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As stated in the class syllabus, this final exam for Real Estate Finance will consist of ten (10) essay questions that will need to be answered in writing. Please type out your responses in a word document format or pdf and post on the class Canvas Final Exam.
Each response to each question will require one or two well written paragraphs with approximately 130 â€“ 150 words written in order to answer each question. Therefore, to answer all 10 questions, you should be writing 1,300 to 1,500 words. Please provide detailed responses to each question and even give an example for each response.
You must write this final exam in your own, copying and pasting from other sources such as the Internet will not be tolerated, you will fail this fail if you plagiarize work, it must be your own writing. Short quick 15 word responses will not be accepted, you need to write 130 – 150 words per question, provide examples to help strengthen your responses.
1. Differentiate between a mortgage and a trust deed, name one or two advantages and disadvantages to the borrower and the lender. HINT: an advantage to the borrower will be a disadvantage to the lender and vice versa.
2. Differentiate between a: grant deed, a general warranty deed, a quitclaim deed and a deed of reconveyance. When and how would these deeds be utilized?
3 Define the following: Trustor, Trustee, Mortgagor, Mortgagee, Grantor, Grantee, Optionor, Optionee, Vendor and Vendee.
4. Describe in detail what is meant by the Secondary Mortgage Market, who are the participants and what do they do?
5. Describe what is meant by the Primary Mortgage Market, who are the participants, both direct and indirect and what do they do?
6. Name some reasons why a buyer and seller of real property would agree to utilize seller financing to fund the loan versus a traditional lender?
7. Define what â€˜Credit Scoringâ€™ is and give several examples of what a person with outstanding credit has done to keep their credit score very high.
8. What is the difference between a loan processor and a loan underwriter, what are their duties and responsibilities to the lender?
9. What are the supporting documents that lenders want a borrower to provide along with their Uniform Residential Loan Application in order to qualify for a home loan? What are the reasons the lenders want these supporting documents?
10. You are a practicing, licensed real estate agent representing a first time buyer. Your buyer wants to know the difference between the following types of loans in order to help them make a decision: Fixed rate loan or adjustable rate loan, using a conventional lender or an FHA lender. Name some advantages and disadvantages of each as if you are responding to a future client.