terms and cost to standardize the manner in which costs associated with borrowing are calculated and disclosed. Release Clause - Correct Ans - Found in a blanket mortgage: gives owner of the property the privilege of paying off a portion of the mortgage indebtedness. Thus freeing a portion of the property from the mortgage. Real Estate Settlement Procedures Act (RESPA) - Correct Ans - Consumer protection statute, first passed in 1974. Purpose of RESPA are ... 1) To help consumers become better shoppers for settlement services 2) To eliminate kickbacks and referral fees that unnecessarily increase the costs of certain settlement services. Sale-and-Leaseback - Correct Ans - Transaction where one sells an asset and leases it back for the long-term; thus one can continue to use the asset but NO longer owns it. Satisfaction of Mortgage - Correct Ans - Document acknowledging the payment of a mortgage debt. Shared Equity Mortgage - Joint ownership of real estate by both lenders and property dwellers. When the property is eventually sold, the owners share in the proceeds, or equity. In the meantime the property occupants benefit from interest and property tax write-offs. State of New York Mortgage Association (SONYMA) - Correct Ans - Mortgage program that assists first-time homebuyers with the purchase of a home in NYS Straight Mortgage/Term Mortgage - Correct Ans - Non-amortizing mortgage where principal is paid in its entirety upon the maturity date. Usury - Correct Ans - On a loan, claiming a rate of interest greater than that permitted by law Wrap-around Mortgage - Correct Ans - Form of Secondary financing for purchase of real property. Seller extends to buyer a junior mortgage which wraps around the existing in addition to any superior mortgages already secured by the property. As of Right Development (Zoning) *Most developments and enlargements of the city are as-of-right https://www.nyc.gov/site/planning/zoning/glossary.page - Correct Ans - Complies with all applicable zoning regulations and doesn't require discretionary action by the City Planning Commission or Board of Standards and Appeals.
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