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THE DEVLIN FILES THINGS TO ABSOLUTELY KNOW! Many thanks to Mike Devlin for making these notes available! To go back - use your browser's back button
1). What are the three physical characteristics of land ? "A). ""PIN"" - PERMANENCE, IMMOBILITY, NONHOMOGENEITY" "2). What are the two ""bundle of rights"" ?" "A). ""PDQC"" - POSSESSION, DISPOSITION, QUIET ENJOYMENT, CONTROL" "B). ""SLUGER"" - SELL, LEASE, USE, GIVE AWAY, ENTER, REFUSE TO DO ANY OF " THESE. 3). How is real property transferred? A). REAL PROPERTY IS TRANSFERRED BY DEED 4). How is personal property transferred ? B). PERSONAL PROPERTY IS TRANSFERRED BY BILL OF SALE. 5). What was the ""feudal"" system of land ownership ?" A). ALL LAND IS OWNED BY THE KING 6). What type of system allows private ownership ? A). PRIVATE OWNERSHIP IS CALLED THE ""ALLODIAL"" SYSTEM OF OWNERSHIP." 7). What does the term ""fee"" imply in ownership or estates ? A). THE TERM ""FEE"" IMPLIES THE INHERITABILITY " 8). How does one know that a builder will finish installing streets, curbs, sidewalks, etc.? A). A ""PERFORMANCE BOND"" IS REQUIRED ON THE BUILDER" 9). What is the highest form of ownership? A). THE HIGHEST FORM OF OWNERSHIP IS: FEE SIMPLE ABSOLUTE 10). What are the three types of legal life estates? A). THE THREE TYPES OF LEGAL LIFE ESTATES ARE: DOWER, CURTESY AND" HOMESTEAD. 11). What is a dower estate? A). THE WIFE'S INTEREST IN HUSBAND'S REAL PROPERTY (NOT VALID ILLINOIS) 12). What is a curtsey estate? A). THE HUSBAND'S INTEREST IN WIFE'S REAL PROPERTY (NOT VALID ILLINOIS) 13). What is a homestead estate? A). PROTECTION FROM GENERAL CREDITORS, $7500 PER FAMILY MEMBER, " " UP TO $15,000.000 MAXIMUM." 14). What is a debenture ? A). A DEBENTURE IS A LONG TERM UNSECURED NOTE 15). What are characteristics of ""tenancy in common" ? A). SHARES DO NOT HAVE TO BE EQUAL, UNDIVIDED INTEREST IN WHOLE " " PROPERTY, INHERITABLE, NO RIGHT OF SURVIVORSHIP, EQUALLY " " RESPONSIBLE FOR EXPENSES, EQUALLY ENTITLED TO PROFITS, " MAY BE PARTITIONED. 16). What are the characteristics of ""tenancy by the entirety"" ?" "A). MUST BE MARRIED, EQUAL INTEREST'S, RIGHT OF SURVIVORSHIP, PITT+P," " PERMISSION TO SELL IS REQUIRED, DIVORCE CONVERTS TO TENANCY IN" " COMMON, CANNOT BE PARTITIONED, IN ILL. ONLY PRINCIPAL RESIDENCE." 17). What are the characteristics of "joint tenancy ?" "A). RIGHT OF SURVIVORSHIP, EQUAL SHARES, RESPONSIBLE FOR EXPENSES " " EQUALLY, NOT INHERITABLE, PITT, CAN BE PARTITIONED." 18). What are the characteristics of ""community property"" ? A). SEPARATE PROPERTY, HUSBAND AND WIFE ACQUIRE TITLE AS " "COMMUNITY PROPERTY, SURVIVORSHIP RIGHTS VARY STATE TO STATE." 19). What are the types of ownership? A). THERE ARE THREE: SEVERALTY, CONCURRENTLY AND COMBINATION OR " HYBRID. 20). What is ownership by severalty? A). OWNERSHIP BY ONE, A PERSON, CORPORATION, A LAND TRUST." 21). How or who can 'open' a trust to get beneficiary, trustor etc.? A). THREE WAYS TO OPEN A TRUST: IRS OR COURT ORDER, IF LEASED TO " GOVERNMENT OR IF BUILDING CODES VIOLATIONS EXIST. 22). What are the forms of concurrent ownership? A). THERE ARE 4 TYPES: JOINT OWNERSHIP, TENANCY IN COMMON, TENANCY " BY THE ENTIRETY AND COMMUNITY PROPERTY. 