Quick Answer: What Are The Parts Of A Mortgage Loan What Purpose Does Each Part Serve?

What are the parts of a mortgage loan? What purpose does each part serve? A Pledge and Collateral. A Pledge is a promise to pay; and Collateral allows a lender the right to foreclose if the borrower does not pay.

Which form of payment is most common for a property manager quizlet?

A property manager could be paid a percentage of income, a salary, or a flat fee. Usually, a property management firm is paid by a percentage of the rents collected.

What form of payment is most common for a property manager?

When it comes to collecting rents, a significant quantity of property management companies still collect paper checks. According to a survey by the Association of Financial Professionals, the most common form of payment is still the old-fashioned paper check.

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What is the difference between Southern California and Northern California in reference to escrow accounts quizlet?

In Southern California, escrow services are usually performed by independent escrow companies or financial institutions. In Northern California, the escrow services are usually performed by title insurance companies. The main difference is when the instructions are signed.

Which of the following is not prohibited escrow related activity?

49 of 50 – Which of the following is not a prohibited escrow-related activity? An escrow agent cannot disburse a real estate broker’s commission prior to closing of the escrow. They may not permit, under any condition, any person to make any addition, deletion, or alteration of an escrow instruction.

What type of plan does a property manager implement to manage renters who do not pay their rent in a timely way?

The correct answer is b. Collection plan. A collection plan is a prudent tool for expediting the rent collection process and mitigating

What are not really deeds?

Which of the following deeds are not really deeds at all? Land Patent. Trust Deed. Trustee’s Deed is given to the buyer of property at a trust deed foreclosure sale, and a Land Patent is used by the government to grant public land to an individual. A Trust Deed is not a deed.

How much should I pay a property manager?

As a baseline, expect to pay a typical residential property management firm between 8 – 12% of the monthly rental value of the property, plus expenses. Some companies may charge, say, $100 per month flat rate.

What is a property manager’s first responsibility to the owner?

What is a property manager’s first responsibility to the owner? To realize the maximum profit on the property that is consistent with the owner’s instructions.

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What is included in property management fee?

For the actual management of your property, there’s the monthly management fee, which includes property inspection and maintenance, handling emergency maintenance, collecting rent payments, and other day-to-day tasks.

What is the difference between southern and northern California in reference to escrow accounts?

In Southern California, escrow services are usually performed by independent escrow companies or financial institutions. In Northern California, the escrow services are usually performed by title insurance companies. The main difference is when the instructions are signed.

What percentage is California real estate general fund?

The Real Estate General Fund is an account that holds all the money collected from license and exam fees, and is used for the operating expenses of the DRE. 1. 8% for the Real Estate Education and Research Fund 2. 12% for the Recovery Fund – regards the consumer victim of actions from real estate licensees.

Which person can alter escrow instructions?

The principals may change, by mutual agreement, the instructions at any time and one principal may waive the performance of certain conditions, provided the waiver is not detrimental to the other principal to the transaction.

Which agency relationship can most easily result in a conflict of interest for the broker?

Which agency relationship can most easily result in a conflict of interest for the broker? A breach of the agent’s fiduciary responsibilities to the client.

What are the types of legal life estate?

The major forms of legal life estate are the homestead, dower and curtesy, and elective share.

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Which are the four elements required for a valid contract real estate?

REQUIREMENTS OF A REAL ESTATE CONTRACT

  • The contract must be in writing and there must be an offer and an acceptance of said offer.
  • The contract must have mutual assent and legal purpose.
  • The contract must identify all of the parties involved.
  • The contract must identify the subject property.

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