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Florida Real Estate State Exam Chapter 12 Correct 100%

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Exam (elaborations)

Florida Real Estate State Exam Chapter 12 Correct 100%

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Institution Florida Real Estate

Course Florida Real Estate

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Federal housing administration - ANSWER Agency within the department of HUD Insurance program lenders - ANSWER FHA insured loans by private or conventional lenders Mortgagor Pays MIP - ANSWER Mortgage insurance premium FHA title 2, section 203k - ANSWER Home remodeling

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Florida Real Estate State Exam Chapter
12 Correct 100%
Federal housing administration - ANSWER Agency within the department of HUD

Insurance program lenders - ANSWER FHA insured loans by private or conventional
lenders

Mortgagor Pays MIP - ANSWER Mortgage insurance premium

FHA title 2, section 203k - ANSWER Home remodeling loan

FHA title 2, section 234c - ANSWER Program for condominium unit

FHA section 8 - ANSWER Low to moderate income rental subsidy

FHA minimum cash investment 203B - ANSWER Down payment; 3.5% of purchase
price

VA loan - ANSWER Loan partially guaranteed by VA

VA loan eligibility requirements - ANSWER Minimum days active duty; honorable
discharge

VA loan maximum entitlement guarantee - ANSWER $104,250

VA loan maximum loan amount - ANSWER VA has no maximum loan amount; 4 times
veteran's eligibility

Estoppel certificate - ANSWER Verifies loan information; signed by mortgagor

Novation - ANSWER Substitution of new debtor for existing debtor; first debtor (seller)
released from liability

Lien Theory of mortgage - ANSWER MortgagOr hold legal and equitable title; Florida is
a lien theory state

Satisfaction of mortgage - ANSWER Issued when debt paid in full; recorded

Title theory of mortgage - ANSWER Lender holds legal title to secure debt; MortgagOr
holds equitable title (possession plus an expectation to receive legal title); mortgage
deed

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Uploaded on: January 16, 2025
Number of pages: 3
Written in: 2024/2025
Type: Exam (elaborations)
Contains: Questions & answers

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Florida Real Estate State Exam Chapter 12 Correct 100%

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