23). What are the forms of combination or hybrid ownership? A). THERE ARE 3 TYPES: CONDOMINIUMS, COOPERATIVES AND TIMESHARES." 24). What is the name of the act that governs condominiums? A). THE ILLINOIS CONDOMINIUM PROPERTY ACT OF 1963, AKA HORIZONTAL " PROPERTY ACT. 25). Who holds title to a building in a cooperative? A). THE CORPORATION HOLDS TITLE. 26). What is the name of the act that governs timeshares? A). THE ILLINOIS REAL ESTATE TIMESHARE ACT (1985), ADMINISTERED BY ILL. " " OFFICE OF BANKS AND REAL ESTATE (OBRE), 3 DAYS TO CANCEL " THE CONTRACT. POS MUST BE GIVEN. 27). What are the two ways to buy timeshares? A). FEE SIMPLE AND RIGHT TO USE 28). What are the rules for ownership in a Real Estate partnership? A). NO SALESPERSON OR GROUP OF SALES PERSONS CAN OWN MORE THAN 49 % OF THE INTEREST IN THE PARTNERSHIP STOCK. 29). What is the Limited Liability Company Act of 1994 for ? A). PROVIDES THE PROTECTION OF A CORPORATION AND TAXED AS A PARTNERSHIP, MEMBERS ONLY LIABLE FOR AMOUNT OF THEIR INVESTMENT" MEMBERS MUST BE BROKERS. 30). What are the 'blue sky laws and who administers them? A). THESE ARE STATE SECURITY LAWS AND SEC. OF STATE ENFORCES 31). What are encumbrances? A). ANYTHING THAT HINDERS OR LIMITS TITLE OR LESSENS THE BUNDLE OF RIGHTS SUCH AS EASEMENTS, LIENS, RESTRICTIVE COENANTS AND ENCROACHMENTS. 32). What is an easement? A). THE NONPOSSESSORY RIGHT TO USE THE LAND OF ANOTHER AND THEY CAN BE CREATED BY LAW, INDIVIDUALS, USE, GRANT OR RESERVATION. THERE ARE 2 TYPES: GROSS AND APPURTENANT. 33). Who benefits and who doesn't benefit from an easement ? "A). THE 'DOMINANT TENEMENT' BENEFITS, THE 'SERVIENT TENEMENT' DOESN'T." 34). What are the types of liens ? A). THERE ARE 2 VOLUNTARY AND INVOLUNTARY. 35). What are ' voluntary' liens ? THERE ARE 3 TYPES - MORTGAGES, VENDORS, AND VENDEES. 36). What is the priority of liens ? A). REAL ESTATE TAX LIENS TAKE PRIORITY OVER ALL OTHER LIENS. 37). Describe Illinois Mechanic Liens ? A). PROVE THE WORK WAS ORDERED BY THE OWNER, FILE WITHIN 4 MONTHS OF COMPLETING WORK, LIEN ATTACHES AS OF THE DATE WORK ORDERED OR CONTRACT SIGNED AND MECHANIC HAS 2 YEARS TO ENFORCE. 38). How are liens enforced ? A). LIENS ARE ENFORCED BY FORECLOSURE. 39). What is the transfer tax formula ? A). $.75 PER $500 OF SALES PRICE OR ANY FRACTION, SPLIT $.50 TO STATE, " $.25 GOES TO COUNTY. 40). A home is sold for $95,000.00 How much transfer tax is owed to the state? A). $95,000 / 500 = 190, 190 X .50 = $95.00 (STATE TAX)" 41). What is the IHDA ? A). ILLINOIS HOUSING DEVELOPMENT AUTHORITY. 42). In zoning, what is FAR ? A). FAR = FLOOR AREA RATIO %. 43). With who does the Illinois Plat Act require deeds recorded? A). THE RECORDER OF DEEDS OFFICE 44). In accordance with Interstate Land Sales Full Disclosure Act, with whom does the developer file a Statement of Record ? A). IT MUST BE FILE WITH HUD, 25 LOTS OR MORE, UNIMPROVED LOTS, " PURCHASER GETS A COPY WITH 7 DAYS TO CANCEL CONTRACT. 45). Describe the Illinois Land Sales Registration Act? A). REGISTRATION NOT A LICENSE ACT, 25 OR MORE LOTS, LOCATED IN OR " OUT OF ILLINOIS WITH 7 DAYS TO CANCEL. 