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real estate principles
Practical Real Estate Law 5th Edition Hinkel, Daniel F. - Solutions
6. What is the difference between a grantor and a grantee index?
5. Explain the bona fide purchaser for value rule.
2. What is the difference between aetua anri constructive
3. What are the three types of recording statutes, and how
1. Whv is it important to have a title examination per- formed? do thev differ?
2. Research the common form of mortgage used in your state. Is it a mortgage, deed of trust, or deed to secure debt? Obtain a copv of the form. Review it carefully and observe its differences and similarities with those forms set out in the book.
1. Research the Uniform Commercial Code Article 9 rides for vour state. Has your state adopted the revised rules? Does vour state have any special requirements for filing financing statements that perfect security interests in fixtures, growing crops, or timber? Does your state permit electronic
5. You have a mortgage on your home to First Bank and Trust. The mortgage is a FNMA/FHLMC Uniform Mortgage.You currendv have the home under a contract for sale.You want to be able to sell the home and have the purchaser assume the mortgage to First Bank and Trust.Two days before the closing of the
4. You have been asked to prepare a mortgage to secure a real estate loan transaction. You have been asked to use the FNMA/FHLMC Uniform Mortgage. What information do vou need to prepare the mortgage?
3. You have been asked to prepare a construction loan agreement for a lender client of the firm. The lender wants the maximum protection against problems as thev disburse the loan proceeds. In drafting the construction loan agreement, what requirements would vou add for the disbursement of the loan
2. The street in front ol Sarah Baker's house is being widened Iron) two lanes to lour lanes. The widening will require the Count) to take approximateh 10 leet ol Sarah's front yard. The count)' has promised to pay Sarah $20,000 lor the yard being taken. Sarahs home is seemed In a loan to First
I. Vou are assisting an attorney in the closing of a loan to he secured h\ an apartment project Kach apartment contains a refrigerator, an electric range, an oven, and a dishwasher. Von have been asked to prepare a seeurit\agreement and to file a UCC financing statement to perlect the lender's
9. What remedies does a lender have for a default under a construction loan agreement?
8. What is retainage in a construction loan, and why is it important?
7. What representations and warranties are required of a borrower in a construction loan agreement?
6. What is the importance of an assignment of leases and rents to a lender?
5. What is a nonrecourse loan, and who benefits from it?
4. Why do lenders w ho make construction loans require a borrower to sign a construction loan agreement?
3. What is the importance of filing a UCC financing statement?
2. What is a security agreement?
1. How can a lender protect itself against a borrower's failure to pay real estate taxes and to keep the secured buildings and improvements insured?
1 Can it be waived al ter the tort 'closure sale?
4. Research your state s law to determine if it recognizes post foreclosure redemption rights for mortgagors. If so, what is the redemption price that must be paid? What is the period of time for redemption following a foreclosure sale? Can a right of redemption be waived [trior to the foreclosure
3. Research the usury statutes of your state. Write a brief report indicating the maximum rate of interest that can be charged under these statutes for a mortgage loan. Attach copies of the statutes used to form the conclusions set forth in the report.
