Real Estate Exam 2024 - Pass The Exam On The First Try With 50 Questions To Know For The Exam
Exam Scholar - Real Estate Exam Prep・18 minutes read
Non-conforming loans over $417,000 are jumbo loans; Fanny May is the largest supplier of Home Mortgage funds and is shareholder-owned.
Insights
- Jumbo loans are non-conforming loans exceeding $417,000, while government loans like FHA and VA are funded by the Government National Mortgage Association (Ginny May).
- Fanny May, the Federal National Mortgage Association, is a shareholder-owned entity and the largest supplier of Home Mortgage funds, distinct from government ownership.
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Recent questions
What is a jumbo loan?
A jumbo loan is a non-conforming loan exceeding $417,000.
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Summary
00:00
Mortgage Loans, Government Funding, and Liquid Assets
- A non-conforming loan exceeds $417,000, categorized as a jumbo loan.
- The Government National Mortgage Association, also known as Ginny May, funds government loans like FHA and VA.
- Ginny May provides funds for FHA and VA loans, funded by the government.
- Fanny May, or the Federal National Mortgage Association, is the largest supplier of Home Mortgage funds.
- Fanny May is a shareholder-owned company, distinct from government ownership.
- Earnest money given by a buyer is placed in an escrow account until the transaction is closed.
- Both Fanny May and Freddy Mack are congressionally chartered organizations, not government-owned.
- Desk cost is calculated by dividing the total operating expenses by the number of desks in a real estate office.
- Borrowers have three days to rescind loans where their personal residence is used as security.
- Assets quickly convertible to cash are considered liquid assets.
25:04
Real Estate Negotiations, Life Estates, and Leases
- Mary expresses interest in purchasing Jon's house for $560,000 instead of the listed price of $540,000, instructing Jon's agent not to offer that amount unless necessary.
- Upon the death of a life tenant, the ownership of a life estate automatically terminates, with the life estate being based on the lifespan of a third party.
- A tenant during high inflation would benefit from a lease based on a fixed rate, as it prevents rent increases based on market conditions, unlike leases tied to cost of living or Consumer Price Index.
