10 RE Appraisal - WHATISTHEVALUEOF THISHOMES? WHICHMETHODOF

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1 WHAT  IS  THE  VALUE  OF THIS HOMES? WHICH  METHOD  OF   APPRAISAL  WILL  YOU  USE?
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2 HERE  ARE  THE  ANSWERS CHAPTER  #8
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3 PART  I
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4 1. A borrower’s total monthly housing payments  will be $1,000.  The borrower’s other long- term debts are $300 per month.  The  borrower’s gross monthly income is $3,600.   What are the borrower’s qualifying ratios? a. 25% and 33.3% b. 27.8 and 36.9% c. 30% and 38.9% d. 31.2% and 37.3% B
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5 2.   Which of the following is a non-institutional  lender? a. commercial bank b. life insurance company c. pension fund d. savings and loan association   C
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6 3. The government agency that insures savings  accounts at approved institutions is the: a. RTC b. FSLIC c. FRB d. FDIC D
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7 1. Which real estate lender frequently acts as a  loan correspondent for other lenders?  a. pension funds  b. mortgage companies  c. real estate investment trusts  d. private lenders B
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8 5. The use of private mortgage guaranty  insurance permits lenders to make up to what  percent loans on owner-occupied homes?  a. 80% b. 90% c. 95% d, 100% C
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9 6. Which of the following statements is false? a. The higher the qualifying ratios, the more  income a borrower needs to qualify for a  real estate loan. b. Savings form the pool for borrowing c. Life insurance companies specialize in  making individual homeowner loans. d. Private lenders, who grant hard money  loans to private individuals, are not exempt  from usury laws. C
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10 7. A person who purchases a note for value at  good faith without prior notice of a default or  defect is a: a. holder in due course b. negotiable buyer c. mortgage broker d. loan correspondent A
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11 8. Lender that makes hard money loans by  lending its own money: a. seller, through seller carry loans b. mortgage broker c. mortgage banker d. purchaser of existing trust deeds  C
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12 9. Lender that tends to use the lowest, loan–to– value ratios: a. savings bank b. commercial bank c. mortgage company d. life insurance company D
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13 10.  In the financing of the sale of a home, which  lender is required to complete a seller financial  disclosure statement?  a. Owner carry lender b. Credit union c. Savings banks d. Commercial banks A
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14 PART  II
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15 1. Assuming the area qualifies, with an approved  FHA acquisition cost of $150,000, what is the  maximum FHA–insured loan? a. $101,501 b. $103,501 c. $145,500 d. $125,901 C
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16 $50,000 x 0.9875 = $ 49,375 $75,000 x 0.9765 = $ 32,238 $25,000 x 0.9715 = $ 24,288               $ 105,901
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2. Of the following government programs, which  usually has the lowest interest rate? a. Cal–Vet
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This note was uploaded on 10/04/2011 for the course REAL ESTAT 11 taught by Professor Robertrooks during the Winter '08 term at El Camino.

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10 RE Appraisal - WHATISTHEVALUEOF THISHOMES? WHICHMETHODOF

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