Champions Real Estate Finance 2 Versions Exam With Perfect Questions And Answers
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Champions Real Estate Finance 2 Versions Exam With Perfect Questions And Answers
The consummation of a real estate transaction in which all appropriate documents are
signed and the proceeds of the mortgage loan are then disbursed by the lender. - Closing
Includes collecting monthly payments, maintaining records of payments and balances,
collecting and paying taxes and insurance ( and managing escrow and impound funds)
remitting funds to the note holder, and following up on delinquencies. - Servicing
an economic concept that states that the price of a good rises and falls depending on how
many people want it and depending on how much of the good is available. - Supply and
Demand
The process of transferring funds to a title or escrow company for disbursement - Funding
Designed to enhance consumer protection and reduce fraud. (Key component of HERA) - The
Safe Act
Is defined as the sum of currency held by the public and transaction deposits at depository
institutions. - M1
Is defined as M1 plus saving deposits, small-denomination time deposits (those issued in
amounts of less than $100,000) and retail money market mutual funds shares. - M2
Is currency that is not backed by any precious metals at all. - Fiat Money
Is the maintenance of a stable money supply that provides for growth in the economy while
keeping inflation in. The federal reserves is responsible for this policy in the United States. -
Monetary Policy
Federal Government spending. Approved by Congress. At the treasury level, funds can be
raised to pay for government spending by raising taxes and increasing borrowing. - Fiscal
Policy
is the central bank of the United States - Federal Reserve (The Fed)
When there is an excess of money supply in the market. - Monetary inflation
When there is more money in the market and less goods for sale. - Demand-pull inflation
Occurs when the cost of production and offering services increase, thereby causing
manufacturers and tradespeople/vendors to rais their prices accordingly. - Cost-push
inflation
The interest rate charged member banks that borrow from the Federal Reserve Systems -
Discount rate
Is the rate that the Federal reserve charges banks for unsecured loans, most of which are
for a very short term. - Federal Funds Rate
The percentage of the lesser of the appraised value or sales price that the lender will lend.
ex: If a borrower is approved for an 80% loan, it means that the lender will loan up to 80%
of the sales price or appraised value, whichever is lower. - Loan-to-Value Ratio (LTV)
Includes both real and personal property ( fixtures and furnishings) - Package Mortgage
Covers more than one piece of property. - Blanket Mortgage
Method of financing which preserves the low, existing interest rate on the original note. -
Wraparound Mortgage
Permits additional borrowing on the same note. This is sometimes called a credit card
mortgage or a home equity line of credit - HELOC. - Open-End Mortgage
The monthly house payment includes principal, interest, taxes and insurance (known as PITI)
- Budget Mortgage
A hard money loan is a specific type of asset-based financing in which a borrower receives
funds secured by the value of a parcel of real estate. - Collateral -Dependent Loans
Is a measure of the willingness of a borrower to make on-time payments. Credit character
is revealed in the borrower's credit report. - Character
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