2. Research your state's method of foreclosure of a mortgage.Is it a indicia! proceeding or a nonjudicial proceeding.Prepare a briefmemorandum discussing the procedures for the foreclosure of a mortgage. Attach as an addendum am statutory or case authority you were able to find through your
1. You are a legal assistant working for a law firm that represents the American Eagle Mortgage Company. American Eagle Mortgage Company is making a real estate mortgage loan to Constance Morton and Samuel Morton.The amount of the loan is $75,500 payable at an annual interest rate of 8 percent per
9. You are a legal assistant in a law firm that handles foreclosures for mortgage lenders. You are attending a power of stile foreclosure. The bidder at the sale bids and buys tin' property for 8100,000 more than the debt owed to the foreclosing lender. You are standing there with the 8 100.000 in
8. You are working for a law firm that represents a lender who specializes in second mortgage loans. It has come to your attention that the holder of a first mortgage on one of the properties securing this lenders loans has commenced foreclosure proceedings. Should the second mortgage lender be
7. You are a legal assistant working for a law firm that represents a large shopping center developer. The developer has come to the firm widr a problem widi one of its major lenders. It appears that the lender is foreclosing on one of the shopping centers. The developer insists that the loan is
6. You are a legal assistant working for a law firm that represents a lender who specializes in making second mortgage loans. You hav e been asked to prepare some special stipulations to be contained in the lender's mortgages to protect them against possible problems caused by the first-mortgage
5. You are assisting a mortgage lender who specializes in making second mortgage loans to homeowners. You have been requested to prepare an estoppel certificate to be signed bv the first mortgagee on the home. What tvpes of things would v ou include in the estoppel certificate to be signed by the
4. Ruth Thomas owns a home that has been pledged to First Bank and Trust to secure a mortgage debt of 860.000. Ruth Thomas sells her home to John Kendall, who purchases the home and assumes the mortgage held bv First Bank and Trust. John Kendall subsequently sells the home to Mark Minphv. who
3. You are assisting in the representation of a lending institution as the holder of a promissory note from the Good Earth Land Company. The note is personally guaranteed bv the principal shareholder of Good Earth Land Company, Gooden Earth. The note is being modified to extend the final term for
2. You are a legal assistant assisting in the representation of a maker of a negotiable promissory note. The maker wants to pav the note in full and has asked you to obtain the original note marked "paid and satisfied' from the holder of the note. On contact with the holder of the note you learn
1. \ largo Maker executed and delivered a negotiable promissory note for 8 10.000 to Acme Bank and Trust. The note, while in Acmes possession, was altered from 810.000 to S 100.000. Acme sold the altered note to Wherever Life Insurance Company for 895,000. The endorsement from Acme to Wherever is
10. What remedies other than foreclosure are av ailable to a real estate lender in the ev ent of a default
9. Why is bankruptcy a good debtor's defense to a foreclosure?
8. What is the difference between a judicial and a nonjudicial power of sale foreclosure?
7. What is the difference between a promissory note and a guaranty?
6. What risks are inherent in second mortgage loans?
•5. What is the difference between purchasing real property subject to a mortgage and assuming a mortgage?
4. What is the importance of being a holder in due course?
3. What is an open-end or dragnet mortgage?
2. Explain the endorsement process, with its accompanying contractual and warrants' liabilities.
1, Why is the negotiability of a promissory note important
2. Visit a local residential mortgage lender in your state and obtain information from them regarding all the types of mortgage payment plans they offer to customers. Summarize the features of each plan and discuss the adv antages and disadvantages in a short memorandum.
1. Does your state have any special regulations governing subprime lenders? Search your state s statutes for such regulations.Prepare a short memorandum outlining the regulations and attach the state statutes you found as an addendum.
3. Assume a mortgage loan with an outstanding principal balance of $70,000 and an interest rate of 11 percent. The loan is to be repaid over twenty years. The monthly mortgage payment is $291.67 plus accrued interest. What type of amortization payment plan is this?
2. Assume a mortgage loan with a principal balance of $110,000 and an interest rate of 9.75 percent. The loan is to be repaid over twenty years and the monthly payment is to be $875.00. What t\pe of amortization plan is this?
1. Assume a mortgage loan has an outstanding principal balance of $75,000 and the interest rate is 10.25 percent.Calculate what portion of a $710 monthly payment will be allocated to interest.
10. What is a negative amortization loan?
9. What is a balloon payment?
8. What is the difference between a fully amortized loan and a straight-line amortized loan?
7. What does it mean to pay a mortgage loan in arrears?
6. What is a construction loan, and how is the construction loan repaid?
5. Who are the major investors in the secondary mortgage market?
4. What service does a private mortgage insurance company provide?
3. What role does the VA play in real estate financing?
2. What is the loan-to-value ratio?
1. What is the difference between a conventional loan and an insured mortgage loan?
2. Martha Jones writes her daughter, Betsv Jones, the following letter:Dear Betsy Jones:Thank you for your last letter and the attention you have given me for years. You are truly a comfort to your mother in her old age and I would like to show my appreciation. As you are aware, I hav e moved from