46). What is FEMA and what is a flood plain? A). FEMA IS FEDERAL EMERGENCY MANAGEMENT AGENCY AND A FLOOD PLAIN IS A NATURAL STORAGE AREA FOR EXCESS WATER FROM RAIN OR MELTING SNOW. 47). Where are documents file according to Illinois Responsible Property Transfer Act ? A). DISCLOSURE DOCUMENT MUST BE FILED WITH COUNTY RECORDER AND FILED WITH STATE EPA DEPARTMENT. 48). What are the types of Land Use Controls? A). THERE ARE 2, PUBLIC AND PRIVATE. 49). What are private land use controls? A). DEED RESTRICTIONS AND DEED CONDITIONS. 50). In Tenancy terms what is PITT? A). PITT = POSSESSION, INTEREST, TITLE, TIME. 51). What is the definition of brokerage? A). THE BUSINESS OF BRINGING BUYERS AND SELLERS TOGETHER AND ASSISTING IN NEGOTIATIONS FOR THE TERMS OF SALE OF REAL ESTATE. 52). What does a 'power of attorney' do in regards to 'agency'? A). IT STES UP A ""SPECIAL AGENCY."" 53). What are the duties and liabilities of agents? A). C-O-L-A-N-S- CARE, OBEDIENCE, LOYALTY, ACCOUNTABILITY, NOTICE, SERVICE" 54). What is the seller-broker relationship under common law? A). SELLER IS PRINCIPAL, BROKER IS SELLERS AGENT, BUYER IS CUSTOMER. 55). When can an agent disclose confidential information? A). A DESIGNATED AGENT MAY DISCLOSE CONFIDENTAIL INFORMATION TO HIS SPONSORING BROKER FOR THE PURPOSE OF SEEKING ADVICE OR ASSISTANCE FOR THE BENEFIT OF THE CLIENT. 56). What about 'known material defects' ? A). AN AGENT MUST ALWAYS REVEAL KNOWN MATERIAL DEFECTS. 57). According to the Illinois Brokerage Relationships in Real Estate Transaction Law, what are" ministerial acts? A). THOSE ACTS THAT ARE INFORMATIVE IN NATURE THAT DO NOT RISE TO A ACTIVE LEVEL OF REPRESENTATION ON BEHALF OF THE CUSTOMER - RESPONDING TO PHONE INQUIRIES BY CONSUMERS - ATTENDING AN OPEN HOUSE AND RESPONDING TO QUESTIONS - SETTING UP APPOINTMENTS TO VIEW PROPERTY - ACCOMPANYING AN APPRAISER, INSPECTOR, ETC TO VISIT A PROPERTY - DESCRIBING A PROPERTY IN RESPONSE TO CONSUMERS INQUIRY - COMPLETING BUSINESS INFO FOR CONSUMER ON OFFER TO PURCHASE - REFERRAL TO ANOTHER BROKER OR SERVICE PROVIDER 58). What is a 'net listing' and are they legal? A). A 'NET LISTING' WHEN SELLER SAYS, ""I WANT TO CLEAR XX DOLLARS FROM" " THIS DEAL, SELL IT FOR ANYTHING YOU WANT, KEEP THE REST." - THEY ARE LEGAL IN ILLINOIS, BUT AGAINST THE CODE OF ETHICS OF THE" NATIONAL ASSOCIATION OF REALTORS. (CANT TAKE IT IN ILLINOIS). 59). What are 'referral fees and who can receive them? A). AN ATTORNEY CANNOT RECEIVE REFERRAL FEES ( LICENSED BROKER), " A BROKER IN ANOTHER STATE, (YES), A BUYER, (YES, ITS AN INDUCEMENT)" 60). What is the purpose of the Sherman Anti-trust Act? A). FEDERAL LAW - 2 OR MORE BROKERS: FIX PRICES, ACCEPT OF CERTAIN " TYPES OF LISTINGS OR TERMS OF LISTINGS, BOYCOTTING, TERRITORIAL" ALLOCATIONS, 'TYING' ARRANGEMENTS (CANT BUY WITHOUT LISTING YOURS)" 61). How can you tell an "Employee" from an "Independent Contractor" ?" A). MANY WAYS, BUT EMPLOYEE WILL WEAR UNIFORM." 