Chapter 7 Flashcards
a credit investigation is made up of
Personal interview with the applicant in his residence
documentary verification
inquiry from 3rd parties
a personal interview should be done in 2 stages
1st is the borrower comes to the office to file his credit application
2nd is when credit investigator pays a visit at his residence
it allows tye CI to assess and determine the applicants overall financial resources
ocular inspection
it is done to verify ownership and possession offered as collateral
documentary verification
are done to verify and understand the applicants personal and credit reputation
third party inquiries
some of the external sources are
credit bureau nad newspapers
used by the BIR to calculate capital gains taxes, do not show the market value of. property
BIR zonal valuation
are those that cannot bw uprooted or removed without defacing or destroying the property
immovable machinery or equipment
appraisal for machinery and equipment could be done in different ways
percentage of acquisition cost
replacement cost
some of the few instances of fraud
spurious titles
property claims on government land
mortgaging a title that does not belong to the borrower
movable properties are classified as
agricultural
residential
commercial
industrial
what should the appraiser bring
sketch plan of the property
vicinity and location plan
compass
tape measure
copies of titles and tax declarations
