David Saks

The basis is the carbon copy of a mortgage document.

Is this fact true or false ?

Please remember to take your time. The solution is posted below the wildlife photo.

theory

A. False

The basis is a figure which is used to calculate gain on the sale of real estate as required for federal income tax.

A balloon mortgage is a contract for the purchase of a home which is delivered to the buyer by the lender by a lighter than air method of transportation known as a balloon.

Is this fact true or false ?

Please take your time. The solution is posted below the wildlife photo.

A. False

A balloon mortgage is an interest-only or partially amortized loan for a mortgage that requires the borrower to make a payment of the remaining principal balance of the loan at the end of the term of the loan.

It's called a balloon mortgage because of the balloon payment which is a final payment which is much larger than the other regular payments applied to the balance of the loan.

When we talk about the bad debt/vacancy factor were referring to an income approach to an appraisal whereby a percentage will be deducted from a property's expected gross income and an estimate of the income that is most likely to be suffered because of tenants who default on their payments, including vacancies, will be projected.

Is this fact true or false ? 

Please remember to take your time. The solution is posted below the wildlife photo.

A. True

An audit in real estate means the ability to hear, in audible terms, the price of the property in a normal speaking voice.

Is this fact true or false ?

Please take your time as I know this question is a difficult one. Of course, if you just can't wait, the solution is posted below the wildlife photo.

A. False

An audit is an examination of records and an inspection of accounting procedures by a trained accountant, CPA or other official.

An assumption fee is a fee that a lender will charge a borrower for assuming that his or or loan will be approved.

Is this fact true or false ?

Please take your time with this extremely difficult answer, and  consult with an expert if you think you might have any problems solving this one.

As usual, the solution is posted below the wildlife photo if you just can't stand it anymore and just have to peek.

A. False

An assumption fee is a fee that lender will charge when a buyer assumes the seller's loan.

The fee is normally paid by the buyer.

An assumption is when one party or another assumes that the property is going to be given to them as part of a devise.

Is this fact true or false ?

Please take your time. The solution is posted below the wildlife photo.

A. False

If a buyer takes over the responsibility of repaying a seller's existing mortgage, and subsequently the buyer becomes liable to the lender, this is known as an assumption.

If the seller is not released by the lender the seller may still remain secondarily liable for repayment of the loan.

An assignor is one who has engaged in the practice of breeding mules and donkeys.

Is this fact true or false ?

Please take your time. The solution is posted below the wildlife photo.

A. False

An assignor is one who assigns rights or interests to another person or entity.

The assignor is the party who makes the assignment.

When we talk about an assignment, when discussing real estate, we're actually referring to the homework which is assigned by the instructor or professor in your real estate class.

Do you have any doubt in your mind as to whether or not this fact is true ?

What's your verdict ? True or false ?

Please take your time because, as we all know by now, the solution is posted below the wildlife photo.

A. False (were you stumped ?)

When contract rights are transferred from one party to another it's know as an assignment.

An assignee is one who has placed their name on a legal document and has had it witnessed by a government official.

Is this fact true or false ?

Please take your time. The soution is posted below the wildlife photo.

A. False

One who has had interests or rights assigned to them is known as an assignee.

Wasn't that easy ?

"For all those whose cares have been our concern, the work goes on, the cause endures, the hope still lives and the dream shall never die."

Senator Edward Kennedy