David Saks: June 2013

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Real Estate Practice : Lesson 2209

                                                 #2209

When a portion of a borrower's monthly mortgage payment is held to be applied later towards property taxes and insurance the money will be held by a trustee.

Is this true or false ?

Take your time. The solution is posted below the wildlife photo.

wildlife

A. False

Money held for property taxes and insurance are held in escrow established for that purpose by the lender and paid out of the account when property taxes and insurance are due and payable.




David Saks



Time&Temp Memphis

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Comment balloon 0 commentsDavid Saks • June 03 2013 04:32AM
Real Estate Practice : Lesson 2209
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#2209 When a portion of a borrower's monthly mortgage payment is held to be applied later towards property taxes and insurance the money will be held by a trustee. Is this true or false.. more
Real Estate Practice : Lesson 2208
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#2206 How much is one half divided by two thirds The answers, along with the corresponding solution, will be posted below the photographs at the bottom of the page, so spend a little… more
Real Estate Practice : Lesson 2205
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#2205 When a lender takes a loan application the most important thing the lender is concerned with is the applicants employment history for the last 15 years. The applicants… more
Real Estate Practice : Lesson 2204
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#2204 One of the best ways available to compare loan costs is to use a formula that examines the lender's yield Is this fact true or false Take your time. The solution is… more
Real Estate Practice : Lesson 2203
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#2203 When an item is prorated at closing the item is considered the type of item which will not have to be paid for. Is this fact true or false Please take your time. The… more
Real Estate Practice : Lesson 2202
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#2202 If there is a debit on the buyer side of a settlement statement this is a charge that has to be paid by the buyer at the closing table. Is this fact true or false Take… more
Real Estate Practice : Lesson 2201
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#2201 A real estate transaction is scheduled to close in the month of May on the 12th. The seller paid the annual premium for his hazard insurance about six months ago. The… more