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8 Cards in this Set
- Front
- Back
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If a property sells for 240,000 and 2 brokers participated in the sell, how much is the selling sales person to be paid if the rate was 7% and the broker and salesperson share commission equally |
4,200 (240,000×.07/4=4200) |
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What type of note calls for interest payments during the term of the loan and principal due at the end of the loan |
Straight term loan |
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How many points will lower the rate of interest by 1% |
8 |
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In electronic network for handling loan applications through remote computer terminals linked to several lenders computers that may be used by a realestate broker or a salesperson to help a buyer select and apply for a loan is called |
A computerized loan origination |
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The mortgagee is the |
Lender |
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That closing statement required by RESPA must be used and in what instance |
All transactions in which mortgage financing is involved |
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A type of loan that covers a number of parcels of real estate and provides for the release of the lein on each parcel when certain payments are made on the loan is referred to as a |
Blanket loan |
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What type of note calls for interest payments during the term of the loan and principal due at the end of the loan |
Straight term loan |
