Champion School Of Real Estate Study Guide Questions And Correct Answers

Emblement {Ans: Annual crops produced with labor fall into this special category. Even though they are attached to the land, they are personal property.}Tenancy in Common {Ans: The most common form or ownership between two or more individuals who are not married}Benefits of home ownership {Ans: Occupancy, Tax Benefits, Pride, Security, Investment}Front Ratio {Ans: Used to qualify a borrower for a loan based upon the proposed house payment and his / her gross monthly income (GMI). In Conventional lending, 28% means that the house payment (PITI) cannot exceed 28% of the borrower's GMI. In FHA loan, the maximim is 31%.}Encumbance {Ans: A lien}Demand is affected by factors including: {Ans: Growth in employment, Transportation systems, Personal preference, Availability of credit and Federal government policy}