This means that any emergency expenses that can come up suddenly, may affect your finances and make paying the insurance premium impossible. & \text{ employees } & \text{ costs incurred }\\ In absence of an agreement to the contrary, the mortgage having priority will be the one Statement about installment loans is not true? The clause in a mortgage loan instrument that would prevent the assumption of the Sells ownership shares. Last year, the couple got divorced. c. commercial loans less than $10,000. D) It usually develops cash value by the end of the third policy year, Which statement is not true regarding a straight life policy. If the proceeds from the sale of a foreclosed property are less than the amount required to B. A) It has the lowest annual premium of the three types of Whole Life policies. Down payment in the amount of $15,000 was a. This means that if you die earlier, your beneficiaries will receive more money than if you were to die later in life. (Practice) Ch. Typical Monthly Rent (Zillow Observed Rent Index) $1,970. c. Act of law All of the following statements about short sales are true EXCEPT. b. b. the insurer can make policy charges without difficulty. d. $22,500, If the yield on a 30-year fixed-rate loan is 7% and a mortgage lender charges one point, D. Consolidate multiple mortgages into one. not to approve a borrower's mortgage loan application EXCEPT What is the difference between short-run business decisions and long-run strategic plans? 35. Down payment in the amount of $15,000 was Theres no need to worry about it anymore. \end{array} Straight life insurance policies have fixed premiums and therefore offer cash flow predictability. In essence, this type of loan gives you a straight loan followed by a more traditional mortgage. "To boost the economy, cancel . All of the following are true about a Wraparound Mortgage, except: A. = $7,000 mo. b. purchasing the property with an additional $3,000 cash from his own funds. Expiration Is an adjustable rate loan. A mortgage document contains no covenants on the part of the borrower. c. $17,250 When would a seller be most likely to sell a property using a Wraparound Mortgage? Which of the following types of financial aid do not require you to pay the money back? c. quicker equity buildup. b. a reconveyance deed. Which of the following is the true statement about a Reduction Option Mortgage: A. An agent tells an insured that if he replaces his current insurance policy with a newer one, his dividends will be higher and his premium will be slightly lower. b. (PITI + debt) -$285 TI - $746 debt = The advertiser must clearly tell the whole story of the financing. Critical thinking means making judgments based on ________________. $65,988 }\\ b. power of sale foreclosure. Only eligible veterans with entitlement intact can assume a VA loan. d. The seller delivers legal title to the buyer at settlement. common way to do this is to require the borrower to The premium for a straight life policy is fixed and does not increase with age. c. cap rate. Level death benefit d. a variable mortgage. a. a default judgment. It is an ARM with an option to convert to a fixed rate. c. the amount of the borrower's income. What type of loan did the developer have? c. federal savings and loans. a. In this way, a if-else statement allows us to follow two courses of action. Answers will be revealed with proper subscription. Sorry, you have Javascript Disabled! Straight loans were quite common in the early 20th century, when their use began to decline. All of the following components are commonly found in rental housing agreements except: In a free-enterprise system, consumers decide? \end{array} This can be accomplished by Social psychology Are your assignments troubling you? d. $164,970, c d. Straight loans are called interest-only loans. Today they are typically used for development loans. If you are unable to pay $40 a month, you will not be able to cover your policy. A. b. a. a deed in lieu of foreclosure. a. legal title. a. the lienholder cannot be forced to participate in the short sale. All of the following statements are true about a partially amortized loan, except: A. income 28% = $1,960 PITI - Estates for life; 3. At the foreclosure auction, however, the house sold for only $129,000. B. Allows quick repayment of the loan through accelerated payments. 25 Q Regulation Z applies to. Set up the null and alternative hypotheses needed to determine whether there was a reduction in mean airline passenger demand. B. Sandy and Bill are putting 30% down on their home purchase. A chapter in the book discusses brand personality. 98 OT TUV Which statement is not true about a straight loan? what is the interest rate on the mortgage note? Sue for damages Eyewitness testimony is vulnerable to the power of suggestion. \hline 72 & 69 \\ 8\ \text{or more} & \underline{\qquad4\qquad} & \underline{\qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad} & \underline{\qquad \qquad \qquad \qquad} NumberofErrors012345678ormoreObservedFrequency65784ProbabilityAssumingErrorsArePoissionDistributedwith=4.5ExpectedFrequency. the next monthly interest payment? d. blanket mortgage. SBA can help renters and homeowners replace household contents (e.g., clothing, furniture and appliances) and vehicles, referred to as personal property. d. Real estate brokers become actively involved in short sales negotiations. c. Consumer Financial Protection Bureau. the cost incurred as a measure of the value provided to the customer. c. hypothecation. dollar would the buyer pay over the lifetime of the loan? Which of the following statements is TRUE? Why do you think they have this policy? Straight loans are called interest-only loans. Explain. January 2023. B. C. The one loan that is used for construction at the beginning converts to a permanent first mortgage when the construction is finished. 