62). What is the formula for calculating commissions ? A). PART OVER PERCENT TIMES TOTAL ( PART / % X TOTAL ) 63). What is the rule when calculating using expenses? A). ADD THE EXPENSES TO THE DESIRED NET BEFORE DIVIDING 64). The Civil Rights Act of 1866 prohibits what? A). DISCRIMINATION BASED ON RACE ONLY 65). The Civil Rights Act of 1968 in regard to handicapped persons includes what? A). PEOPLE WITH AIDS, HIV, CANCER AND OTHER TERMINAL ILLNESSES. " ** AFTER 1992 ** 5 OR MORE UNITS W/ELEVATOR, ALL ACCESSIBLE" WITHOUT ELEVATOR ONLY FIRST FLOOR HANDICAPPED ACCESSIBLE 4 OR LESS UNITS - NO REQUIREMENTS 66). What is the definition of "Housing for the Elderly" ? A). ALL UNITS OCCUPIED BY THOSE 62 OR OVER OR 80% ARE 55 AND OVER. 67). Give an example of 'discriminatory advertising? A). USING WORDS ""ST. BEDE'S PARISH"", (AGENT SHOULD SAY 'DO NOT USE)" 68). What are the possible exceptions to the 1968 Civil Rights Act? A). RELIGIOUS ORGS ARE EXEMPT IF ONLY FOR USE BY MEMBERS - LODGINGS OF PRIVATE CLUB NOT OPEN TO PUBLIC (NON-COMMERCIAL) 69). When is there never an exemption to 1968 Civil Rights Act? A). WHEN DISCRIMINATORY ADVERTISING HAS BEEN USED AND REMEMBER RACE IS STILL A VIOLATION OF 1866 ACT. ALSO SAME SEX RENTALS ARE OK. 70). What are City of Chicago, Cook County discrimination laws, who is covered? A). NOW RICE CAN REALLY SELL HOMES FAST - N = NATIONAL ORIGIN (HUMAN RIGHTS ACT BELOW) - R = RACE "ALSO REMEMBER ""MAMA""" - C = COLOR M = MILITARY DISCHARGE - R = RELIGION A = AGE - S = SEX M = MARITAL STATUS - H = HANDICAPPED A = ANCESTRY - F = FAMILIAL STATUS 71). The Americans with Disabilities Act was passed in 1992, Who enforces it? A). THE U.S. ATTORNEY GENERAL (JANET RENO) FROM CHAPTER 5 72). What are the two (2) classifications of contracts? A). EXPRESS/IMPLIED (EACH PARTY KNOWS OBLIGATIONS) - UNILATERAL(ONE PARTY MAKES PROMISE)/BILATERAL(BOTH PARTIES) 73). When is a contract 'voided'? A). FORGERIES, LACK OF CONSIDERATION, INSANITY" (IF NOT ONE OF THESE A CONTRACT IS THEN ""VOIDABLE"") " 74). What is the Statute of Frauds time period for leases? A). LEASES 'OVER' 1 YEAR (YEAR AND A DAY) MUST BE IN WRITING 75). What did the Quinlan-Tyson Decision of 1966 state ? A). UNAUTHORIZED PRACTICE OF LAW BY BROKERS AND FILLING IN BLANKS ON A CONTRACT -- REMEMBER -- NEVER 'ADD' TO A CONTRACT. 76). What is the age of majority in Illinois ? A). MUST BE 18 YEARS OF AGE 77). What is novation ? A). WHEN ONE PARTY GETS ANOTHER TO REPLACE THEM IN A CONTRACT 78). What is the time frame for Lead Based Paint disclosures? A). AFFECTS SALE OR RENTAL OF DWELLINGS BUILT BEFORE 1978. 79). What is assignment? A). In assignment you are not discharged from a contract (like subletting). 80). What are the types of listings ? A). THERE ARE 3, OPEN (ANYONE CAN SELL), - EXCLUSIVE AGENCY, (SELLER AND 1 BROKER CAN SELL, - EXCLUSIVE RIGHT TO SELL (BROKER ONLY, WRITING, EXP DATE) 81). What is required on a written listing ? A). EXPIRATION DATE IS REQUIRED. 82). ***** ANY QUESTION WHERE BROKER MADE A LOT OF MONEY ******* BROKER DID SOMETHING WRONG. 83). When do you negotiate price in regards to 'options' ? A). PRICE IS NEGOTIATED AT BEGINNING OF CONTRACT PERIOD. 84). What is meant by 'caveat emptor' and how does in relate to Illinois law ? A). 'BUYER BEWARE' AND SELLERS AND BROKERS MUST REVEAL KNOWN MATERIAL DEFECTS(PATENTS) AND HIDDEN ONES (LATENT). 85). What will the death of 1 party cause ? A). A LISTING TO BE CANCELLED, BUT NOT A CONTRACT." 