OK, this is being put together rapidly for those of you who want a lot of help (so no complaints).
I will add to it some almost every day. Depending on your browser, you may be able to get an answer by placing the mouse on “Answer.” To get an answer with an explanation, click on “Answer.” In some cases, you can also view a hint by placing the mouse on “hint.”
Let’s start with financing, but I’ll jump around.
1. What type of loan COVERS more than one property (they won’t all be this easy) Answer
2. What type of loan would be used if you wanted to put your old house and new house on the same loan until you are able to sell the old one? Answer
3. What is the most common type of FHA loan? Answer
4. What are the two types of security document? Answer
5. What are some examples of money documents? Answer
6. What are the differences between a mortgage and a deed of trust? Answer
7. What is a partially amortized loan called? Answer
8. What is a purchase money mortgage? Answer
9. What type of loan has a fixed interest rate, a schedule of lower payments at the beginning of the loan, and higher payments at the end of the loan? Answer
10. What federal law requires using standardized settlements, requires the lender to give a good faith estimate of settlement costs and prohibits kickbacks from lenders and title companies? Answer
Next we’ll do a few appraising questions.
1. What are the three methods or approaches of appraising property? Answer
2. Which method or approach will most likely give the highest estimate of value? Answer
3. What is the principle of “anticipation?” Answer
4. Which appraising method or approach is used the most in the re-sale of residential real property? Answer
5. If the yearly rent on a property is $9600, and the yearly expenses are $1800, what would the value of the property be if the gross rent multiplier for the neighborhood is 110? Answer
OK, now some Property Ownership questions.
1. What do you GOTTA have for Joint Tenancy? Answer
2. How does a person get out of a Joint Tenancy if the others won't allow it? Answer
3. If you don't have PITT, what do you have? Answer
4. How can a person get out of a Tenancy in Common if the other owners don't want them to? Answer
5. If A, B & C are Joint Tenants, and C sells to D, then how do A, B & D hold ownership? Answer
6. If A, B & C are Joint Tenants, and C dies, what are A & B, and what percentage of ownership interest do they each have? Answer
7. When B dies, how does A own the property? Answer
8. Okay, if A,B,C & D are Joint Tenants, D sells his share to E, then A dies, C sells his share to F and then B marries G, who owns what and how? Answer
9. If Tim and Sally are Joint Tenants, and then get married, how do they own the property? Answer
10. What is probate? Answer
11. How can you avoid probate? Answer