receiver (trustee) manages a property during the foreclosure process, collects the rents, and
maintains the property
receivership clause - used in mortgages on income-producing real estate
- if the investor should default, the lender may appoint a trustee/receiver
subordination agreement - written contract in which a lender who has secured a loan by a mortgage or deed
of trust agrees with the property owner to subordinate the first loan to a new loan
(giving the new loan priority in any foreclosure or payoff)
- used to grant first lien status to a lien holder who would otherwise be secondary to
a first lien
FHA Section 203(b) mortgage insurance provides basic mortgage insurance for the purchase or refinance of owner-occupied
one-to-four-family properties
to qualify for an FHA loan, a borrower must not exceed a 31;43
housing expense ratio of ___% and a total obligations ratio
of ___%
the amount of mortgage insurance premiums required on up-front mortgage insurance premium (UFMIP); annual mortgage insurance
an FHA insured mortgage loan includes the payment of premium (AMIP)
both an __________ and an __________
interest rates of an FHA insured mortgage loan is negotiations between the lender and the borrower; supply and demand
determined by _______________, and interest rates are
established by __________________ in the marketplace
conventional mortgage loans - any loan that is not insured or guaranteed by an agency of the government
- predominant method in which single-family residences are financed
- made by lending institutions and private lenders
purchase money mortgage - (seller financing) any mortgage loan obtained from the seller when the proceeds of
the loan are used to purchase real property
- used in situations where the buyer cannot qualify for a mortgage through other
lending channels
package mortgage includes both real and personal property as security for a loan
chattel mortgage uses only personal property as security for a loan
monetary policy - the actions of the Board of Governors
- regulate the cost and availability of credit in the US
- its actions effectively control the supply of money in the economy
tight money market limiting the supply of money and credit
reserve requirement the percentage of the money on deposit in a bank that cannot be used for lending
purposes and must be transferred to a district Federal Reserve Bank
Grade A+ | Updated
, florida real estate sales associate state exam
if the reserve requirement is increased, the amount of decreased;increased
money available for lending is __________, which may
cause interest rates to _________
a decrease in the reserve requirement would result in more money available; decrease
____________ for lending, which would cause interest
rates to __________
discount rate the rate of interest that is charged by the Federal Reserve to a member bank on
funds loaned
who meets regularly throughout the year to review open the Federal Open Market Committee (FOMC)
market operations?
when FOMC decides to sell government securities with disintermediation; making money tighter; rise; less
interest rates higher than banks pay on savings accounts,
this action removes money from the economy, also known
as __________, makes less money available for loans,
referred to as __________, which causes interest rates to
__________. when that happens, __________ money is
borrowed, causing the economy to slow down
promissory note - evidence of a personal debt, contains the names of the parties, the rate of interest,
the amount of money borrowed, and the loan repayment terms
- contract between the lender and the borrower
hypothecation the pledge of property as security for a loan
a valid mortgage must (5 requirements): - be in writing
- be signed by the mortgagor
- conform to the same requirements as any valid contract
- contain the legal description of the property
- be witnessed by two persons
when a loan has been paid in full in a lien theory state, the letter of satisfaction; 60
mortgagor should receive a __________ from the
mortgagee within ____ days of the loan payoff
real estate syndicate an organization formed for the purpose of real estate investment
what is the most common legal entity used in real estate a limited partnership
syndication?
you can demand a full refund if the rental information 30
provided under a contract is not current or accurate within
how many days?
if you do not obtain a rental, you are entitled to receive a 75%
return of ___% of the fee paid, if you make such demand
within 30 days of this contract date
a fee of $____ is added to the license fee for both new and $3.50
renewal licenses for brokers in order to maintain the
Recovery Fund
Grade A+ | Updated
, florida real estate sales associate state exam
a fee of $_____ is added to the license fee for both new $1.50
and renewal licenses for sales associates in order to
maintain the Recovery Fund
income approach - used to estimate the value that a property's net earning power will support
- used to estimate the value of income producing property and for the valuation of a
business
the government survey method is also known as what? rectangular method
Tallahassee Principal Meridian north/south line
Tallahassee Baseline east/west line
the north/south lines are drawn parallel to the principle meridians, range
meridian and are called ___________, or ___________
lines
the east/west lines are drawn parallel to the baseline and baselines, township
are called __________, or ____________ lines
tier - a row of townships
- more often referred to as a township
the horizontal shaded area north of Miami is a row of tier
townships called a ________
the vertical shaded area to the east of Tallahassee is range
called a ______
township - six miles square
- contains 36 square miles
each section of a township is one square mile, or 640 acres
________
what is the only activity that is classified in F.S. 475 as a - violating the requirements concerning rental lists, information, and contracts
first-degree misdemeanor and what is the punishment? - fine of up to $1000 and/or imprisonment not to exceed one year
second-degree misdemeanors may be punishable by a $500; 60
criminal fine of up to $_____ and/or imprisonment for up to
____ days
what are two examples of second-degree misdemeanors? - false or misleading advertising
- any sales associate who collects money in connection with any real estate
brokerage transaction, whether as a commission, deposit, payment, rental, or
otherwise, except in the name of the employer and with the express consent of the
employer
Grade A+ | Updated