NM Real Estate Practice Exam Questions and Answers

NM Real Estate Practice Exam Questions and Answers Feet in an acre - Correct Answer ️️ -43,560 ft Feet in a Mile - Correct Answer ️️ -5,280 ft A Plat - Correct Answer ️️ -An unofficial map or plan of a parcel of land that's been or will be subdivided to show the boundaries of each created lot Metes and Bounds - Correct Answer ️️ -Description using compass headings and directions Lot and Block - Correct Answer ️️ -Land description which provides plat reference Oversees Fannie Mae and Freddie Mac and regulates the Federal Home Loan Bank - Correct Answer ️️ -Federal Housing Finance Agency Market Players purchase loans from primary lenders and package and sell them to investors - Correct Answer ️️ -Secondary Mortgage Market Mortgage - Correct Answer ️️ -A legally binding document that creates a lien on a price of property A document wherein the borrower promises to repay funds borrowed - Correct Answer ️️ -Promissory note Are paid as an interest-only or partially amortized loan with a lump-sum payment that's usually due at the end of the term - Correct Answer ️️ -Balloon loans Amortized Loans - Correct Answer ️️ -Regular installments of principal and interest Adjustable Rate Mortgage - Correct Answer ️️ -Loans in which the interest rate fluctuates based in the economic index Fixed Rate Loan - Correct Answer ️️ -A loan with a rate that does not change over the life of the loan. PITI - Correct Answer ️️ -Principal, Interest, Taxes, Insurance Deed of Trust - Correct Answer ️️ -A deed to real property, which serves the same purpose as a mortgage, involving three parties instead of two. The third party holds naked title for the benefit of the lender. Beneficiary (Lender), Trustor (