RE-121 Chapter 1 Crossword Puzzle: The Nature of Real Property
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Questions and Answers

A position above the ground that is described by the reference to an established plane of elevation. ______

datum

One square mile of land, containing 640 acres. There are 36 sections in a township. ______ property: 'that which is movable.'

personal

Removing a fixture from real property so that it becomes personal property. ______

severance

A crop, such as wheat, produced annually through the labor of the cultivator. ______

<p>emblement</p> Signup and view all the answers

In a metes and bounds description, the length of a boundary, measured in any convenient unit of length. ______

<p>distance</p> Signup and view all the answers

A solid inorganic substance of natural occurrence (i.e. coal, copper, gemstones, or gold). ______

<p>mineral</p> Signup and view all the answers

This refers to standing water - a pond or a lake. ______

<p>littoral</p> Signup and view all the answers

In the government survey system, a strip of land six miles wide, running north and south. ______

<p>range</p> Signup and view all the answers

What is the acronym for the fixture tests? ______

<p>trade</p> Signup and view all the answers

____ property: 'that which is movable.'

<p>personal</p> Signup and view all the answers

In the government survey system, a strip of land six miles wide, running north and south. ______

<p>range</p> Signup and view all the answers

A unit of land area equal to 4,840 square yards (0.405 hectare). ______

<p>acre</p> Signup and view all the answers

____ fixtures. Personal property attached to real estate by a tenant for use in a trade or a business.

<p>trade</p> Signup and view all the answers

In a metes and bounds description, a direction, stated in terms of a compass bearing. ______

<p>course</p> Signup and view all the answers

____ property: 'that which is immovable.'

<p>real</p> Signup and view all the answers

A solid inorganic substance of natural occurrence (i.e. coal, copper, gemstones, or gold). ______

<p>mineral</p> Signup and view all the answers

What does the term 'Combined Loan-To-Value Ratio' refer to?

<p>The ratio that compares a borrower's total loan amount to the property's value</p> Signup and view all the answers

Which loans do NOT follow FNMA or FHLMC guidelines?

<p>Non-conforming loans</p> Signup and view all the answers

What is a critical document that lenders review to understand a borrower's credit management?

<p>A tri-merge credit report</p> Signup and view all the answers

What does FHA stand for?

<p>Federal Housing Administration</p> Signup and view all the answers

What is the term for the ratio that compares a borrower's total monthly debts to their gross monthly income?

<p>Back-End Ratio</p> Signup and view all the answers

Which of the following is a factor in assessing a borrower's creditworthiness?

<p>The amount of cash and liquid assets in their accounts</p> Signup and view all the answers

What does PMI stand for?

<p>Private Mortgage Insurance</p> Signup and view all the answers

What does the term 'non-traditional credit sources' refer to?

<p>'Sources of credit not typically reported to traditional credit bureaus'</p> Signup and view all the answers

What is a common factor that a credit report primarily helps lenders evaluate?

<p>The borrower's employment history</p> Signup and view all the answers

Which ratio compares total monthly housing expenses to gross monthly income?

<p>Debt-to-Income Ratio</p> Signup and view all the answers

Which of the following is NOT considered one of the five C's of credit?

<p>Color</p> Signup and view all the answers

What is the maximum back-end ratio generally preferred by FNMA for 1st Mortgages?

<p>28%</p> Signup and view all the answers

What does LTV stand for in the context of mortgages and loans?

<p>Lease-To-Value</p> Signup and view all the answers

Which type of loan does not require mortgage insurance because it is guaranteed?

<p>VA Loans</p> Signup and view all the answers

What is considered a good practice for assessing a borrower's ability to repay a loan?

<p>Checking their Gross Monthly Income and monthly obligations</p> Signup and view all the answers

What is a common factor that a credit report primarily helps lenders evaluate?

<p>The borrower's payment history</p> Signup and view all the answers

What does CLTV stand for?

<p>Combined Loan-To-Value Ratio</p> Signup and view all the answers

What is the term for the ratio that compares a borrower's total monthly debts to their gross monthly income?

<p>Debt-to-Income Ratio</p> Signup and view all the answers

Which of the following is a factor in assessing a borrower's creditworthiness?

<p>The borrower's credit history</p> Signup and view all the answers

What does PMI stand for?

<p>Private Mortgage Insurance</p> Signup and view all the answers

What document do lenders review to understand a borrower's credit management?

<p>A tri-merge credit report</p> Signup and view all the answers

Which of the following is NOT a factor in assessing a borrower's creditworthiness?

<p>Their favorite movie</p> Signup and view all the answers

What does PMI stand for in the context of mortgages?

<p>Private Mutual Investment</p> Signup and view all the answers

What is the term for the ratio comparing a borrower's total monthly debts to their gross monthly income?

<p>Back-End Ratio</p> Signup and view all the answers

What does the term 'non-traditional credit sources' refer to?

<p>Sources outside traditional credit reports like rent payments</p> Signup and view all the answers

Which type of loans do NOT adhere to FNMA or FHLMC guidelines?

<p>Non-conforming loans</p> Signup and view all the answers

What does FHA stand for in the context of mortgages?

<p>Federal Housing Administration</p> Signup and view all the answers

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