86. What is 'puffing' ? A). EXAGGERATION OF THE TRUTH. 87). What is the purpose of the Illinois Real Estate License Law ? A). EVALUATE COMPETENCY OF BROKERS AND AGENTS, REGULATE BUSINESS " FOR PROTECTION OF PUBLIC. OBRE ADMINISTERS THE ACT. 88). What are licensed activities ? A). SELL, EXCHANGE, PURCHASE, RENT, ETC. FOR ANOTHER AND FOR" COMPENSATION. 89). How many members of the Real Estate License Board are there ? A). THERE ARE 9 MEMBERS, 3 PUBLIC, 6 REAL ESTATE INDUSTRY, 4 YR. TERMS" 90). What 'may' an unlicensed ' personal assistant do? A). DRAFT ADVERTISING AND PROMO MATERIAL FOR LICENSEE APPROVAL - PLACE ADVERTISING - SCHEDULE APPOINTMENTS (NO TELEMARKETING) - RESPOND TO QUESTIONS FROM PUBLISHED SOURCE - PREPARE AND DISTRIBUT FLYERS UNDER DIRECTION OF LICENSEE WHO MUST BE PRESENT 91). What can't an unlicensed personal assistant do? A). HOST AN OPEN HOUSE, SHOW PROPERTY, INTERPRET INFORMATION," - EXPLAIN CONTRACT, LISTING OR ANY REAL ESTATE DOCUMENT" - NEGOTIATE OR AGREE TO COMMISSION ON BEHALF OF LICENSEE - PERFORM ANY ACTIVITY FOR WHICH LICENSE IS REQUIRED 92). Who is responsible for the actions of an unlicensed personal assistant? A). THE LICENSEE AS WELL AS THE BROKER ARE RESPONSIBLE. 93). What are misc. items in Physical Location of Real Estate office? A). OFFICE CANNOT BE IN RETAIL OR FINANCIAL BUSINESS UNLESS SEPARATE. 94). Where is the Real Estate Research & Education Fund located? A). AT THE OFFICE OF REAL ESTATE RESEARCH AT UNIV. OF ILLINOIS. 95). After passing state exam how long does one have to become licensed? A). PERSON HAS 1 YEAR TO BECOME LICENSED 96). What is the definition of 'conversion' of funds? A). USING THE MONIES IN BUSINESS ACCOUNT FOR PERSONAL PURPOSES. 97) What is the definition of 'co-mingling' of funds? A). MIXING MONIES WITH PERSONAL AND BUSINESS. 98). What are the requirements of a written listing agreement? A). THERE ARE TWO, MUST BE IN WRITING AND CONTAIN EXPIRATION DATE." 99). Can a Real Estate license be revoked before it is suspended? A). YES 100). The Real Estate Recovery Fund who administers and what are financial limits? A). OBRE ADMINISTERS THE ACT, " " $10,000.00 PER aggrieved individual, $50,000.00 max per incident" Attorneys fees limited to 15% If FUND FALLS BELOW $750,000, STATE TREASURER will up to $800,000.00 STATUTE OF LIMITATIONS OF 2 YEARS ON THE FUND 101). WHAT ARE THE ONLY TYPES OF DAMAGES COVERED BY RECOVERY FUND? A). Only Compensatory or Actual damages are covered. 102). WHAT IS THE BENEFIT OF A LIMITED LIABILITY COMPANY (LLC)? A). It provides the protection of a Corporation but is taxed as a partnership. 103). IN A TENANT/LANDLORD LEASE SITUATION WHO 'OWNS' THE SECURITY DEPOSIT? A). THE TENANT OWNS THE SECURITY DEPOSIT. 104). What are the time restraints in dealing worth escrow funds ? A). MUST BE DEPOSITED NOT LATER THAN NEXT BUSINESS DAY AFTER THE ACCEPTANCE OF THE CONTRACT. 105). What is the retention period for Business Bank Statements? A). RECONCILIATION MUST BE KEPT FOR 3 YEARS 106). What is required about employment contracts? A). THEY MUST BE IN WRITING FOR EACH PERSON. 