Aceable Agent Principles of Real Estate II Questions & Answers 100% Correct!

During the transaction process the buyer of a property is changed with knowledge of all the documents that are recorded in the public record as well as the responsibility to: - ANSWERSdetermine the marketability of seller's title to the property Sales comparison approach does NOT utilize: - ANSWERSThe principel of constribution Regulation Z applies to: - ANSWERSto credit transactions How is market value decided for a property? - ANSWERSIt is based on collected data taken about the property. Bare, undeveloped land - ANSWERSground lease Qualifies for Texas Bootrap Loan Program - ANSWERSSweaty equity Are usually placed on a property by the property developer - ANSWERSdeed restrictions The right to take private land for public use - ANSWERSeminent domain Permission granted by the government so that property may be used in a manner not allowed by the current zoning - ANSWERSvariance When a pre-existing structure violates a zoning regulation, it is considered a: - ANSWERSnonconforming use Zoning ordinance are enforced through permits issued by the - ANSWERSmunicipality A provision in the mortgage contract that triggers the payment in full of the loan upon the sale or conveyance of the property is known as a(n): - ANSWERSalienation clause The Fed operates to: - ANSWERSmaintain sound credit conditions mortgage insurance premium must be paid - ANSWERSby borrower when obtaining an FHA-insured loan Conventional loans are nonconforming when they do not meet _____________/____________ guidelines. - ANSWERSFannie/ Freddie Mac A loan that is not underwritten by any agency of the federal government is known as a - ANSWERSConventional loan Simple, flat rent every month - ANSWERSGross lease A REMIC is a type of special purpose vehicle comprised of - ANSWERSa pool of mortgage loans sold as an investment-grade bonds known as mortgage-backed securities What is reconciliation? - ANSWERSWhen a property is valued according to data from more than one approach to value CFPB's role when it comes to the property report - ANSWERSto require the developer to register information about development in a property report Primary advantage of a REMIC - ANSWERSThey offer stability with the variety of mortgage they contain Covered by the title insurance policy? - ANSWERSanother person claiming ownership to the land Subprime mortgage interest rate relate to a prime mortgage interest rate? - ANSWERSa subprime mortgage carries a higher interest rate than prime mortgages Market values typically reflect - ANSWERSthe price a property sells for in an open and fair sale under normal market conditions The increase in value of a property - ANSWERSapperciation the repayment of a loan pricipal over time - ANSWERSamortization value placed on a property by a governmental unit for use in levying annual rate estate taxes - ANSWERSassessed value the value of a property based on factors determied by the opinion of a certified appraiser - ANSWERSappraisal