Attempt 2 Need to Know

One square mile

640 acres

Annual amount of interest

Loan x interest rate

In GRM situations (80-140) GRM =

Monthly

To find the TERM

find the annual interest rate, then divide by the interest already paid.

RESPA

Real Estate Settlement Procedures Act - Was enacted to help homebuyers by giving information, and combat predatory lending practices

Characteristics of Value

STUD S- scarcity T- transferability U- utility D- demand

Fee appriaser

works independently and is paid by charging a fee

In GRM situations (5-20) GRM =

Annual

To find a %

Income / Investment

GRM

Price / rent

If a listing agreement is in place, (usually exclusive right to sell) and the seller says they no longer want to sell, the broker can

Still get an earned commission from the principal (might have to go to court to get it)

To find original cost of home - if the amount is smaller

Use division (price / % of profit) always add 100%

To find original cost of home if the amount is larger

Use multiplication (price X % of profit) always add 100%

Part Purchase Mortgage

When a buyer assumes the loan from the seller, and also finances their down payment - so the seller becomes the mortgagee