stupid shit that i didnt study because it wasnt even on prep agent that much

Question 1

What is ARM

Answer 1

Adjustable Rate Mortgage. A mortgage interest rate that changes overtime based on market conditions. This is found by index plus mortgage

Question 2

a blanket mortgage

Answer 2

covers more than one parcel in a lot

Question 3

GEM

Answer 3

Growing Equity Mortgage - the borrower will need to make bigger payments through out the mortgage, but these payments are more equity given to the borrower

Question 4

GPM

Answer 4

graduated payment mortgage - low payments at start and then it gradually increases at a fast rate and then will stay at an even pace. this can negative amortization due to the the payment increasing too gradually

Question 5

an open end mortgage is

Answer 5

a fixed rate mortgage with a specified year of completion and allows the borrow to pay off early with additional payments. however with high interest rates

Question 6

how long does a licensee have to be working for them to initial instead of the broker?

Answer 6

a minimum of 2 years full time

Question 7

what is negative declaration

Answer 7

A Negative Declaration is simply a statement that a project will not create significant environmental harm, or that environmental damage has b​een mitigated to a less than significant level. A Negative Declaration (ND) is issued after an Initial Study has been prepared.

Question 8

positive declaration

Answer 8

When a lead agency determines that a proposed action may have a significant negative impact on the environment, they must prepare an environmental impact statement (EIS). To kickstart this process, the agency files a notice called a Positive Declaration.

Question 9

a purchase money mortgage

Answer 9

kind of like a sales contract because the seller is the lender for the mortgage

Question 10

what are debits to the seller

Answer 10

These can include agent commissions, transfer taxes, attorney fees, property taxes, unpaid utilities, and prorated expenses.

Question 11

what are debits to the buyer

Answer 11

These can include down payment, loan fees, appraisal fees,

Question 12

a straight note

Answer 12

the payments are interest only and then at the end, borrower agrees to pay the full amount in one payment

Question 13

a wrap-around loan

Answer 13

A wraparound loan combines a new loan with an existing mortgage. The borrower pays the new lender, who then pays the original lender. this then makes it into one loan

Question 14

how many miles are in a township

Answer 14

6 by 6 = 36

Question 15

how many feet are in a mile?

Answer 15

5,280 ft

Question 16

what is a take out loan

Answer 16

A takeout loan is a long-term loan that replaces a short-term construction loan.

Question 17

interim loan

Answer 17

a short loan

Question 18

a construction loan

Answer 18

this is considered to be a short term loan or interim loan and typically covers for building and improvement costs

Question 19

regulation z

Answer 19

also known as the truth in lending act governs the disclosure of key terms and costs in consumer credit transactions

Question 20

prorated

Answer 20

to divide

Question 21

When a buyer’s agent must provide the disclosure relating to agency relationships to a buyer?

Answer 21

within 30 days of closing

Question 22

what does ostensible agency

Answer 22

to pretend to have authority. not ilegal

Question 23

doctrine of estoppel

Answer 23

prevents someone from going back on their word

Question 24

usury

Answer 24

ilegal rates of interest

Question 25

subrogation

Answer 25

an insurance company stepping into help a principle for liquidated damages

Question 26

what is a plantiff

Answer 26

the person suing

Question 27

what is recission

Answer 27

to cancel or to revocation of agreement

Question 28

what is a lot and block system

Answer 28

In simple terms, it involves dividing land into various lots and assigning unique numbers or names to each lot.

Question 29

what is metes and bounds

Answer 29

In very simple terms, it involves using physical features and measurements to define the boundaries of a property.

Question 30

what is a subdivision plat

Answer 30

the process of splitting one larger piece of land into several smaller parcels of land and drawing a map (or plat) of the new subdivision,

Question 31

unearned increment

Answer 31

unearned gained value

Question 32

what is the highest part of a house in terms of real estate

Answer 32

the ridge board

Question 33

what section is a space for wiring and plumbing

Answer 33

the crawl space

Question 34

what is the foundation for the floor or the foundation

Answer 34

the subfloor

Question 35

what is the first step in appraisal

Answer 35

to find the purpose

Question 36

when must the broker disclose who he represents

Answer 36

prior to signing the listing agreement

Question 37

what is the first step in an escrow

Answer 37

to open an escrow account