Real Estate Question
You must write this final exam in your own, copying and pasting from other sources such as the Internet will not be tolerated, you will fail this fail if you plagiarize work, it must be your own writing. Short quick 25 word responses will not be accepted, you need to write 140 – 160 words per question, provide examples to help strengthen your responses. Please Note: Once your assignment is submitted and graded, the grade will be final, no re-submissions will be allowed.
1. Differentiate between a mortgage and a trust deed, name two advantages and disadvantages to the lender and the borrower. HINT: an advantage to the borrower will be a disadvantage to the lender and vice versa.
2. Differentiate between a: grant deed, a general warranty deed, a quitclaim deed and a deed of reconveyance. When and how would these deeds be utilized?
3 Define the following: Trustor, Trustee, Mortgagor, Mortgagee, Grantor, Grantee, Optionor, Optionee, Vendor and Vendee.
4. Describe in detail what is meant by the Secondary Mortgage Market, who are the participants and what do they do?
5. Describe what is meant by the Primary Mortgage Market, who are the participants, both direct and indirect and what do they do?
6. Name some reasons why a buyer and seller of real property would agree to utilize seller financing to fund the loan versus a traditional lender?
7. Define what ‘Credit Scoring’ is and give several examples of what a person with outstanding credit has done to keep their credit score very high.
8. What is the difference between a loan processor and a loan underwriter, what are their duties and responsibilities to the lender?
9. What are the financial supporting documents that lenders want a borrower to provide along with their Residential Home Loan Application in order to qualify for a home loan? What are the reasons the lenders want these supporting documents?
10. You are a practicing, licensed real estate agent representing a first time buyer. Your buyer wants to know the difference between the following types of loans in order to help them make a decision: Fixed rate loan or adjustable rate loan, using a conventional lender or an FHA lender. Name some advantages and disadvantages of each as if you are responding to a future client.
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