43 Questions
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. ______
emblement
In a metes and bounds description, the length of a boundary, measured in any convenient unit of length. ______
distance
A solid inorganic substance of natural occurrence (i.e. coal, copper, gemstones, or gold). ______
mineral
This refers to standing water - a pond or a lake. ______
littoral
In the government survey system, a strip of land six miles wide, running north and south. ______
range
What is the acronym for the fixture tests? ______
trade
____ property: 'that which is movable.'
personal
In the government survey system, a strip of land six miles wide, running north and south. ______
range
A unit of land area equal to 4,840 square yards (0.405 hectare). ______
acre
____ fixtures. Personal property attached to real estate by a tenant for use in a trade or a business.
trade
In a metes and bounds description, a direction, stated in terms of a compass bearing. ______
course
____ property: 'that which is immovable.'
real
A solid inorganic substance of natural occurrence (i.e. coal, copper, gemstones, or gold). ______
mineral
What does the term 'Combined Loan-To-Value Ratio' refer to?
The ratio that compares a borrower's total loan amount to the property's value
Which loans do NOT follow FNMA or FHLMC guidelines?
Non-conforming loans
What is a critical document that lenders review to understand a borrower's credit management?
A tri-merge credit report
What does FHA stand for?
Federal Housing Administration
What is the term for the ratio that compares a borrower's total monthly debts to their gross monthly income?
Back-End Ratio
Which of the following is a factor in assessing a borrower's creditworthiness?
The amount of cash and liquid assets in their accounts
What does PMI stand for?
Private Mortgage Insurance
What does the term 'non-traditional credit sources' refer to?
'Sources of credit not typically reported to traditional credit bureaus'
What is a common factor that a credit report primarily helps lenders evaluate?
The borrower's employment history
Which ratio compares total monthly housing expenses to gross monthly income?
Debt-to-Income Ratio
Which of the following is NOT considered one of the five C's of credit?
Color
What is the maximum back-end ratio generally preferred by FNMA for 1st Mortgages?
28%
What does LTV stand for in the context of mortgages and loans?
Lease-To-Value
Which type of loan does not require mortgage insurance because it is guaranteed?
VA Loans
What is considered a good practice for assessing a borrower's ability to repay a loan?
Checking their Gross Monthly Income and monthly obligations
What is a common factor that a credit report primarily helps lenders evaluate?
The borrower's payment history
What does CLTV stand for?
Combined Loan-To-Value Ratio
What is the term for the ratio that compares a borrower's total monthly debts to their gross monthly income?
Debt-to-Income Ratio
Which of the following is a factor in assessing a borrower's creditworthiness?
The borrower's credit history
What does PMI stand for?
Private Mortgage Insurance
What document do lenders review to understand a borrower's credit management?
A tri-merge credit report
Which of the following is NOT a factor in assessing a borrower's creditworthiness?
Their favorite movie
What does PMI stand for in the context of mortgages?
Private Mutual Investment
What is the term for the ratio comparing a borrower's total monthly debts to their gross monthly income?
Back-End Ratio
What does the term 'non-traditional credit sources' refer to?
Sources outside traditional credit reports like rent payments
Which type of loans do NOT adhere to FNMA or FHLMC guidelines?
Non-conforming loans
What does FHA stand for in the context of mortgages?
Federal Housing Administration
Test your knowledge of real property concepts with this crossword puzzle from Chapter 1 of RE-121. Solve clues related to fixtures, personal property, and land measurements.
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