what is fine if seller doesn't give proper condition disclosure before buyer signs sale contract?
$500
seller wants $140,000 on his sale. he must pay $44,500 mortgage and 12,600 closing costs. the commission is 6% what must sale price be?
140,000+44,500+12,600=
197,100 (answer= 197,100/94%=209.681)
which need property condition disclosure statement?
house,condo,constructor foreclosure
NYS authority under police to fine issue and resolve relicense is granted by what law?
article 12A
why would a sale person fill out IRS schedule ?
to deduct business expenses
what is the term for a lender who receives note to be secured by a mortgage?
mortgage
which is an example of a negotiable instrument that serves as a borrower's evidence of debts?
hypothecation or promissory note
subordination agreement
always wrong choice
what are amounts paid to bank at loan origination to account for different between market interest % and lower contract % rate of the note ?
discount points
Abc mortgage company loaned pay $180,000 to buy a home. 2 week later pams mortgage was sold on secondary market who probably bought
federal housing mortgage
what mortgages will federal housing mortgage not buy?
non - conforming
who operate in primary market ?
home loan mortgage corparation
state of new mortgages agency
wrong answer (agency)
what is an example of predatory lending?
changing mortgage terms at last minute -OR- bundling life insurance with mortgage
what was 1st fair housing law?
1866 civil right
what contract clause allow seller to pursue other potential buyers if 1st buyer has home sale contingency?
escape clause
what contract clause gives a condition that must be met before the contract can be binding on both parties ?
contingency
who holds buyers contract deposit?
sellers lawyer
what are liquidated damages in a real estate sale contract ?
contract deposit
what is best way to terminate a contract agreement?
full porformance
who is responsible for rent in a sublease?
primary tenant (lessee)
sam rent a beach house for 2 months ending sept 1. what kind of lease hold is it?
...
sam rent a beach house for 2 months ending sept 1. what kind of lease hold is it?
estate for years
a tenant moves due to non-working heat and plumbing.what is this called ?
constructive eviction
the term amortized refers to :
gradual repayment of a debt on an installment basis over and period of time
what mortgage has higher payments in later years ?
graduated
what occurs when monthly mortgage payments do not cover interest is due?
negative amortization
sam buys a cabin and a kayak on same mortgage. what kind of mortgage is it?
package
what is a blanket mortgage ?
agriculture loan -or- single loan covering several parcels
what mortgage is used in release land subdivision financing?
blanket
what is a reason for a business to do a sale-lease back?
to free up liquid asset to invest in other products and services
what is called when owner gives high-rate seller financing while keeping low-rate existing bank mortgage?
wraparound
mortgage balance is $150 ,000 at 6% what is dollar amount of interest this monthly?
$150,000x6% /12months=$750
sam misses 2 mortgage payments. what mortgage clause lets bank declare entire balance due now?
acceleration
A home has many lien in foreclosure. which lien is paid 1st?
Real property tax
what are regulation x+2?
x=RE settlement procedures act bank must estimate and x plain closing cost
what law requires banks to give consumers full knowledge of all closing cost in residential sale?
Real estate settlement procedure act
what are most common triggering terms under truth in lending act?
APR + down payment
what is arp?
interest rate + fees + points
what is it called when lender evaluates buyer + documents in writing the amount they are willing to lend?
pre-approval
sam makes $1,000/week(52 weeks=52,000) cross income bank uses 26% front end ratio. how much monthly piti can sam afford ?
$52,000x26%=13,520/12monthly=$1,127
what is debts ratio of a business property with $1 million assets value +$750,000 debt?
$750,000/1,000,000=75%
what debt register mortgage professions?
dept of financial service
what is experience requirement to become a mortgage broker if a broker is already a real estate broker ?
zero years
a mortgage broker can perform each these except?
lend money
pam is listing broker and mortgage broker in the same place. what kind of agent is pam?
dual special
sams house has $180,000 market value. assessment is 60%. what is assessed value?
$180,000x60%=108,000
AD valorem taxes are base on property's ?
assessed value
how is property tax rate % determined ?
tax levy
sam's house is worth $300,000 assessment is 48%. tax is 5%.what is sam's annual real estate?
300,000x48%x5%=$7,200
pam's house is worth $200,000. assessment is 50%. tax is $5 per of value. what is pams semi-annual real estate tax?
$200,000x50%x5%=5,000/2=2,500
what is star program ?
school tax
what does tax receiver do?
collect tax
what is highest court in NYS?
court of appeals
homeowner pam's disagree with her property assessment if all he challenges so far have been denied. what is pam's last resort?
appealing supreme court through articles 78 proceeding
where is license law written?
article 12A
each is a valid reason for pam's to challenge her real estate tax , except :
tax is too darn high
a lovely old theatre is being sold if town resident want it to stay in its present condition, what agency should they appeal to?
architectural review board
what does municipal engineer handle ?
roads + sewer lines
what is state dept is in charge of safe drinking water + sewage treatment?
dept of health
who is responsible for approving septics and other sanitation system in NYS?
county health dept
what insurance policy covers loss of real personal / property due to fire theft or vandalism?
property
dollar amount an insured must pay out of pocket on each loss is called :
deductible
what home insurance policy would be purchased by a condo owner?
HO-6
a rental tenant
HO-4
what does HO-1 does not cover?
falling objects
what policy would ensure that full amount heeded to completely cover loss of belonging from a fire is paid ?
replacement cost
actual cash value is determined by:
taking replacement cost subtracting depreciation -replacement loss- depreciation =$ actual cash value
what federal agency administers national flood insurance program?
federal emergency management agency
a real estate owner who needs high level of liability coverage would consider buying?
umbrella
the lender's interest in insurance relates to making sure:
there is enough coverage to cover the value of the loan
how much insurance is needed
80% replacement cost
also called a land lease, what is a long term lease on commercial real estate?
ground lease
what docs a coop owner get?
stock certificate + proprietary
what is a building that is part coop partcondo
condop
what is it call when a building is divided into 2 condo and part condo becomes a coop?
condop
which is a limited common area?
drive-way for particular unit
offering plan for condo or coop is filed with
NYS attorney general
who oversee's management of a coop corporation?
leasehold
shares in a coop are what kind of property conveyed by what doc?
personal / proprietary lease
title to a specific coop apt is held by:
coop corporation
pam lives in a rental building that is going coop which statement about coops false ?
(wrong) pam will own airspace inside her apt in fee simple
what is the term for building that includes both condo and coop owner ship in the same structure ?
condop
what is a flip tax ?
move-out fee paid to building by seller
what kind insurance policy would a condo owner consider buying?
HO-6
condo?
real/deed
what doc must a coop owner get to renovate their apt?
arteration agreement
what is most common mortgage ?
fixed-rate amortized
sam rent a beach house for 2 months ending sept 1. what kind of lease hold is it?
estate for years
sam rent a beach house for 2 months ending sept 1. what kind of lease hold is it?
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