, 38127

Office Phone: (901) 357-4663

Cell Phone: (901) 217-4114

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The information and notices contained in this blog are intended to summarize recent developments and news. The posts are presented as general research and information. These posts are not intended, nor should be regarded, as legal advice. Some blog posts concern allegations made in civil lawsuits and in criminal indictments in United States Courts. All persons are presumed innocent until convicted of a crime and proven guilty. Readers who have particular questions or who believe that they need legal counsel should seek the advice of a qualified attorney. It is neither the editor's or author's intention to create a confidential relationship or any broker-client relationship via communication from this site at any time. Please consult with your state real estate board if questions & answers in the education section conflict with the laws of your region or if you need clarification regarding their applicability or how they may govern the services that you provide.

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