theory and practice: Real Estate Practice : Lesson 1680 - 05/28/12 09:30 AM
#1680
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
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theory and practice: Real Estate Practice : Lesson 1679 - 05/28/12 09:27 AM
#1679
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.
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theory and practice: Real Estate Practice : Lesson 1678 - 05/28/12 09:23 AM
#1678
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.
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theory and practice: Real Estate Practice : Lesson 1676 - 05/28/12 09:16 AM
#1676
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.
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theory and practice: Real Estate Practice : Lesson 1675 - 05/28/12 09:13 AM
#1675
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.
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theory and practice: Real Estate Practice : Lesson 1674 - 05/28/12 08:44 AM
#1674
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
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theory and practice: Real Estate Practice : Lesson 1673 - 05/28/12 08:32 AM
#1673
A principle which is considered under appraisal guidelines that holds that value may be created by the expectation of benefit to 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
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theory and practice: Real Estate Practice : Lesson 1672 - 05/28/12 07:59 AM
#1672
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.
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theory and practice: Real Estate Practice : Lesson 1671 - 05/28/12 07:57 AM
#1671
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
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theory and practice: Real Estate Practice : Lesson 1662 - 05/21/12 03:45 PM
#1662
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).
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theory and practice: Real Estate Practice : Lesson 1670 - 05/21/12 03:40 PM
#1670
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.
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theory and practice: Real Estate Practice : Lesson 1669 - 05/21/12 03:32 PM
#1669
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.
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theory and practice: Real Estate Practice : Lesson 1668 - 05/21/12 03:30 PM
#1668
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 flippin.
It would be concerned with an illegal kickback, however.
HUD.Gov can tell you more about RESPA.
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theory and practice: Real Estate Practice : Lesson 1667 - 05/21/12 01:45 PM
#1667
When 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.
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theory and practice: Real Estate Practice : Lesson 1666 - 05/21/12 01:43 PM
#1666
Steering involves charging a borrower processing fees or points to close that a re 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.
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theory and practice: Real Estate Practice : Lesson 1665 - 05/21/12 01:40 PM
#1665
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.
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theory and practice: Real Estate Practice : Lesson 1664 - 05/21/12 01:37 PM
#1664
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.
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theory and practice: Real Estate Practice : Lesson 1663 - 05/21/12 01:33 PM
#1663
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
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theory and practice: Real Estate Practice : Lesson 1661 - 05/21/12 01:29 PM
#1661
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.
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theory and practice: Real Estate Practice : Lesson 1660 - 05/14/12 07:21 AM
#1660
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.
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