Episode 102 - Real Estate Exam Questions: Real Estate Finance, Lending, and Math, Part 1
Episode 102 - Real Estate Exam Questions: Real Estate Finance, Lending & Math, Part 1
Going through state exam questions to help real estate students pass their state exam.
02:05 – B's Message: Making mistakes is better than faking perfection.
06:30 – List of recent grads: Andrea, Joyce, Lynn, Adrienne, Abigail, Jessica, Angela, Sara, Marquita, Kimmy, Bruno, Eric, Jennifer, Rina, Daisy, Sabrina, Shauna, Marie, Anne, Renae, Staci, Samantha, Joey, Steven, Barbara, Tina, Elizabeth, Karen, Ashley, Lewis, Veronica, Adam, Delaney, Dianna, Claudia, Bryant, Perry, Melissa, Sheila, Tina, Frank, Lane, Daniel, and Jade.
08:30 – Listener Message from Andrea
12:20 – Episode Focus: Finance and lending in real estate, part one. Part two will come out in June.
14:00 – PITI payment; Principal, Interest, Taxes, and Insurance.
18:15 – DTI; Debt to Income ratio.
21:35 – Promissory note; IOU; contract between the borrower and the lender.
24:10 – Mortgage – verb and noun (lien); hypothecation; mortgagor and mortgagee; lien theory versus title (trust) theory.
31:55 – Interest payments; Formula: Loan amount x Periodic Interest Rate = Periodic Interest Payment; interest rate is almost always expressed as an annual rate.
37:40 – Discount point; increases yield to lender; reduces interest rate paid by borrower; value of a discount point; Formula: Loan Amount x Discount Point (as a percent) = Cost of Discount Point.
46:55 – Mortgage clauses: acceleration clause, defeasance clause (satisfaction of mortgage), and alienation clause.
52:15 – Foreclosure: judicial versus non-judicial; deed in lieu of foreclosure; short sale; redemption (equitable right versus statutory right); deficiency judgement.
1:00:25 – Exam questions
1:34:20 – June episode is part 2; LTV (loan to value), loan types, and governmental regulations (RESPA and TILA).
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Go to www.indianarealestateinstitute.com for Indiana real estate classes.
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