107). What are the 5 requirements for Advertising? A). BUSINESS NAME MUST BE ON ALL ADVERTISING, CANNOT BE FRAUDELENT, DECEPTIVE OR INHERENTLY MISLEADING A SALESPERSON CANNOT ADVERTISE IN THEIR OWN NAME (BROKERS) ALL ADVERTISING UNDER DIRECT SUPERVISION OF BROKER SALESPERSON CANNOT LIST THEIR NAME IN PHONE BOOK W/O BROKERS. 108). What is the timeframe for filing for rehearing by accused ? A). WITHIN 20 DAYS OF FINDINGS , THE ACCUSED MAY MOTION FOR A" REHEARING BASED ON PARTICULAR GROUNDS. 109). What are some requirements for wills in Illinois? A). MUST BE WRITTEN BY SOUND MIND AND OVER 18 YEARS OF AGE MUST BE SIGNED BY TESTATOR (WILL MAKER) MUST BE WITNESSED BY 2 OR MORE PERSONS NOT BENEFICIARIES. 110). ACCORDING TO ILLINOIS LAW OF DESCENT AND DISTRIBUTION, WHAT HAPPENS TO DECEASED PARENTS SHARE OF SINGLE, INTESTATE PERSON ? A). The surviving parent receives the deceased parents share. 111). IF ONE DIES 'ESCHEAT' (INTESTATE AND NO HEIRS) WHAT HAPPENS TO PROPERTY ? A). In Illinois, Real property to County, Personal Property to State. 112). WHO BENEFITS FROM TACKING? A). The current owner of the property would benefit. 113). WHAT ARE SOME ESSENTIAL ELEMENTS OF A VALID DEED? A). WORDS OF CONVEYANCE (GIVEN, GRANTED, BARGAINED, CONVEYED,) HABENDUM CLAUSE (LEGAL INTEREST), NOT REQUIRED IN ILLINOIS. 114). WHAT ARE THE 5 TYPES OF DEEDS ? A). General Warranty, Special Warranty, Quit Claim, Grant, Grant-Bargain-Sale. 115). WHAT ARE THE 6 TYPES OF COVENANTS ? A). Covenants of seisin, right to convey, against encumbrances, quiet enjoyment, further assurances and warranty forever. 116). WHAT TYPE OF DEED IS MOST COMMON ? A). A General Warranty Deed is most common. 117). WHAT ARE TWO TYPES OF FORECLOSURES ? A). Judicial (only type valid in Illinois) and Power of Sale 118). WHAT IS A 'SURETY' BOND ? A). This will insure that a 'collector of funds' does not abscond with the money. 119). WHAT IS A 'PERFORMANCE' BOND ? A). This will insure that performance is completed. 120). DEFINE A 'SUBJECT TO EXISTING MORTGAGE' SALES TRANSACTION. A). The 'buyer' is not personally liable to payoff existing mortgage. 121). WHAT IS AN 'ASSUMPTION' TRANSACTION ? "A). The 'buyer' is responsible, then the original borrower is liable for mortgage." 122). Who or what is the largest Residential Loan Maker ? A). SAVINGS AND LOAN ASSOCIATIONS 123). THE FDIC INSURES WHAT ? A). FDIC insures deposits in FDIC approved institutions up to $100,000 per person 124). WHAT ARE MUTUAL SAVINGS BANKS? A). They have assets largely in Real Estate and are Depositor owned. 125). WHAT IS A 'MORTGAGE BANKER' ? A). One who lends his own money or borrows to lend it and is around to service loan. 126). WHAT IS RECD AND HOW DOES IT DIFFER FROM FHA or VA ? A). Rural Economic Community Development, lends it's own money." FHA 'INSURES' LOANS AND VA 'GUARANTEES' LOANS. 127). WHAT IS FNMA? A). Fannie Mae, started in 1934, only buys Convential loans. (PUBLICLY OWNED)" 129). ON STATE TEST --- WHAT IS A 'STATUTORY' YEAR ? A). It has 12 months, each with 30 days, a total of 360 days." Shared Appreciation, Wrap-around, Package, Construction, Growth Equity Participation, Blanket, Purchase Money Leasehold and Take-out.nt." |
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