Quiz #2 Flashcards
In a $257,000 sale with a 95% conventional loan, how much is the intangible tax?
Recording fee Page 388
($257,000) (.95) =$244,150 (round up to the next whole #) $244,100 new loan amount
~PD AT $1.50/$500 OF NEW LOAN~
$244,100 /$500.00 = $488.20 (round up to the next whole #) $489.00
$489.00 X $1.50 = $733.50 INTANGIBLE TAX
How much is the interest adjustment on a $159,500 loan at 6.35% with a June 5th closing date?
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June 1 June 5 June 30
($159,500) (6.35) = Annual Interest $10,128.25
=$10,128.25/360 days = 28.1340278 daily
26 days x 28.1340278 = $731.4847228
=$731.48
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If a lender has a policy of charging a PMI of 1.0% on a 95% L/V ratio and 0.06% on a 90% L/V ratio, what is the PMI if the sales price is $265,700 and a 90% Loan
Page 385
$265,700 x 90% =
$239,130 Loan amount
$239,130 x .006 = $1,434.60
What are the TRID penalties for routine violations; for knowing violations; and for reckless violations?
TRID stands for TILA-RESPA Inegrated Disclosures which combines the 2 laws: Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA) = one set of rules to provide clarity about fees, expenses and disclosures.
Routine Violation: $5,000/day
Knowing Violation: $25,000/day
Reckless Violations: $1,000,000
If a property sold for $185,000, the seller has an existing loan with a balance of $137,587 at 7% and the buyer was getting a 95% conventional loan at 7.5% what is the accrued interest if the closing takes place on February 24th?
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Feb 1 Feb 24 Feb 28
$137,587 x .07 = $9,631.09 annual interest
$9,631.09/360 = $26.75/day interest
$26.75 x 24 days = $642.07264 or $642.07
If a property sold for $185,000, the seller has an existing loan with a balance of $137,587 at 7% and the buyer was getting a 95% conventional loan at 7.5% what is the interest adjustment?
Page 383
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Feb 1 Feb 24 Feb 28
$185,000 x .075 = $13,177.50 Annual Interest
$13,177.50/ 360 = $36.604166/day x 5 days
$183.02083 =$183.02
What are the 7 provisions of a lease?
1 Term
2 Use Restrictions
3 Maintenance
4 Security Deposit
5 Quiet Enjoyment
6 Disrepair
7 Destruction of the premises
What is a percentage Lease
Owner receives % of the gross receipts = rent
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What is a net lease?
Tenants pay all property taxes, insurance, repairs, and utilities. Tripple Net Lease
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What is a gross lease?
Tenant pays fixed rent & landlord pays everything else.
Page 440
What is an estate for years?
Specific Starting and End Date
What is a periodic estate?
Definite period of time with an automatic renewal if not terminated