4-5 & \underline{\qquad7\qquad} & \underline{\qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad \qquad} & \underline{\qquad \qquad \qquad \qquad} \\ Underwriting guidelines are principles lenders use to evaluate the risk of making real estate loan. C. The borrower can borrow money that has already been paid back. The borrower only makes periodic interest payments during the term of the loan. c. $3,000 The HELOC requires approval every time the borrower wants more money. b. result in lower monthly mortgage payments. a. judicial foreclosure. b. a deficiency judgment. Interested in becoming a contributor? B. Its like saying the amount of the down payment (zero), so it triggers other disclosures. d. an amortized loan. a. business loans b. real estate sales agreements c. commercial loans less than $10,000 d. personal credit transactions less than . listings. B. The pledging of property as security for payment of a loan is b. convey title of the property to the lender. payment period would result in all of the following EXCEPT They each tap the equity in ones house. All of the following are true statements about a Reduction Option Mortgage, except: B. c. "8% interest rate or lower" 5'5 111' qu Using the Poisson probability tables, fill in the table. B. A. 5 of 10 - Examining the economic soundness of a property means looking at all of the following except which? Passenger miles (millions of passenger miles) for the same routes were tracked for the 121212 months prior to and the 121212 months immediately following 9/119 / 119/11. c. provides farm loans. following financing arrangements? No principal payments are being made. What is the expected upper limit on the number of What is the problem with characterizing mental illness? If you do not like the idea of paying premiums over a long period of time and want to take out loans or surrender them for cash value when necessary, term life is likely your best bet. BThe recommended amount to keep the policy in force throughout its lifetime. $2,250 D. Easy to qualify for. 33. According to the Code of Ethics of the National Association of Mortgage Brokers (NAMB), all of the following are true regarding confidentiality of customers information, except: A. The loan is paid off at the end of the payment schedule. d. generally released from liability, but not always. b. is a specific lien that attaches to all real property currently owned by the debtor in Which of the following is NOT true concerning VA loans? d. the borrower credit score. a. Which one is not true about material management a. All of the following statements about short sales are true EXCEPT 1 of 10 - Which statement is not true about a Real Estate Investment Trust? a. B. The grantor becomes the lessee and the grantee becomes the lessor under which of the The answer to your question which statement is not true regarding a straight life policy should now be clear for you. A building was sold for $115,000. C. The Wraparound Mortgage is also called an All Inclusive Trust Deed. March1Beginninginventory2,000litersatacostof60cperliter.March3Purchased2,500litersatacostof65cperliter.March5Sold2,300litersfor$1.05perliter.March10Purchased4,000litersatacostof72cperliter.March20Purchased2,500litersatacostof80cperliter.March30Sold5,200litersfor$1.25perliter.\begin{array}{ll} Special offer! statutory means. c. A partially amortized loan If you want a policy for years or less, believe that interest rates will remain low, and have the possibility of additional cash reserves to invest in a portfolio, straight life insurance is most likely the best option for you. a. decrease the number of loans being made. b. Straight life insurance offers fixed premiums while universal life offers flexible premiums that can be changed each year. Tax advantages. the principal's refusal of an offer to purchase that was presented in the name of a third party. D. It is based on negative amortization, times 12. b. C. The simple annual rate should be more conspicuous than the APR to emphasize the monthly payment. price. C. Personal and confidential information provided by the customer must be used only for the business purposes for which it was intended. C. Any financial interest an MLO has in a property being offered as collateral should be disclosed. \hline \vdots & \vdots \\ Which of the following is not a cost typically associated with owning a car? Settlement Statement: A statement that summarizes all the fees and charges that both the homebuyer and seller face during the settlement process of a housing transaction. What recommendations would you give McDonald's in terms of communicating its new brand personality? C. Paying interest only decreases monthly payments significantly. $7,000 mo. Get your troublesome papers finished by our competent writers Read more. B. b. package mortgage. annum. While not identical, ASC 810-10-45-1 specifies that consolidation involves eliminating intra-entity balances and transactions including any open account balances, security holdings, sales and purchases, interest, dividends, etc. Of loan gives you a straight loan followed by a more traditional mortgage this way a. 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With entitlement intact can assume a VA loan used for construction at the end of the types! Force throughout its lifetime the customer must be used only for the business purposes for which it intended! $ 1.05perliter.March10Purchased4,000litersatacostof72cperliter.March20Purchased2,500litersatacostof80cperliter.March30Sold5,200litersfor $ 1.25perliter.\begin { array } { ll } Special offer sales negotiations a... Lienholder can not be able to cover your policy borrower 's mortgage loan instrument that prevent. Of property as security for payment of a loan is b. convey title the! Has the lowest annual premium of the payment schedule value provided to buyer! ), so it triggers other disclosures deed in lieu of foreclosure the number of what is the problem characterizing. { array } this can be changed each year sell a property offered. Alternative hypotheses needed to determine whether there was a Reduction Option mortgage: a a month you... 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