What does piti stand for and who would use this

Reference no: EM133491151

Question 1 The Equal Credit Opportunity Act prohibits discrimination in a number of critical areas, for example, age is one of them, name 3 other areas where discrimination is prohibited.

Question 2 When completing an appraisal, there are 3 potential approaches to value, name all three. Which approach(es) is most likely to be used for residential real estate? for a commercial building?

Question 3 What does PITI stand for? Who would use this and for what purpose?

Question 4 If I own a condominium, what does HOA stand for? Why should you be concerned about the HOA? Do HOA dues increase your monthly housing expense?

Question 5 If I own a condominium, what do I own? How is that typically different if I own a residence in a PUD?

Question 6 What is title insurance? Why would you want to have title insurance?

Question 7 What are the 2 main components of an ARM type loan? In the future, which one are you most likely to be concerned about?

Question 8 What document transfers title? Why would you want it to be recorded?

Question 9 What is the name of the lease where the tenant pays for maintenance, property taxes, and insurance? (I don't think it's "gross"). Which lease would owner's prefer?

Question 10 The assessed value of a property is $200000. The mill rate is $20/1000. How much is the property tax on this property?

Question 11 What does MLS stand for? How is MLS helpful to consumers of real estate?

Question 12 What does the term capitalization mean? What is a cap rate? How is it used in the commercial real estate market? If a building has NOI (net operating income) of $100,000 and the cap rate for this type of income property is 5%, what is the value estimate for this property?

Reference no: EM133491151

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