Chapter 14 preview · Real Estate Pre-Licensing (63 Hours)Vista previa del capítulo 14 · Real Estate Pre-Licensing (63 Hours)
Types of Mortgages and Sources of Financing
Chapter 14 of the state-approved course focuses on the various types of mortgages and financing sources available in Florida real estate. Understanding these concepts is essential for navigating the complexities of real estate transactions and ensuring successful closings.
Chapter audio lessonAudio del capítulo
The chapter audio provides an overview of financing options and key computations necessary for successful real estate closings.
Key termsTérminos clave
- earnest money
- A deposit made by the buyer to demonstrate good faith in a real estate transaction, held in escrow until closing.
- contingency
- A condition in a purchase contract that must be satisfied for the transaction to proceed.
- Closing Disclosure
- A document that outlines the final terms and costs of a mortgage, provided to the borrower before closing.
- proration
- The process of dividing expenses, such as property taxes, between the buyer and seller based on the closing date.
- commission split
- The division of the total commission between brokers and agents involved in a real estate transaction.
Ask the AI tutorPreguntar al tutor de IA
Practice questions for this chapterPreguntas de práctica para este capítulo
- Commercial fire and hazard insurance policies usually require coverage to equal at least 80 percent of the property’s
- Which of the following are common contract contingencies?
- What is the intangible tax on a mortgage of $150,000 if the rate is 2 mils (.002)?
- The purpose of the closing event is to
- The Loan Estimate must be sent to the borrower within how many days of completing the loan application
Frequently asked questionsPreguntas frecuentes
Is title insurance required in Florida?
Yes, title insurance is typically required to protect against any unknown issues with the title that may arise after the purchase.
What happens if a buyer does not obtain financing?
If financing is not obtained, the buyer may not be able to close on the property, and the seller may have the right to terminate the contract.
How is the commission calculated in a co-brokerage situation?
In a co-brokerage situation, the total commission is split between the listing and selling brokers according to the agreed-upon split rate.
Keep studyingSigue estudiando
- Exam prep: Real Estate MathPrep. examen: Real Estate Math
- Exam prep: Closing ProceduresPrep. examen: Closing Procedures
- Exam prep: Title InsurancePrep. examen: Title Insurance
- Introduction
- The Real Estate Business
- Real Estate License Law and Qualifications for Licensure
- Real Estate License Law and Commission Rules
- Florida real estate exam question hubCentro de preguntas del examen de Florida
Ready for the full state-approved course?¿Listo para el curso completo aprobado por el estado?
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