Please respond to emilio with 150 words
Course: BRE 101, Real Estate Practices
Emilio
11/22/2022
Huber, Walt
Chapter # 9&10
OverviewThese two chapters talk all about the financial processes and how it can be one of if not the most important things about real estate transactions. These two chapters will talk about many key words needed to know if order to know what he proper purpose of an agent or broker or Transaction Coordinator. Also we will learn many different terms about escrow.
Key Concept from Chapter 9Chapter 9 talks about understanding the finance process and how financing is the key to most real estate transactions. i learned the key word “Leverage” and its definition is The practice of purchasing real estate using a small amount of your own money and a larger proportion of borrowed funds. (Pg 292). Also from (Pg 293) I learned a bit about Mortgage bankers and their jobs, Mortgage banking companies are direct lenders that underwrite for usually hundreds of investors, such as Bank of America, Chase Bank, and so on. They actually fund the loan themselves under one of their investor’s guidelines and then sell the loan to that investor. (Pg 294) Finally I learned that Mortgage brokers shop for a lender for the borrowers and earn a fee by putting lender and borrower together.
Key Concept from Chapter 10From chapter 10 I learned what a TRANSACTION COORDINATOR (TC) is and its a real estate professional who assists agents and brokers in the processing of a real estate transaction all the way through escrow. The amount of work he or she does is dictated by whether the TC works in-house or is hired on an ad hoc (as needed) basis. The TC job can depend on whether the agent wants “full service,” starting from the earliest stages of prospecting for listings. (Pg 252) Some uses of escrow that are required by law are Liquor license transfers, Security Sales and court order transfers and some that are highly recommended are Exchanging and some sales of real property. (Pg 257)
Key Concept from Chapter 9 or 10From chapter 10 I learned there are three ways to end an escrow. First one is fully complete it and it’s called a Complete Escrow and the second is called a Mutual Agreement and thats both parties ending off on good terms and finally the last one is called a Court Action “Interpleader” and thats when the court gets involved and ends it. Finally the Real Estate Settlement Procedures Act (RESPA) is a law for the sale or transfer of one- to four residential units requiring: 1) specific procedures and 2) forms for settlements (closing costs) (Pg 260)
Summary
These chapters were very informative because they taught me a-lot of key words and those words are very important because everyone must know what each job in this business is. Chapter 10 also teaches us what a RESPA is and thats probably the most important thing from this chapter because its the final laws for sales and transfers.
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