Final exam Law and Practice Van ED || Questions and 100% Verified Answers.

A loan whose payments do not fully liquidate the loan and thus requires a large final payment, is known as 1. Partially amortized loan 2. Term loan 3. Growing equity mortgage 4. Graduated payment mortgage correct answers 1. Partially amortized loan - Repays partially, the part of the loan that hasn't been repaid yet is called a balloon payment Graduated/Growing - accelerate repayment of their fixed-rate mortgage by scheduling additional principal payments that increase over time Real property is donated for public use by means of? 1. Condemnation 2. Eminent domain 3. Dedication 4. Escheat correct answers 3. Dedication Escheat - government to take ownership of estate assets or unclaimed property when someone dies Eminent domain - take private property for public use with fair compensation Condemnation - legal acquisition of property by a local government or other private entities, example deemed not safe Eight years ago, a 15,000 square foot warehouse cost $40.00 per sq. ft. to rebuild. Its economic life is 50 years. The land is valued at $170,000.00. Today, the property is valued at? correct answers 15,000 X $40.00 = $600,000. $ 600,000 / 50 (economic life) = $12,000 (straight line depreciation per year) 12,000 x 8 (effective age) = $96,000 $600,000 - $96,000 = $504,000 plus $170,000 (land value) = $674,000.00 The use of more than one appraisal method with different weights assigned to each method describes? 1. A certified appraisal 2. The development method 3. The quantity survey method 4. Reconciliation correct answers 4. Reconciliation