1. Research your state's law to determine what form of witnessing or notarization to a signature on a deed is required.
3. You are a legal assistant involved in a closing of a purchase of real property. The real property is owned In Buth White. Purchasers of the property are Albert Cieen and Linda Cieen. You have prepared the deed tor Buth White's signature, and you are in a state that requires two witnesses to Buth
2. Aaron owns a farm. Aaron has given First Bank and Trust a mortgage on the farm. Aaron transfers ownership of the farm to Bob and gives Bob a general warranty deed. The general warranty deed to Bob warrants thai there are no encumbrances on the farm and does not mention the mortgage to First Bank
1. Samuel Adams is selling his Boston townhouse to Harrison Stone. Who is required l si
10. What is the importance of having a grantor's signature witnessed?
9. Briefly list three presumptions regarding the delivery of a deed.
8. When can a deed be rescinded?
7. Which states law will control the legal requirements for a deed?
6. What is a quitclaim deed, and what are some of its uses?
5. What is the difference between a present covenant and a future covenant contained in a general warranty deed?
4. List and briefly describe the formal parts of a deed.
3. What are the basic requirements of a valid deed?
2. What is the difference between a general warranty deed and a limited warranty deed?
1. What six covenants or warranties are included in a general warranty deed?
3. Research vour state's law to determine if it recognizes electronic signatures on real estate documents. Make a copv of vour state's statute and review it to see if there are limitations on the use of electronic signatures.
2. Research vour state's law to determine what seller disclosure forms are required. Are the seller disclosure forms required only for residential transactions or commercial transactions, or both? Is the giving of a seller disclosure form voluntary or mandatory?
1. When is the effective date as that term is defined under the contract?m. What type of deed w ill be delivered to the purchaser at the time of the sale?n. When will possession ol the propert) be delivered to the purchaser pursuant to the agreement?o. W hat is the seller's remedy for the
1. Review the contract lor purchase and sale of a retail shopping center shown as Exhibit 7-4, and answer the following questions. Answer the questions in detail, making reference to the contract paragraph number you used as authority for your answer.a. How much is the brokerage commission in
2. Harold and Maude entered into negotiations with Sam to purchase Sam's home. The home was not new, and Harold and Maude had some concerns that the roof might leak. Sam verbally assured them that the roof did not leak.The written contract entered into between Sam and Harold and Maude, however, did
1. The following is a list of contract provisions. Do these provisions favor the seller or the purchaser?a. Seller is to convey insurable title to the real property at closing.b. Seller is to convey title to the real property subject to utility easements and other restrictions of record.c. Seller
15. What is a tenant estoppel letter, and when would one be required in a real estate contract?
14. What warranties commonly are required of a purchaser in a real estate contract?
13. What warranties commonly are required of a seller in a real estate contract?
12. Why would a real estate broker want to be a part)' to a real estate contract?
1 1 . W hat is the doctrine of caveat emptor and how docs it apply to a real estate purchase and sale contract?
10. What is earnest monev, and what is its role in a real estate contract':'
9. What is a closing, and why is its date important in a real estate contract?
8. At what time do most real estate contracts provide that the purchaser will take possession of the property?
7. If, under a real estate contract, the seller is to provide financing to the purchaser, what issues should be discussed concerning seller financing?
6. What items usually are prorated in a real estate contract?
5. Explain the difference between marketable title and insurable title.
1 What is a "free look," and in what circumstances would you expect to find a free-look provision in a real estate contract?
3. What docs the "time is of the essence" phrase mean in a real estate contract?
2. Brieflv describe the various methods of pavment for real property.
1 . Why is careful attention to detail required in the preparation of a real estate contract?
4. Can a real estate broker act as a dual agent in vour state? Please research the law carefully and prepare a short memorandum outlining what is required, in the form of disclosure or otherwise, for a real estate broker to represent both the seller and purchaser. This information is probably
3. Research your state's law regarding powers of attorney and their use in the transfer of ownership to real property.Prepare a brief memorandum outlining the requirements for a power of attorney authorizing a person to sign a deed and discuss whether your state law requires the power of attorney
2. Research your state's law concerning liquidated damages.What is required in your state for a liquidated damage provision in a real estate contract to be enforceable?Prepare a short memorandum regarding the conclusions of your research.
1. Research your state s statute of frauds law and prepare a brief memorandum summarizing what contracts are required to be in writing in your state.
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