International, IT Real Estate News

By David Saks
((retired))
#2801  A real estate transaction is scheduled to close in the month of May on the 12th. The seller paid the annual premium for his hazard insurance about six months ago. The buyer decided not to take over the policy. When the settlement statement is presented part of the hazard insurance premium will be listed as a debit to the seller. Is this fact true or false ? Take your time. The solution is posted below the wildlife photo. A. False If the seller paid the hazard insurance in advance it'll show up as a credit on the seller's side of the settlement statement. The buyer decided not to take over the policy so the buyer won't get billed for it, or debited, at settlement.
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By David Saks
((retired))
#2800 Giving the permission and the right to someone to cross your property so they may come and go unhampered is known as granting equitable interest in the easement. Is this true or false ? Please take your time. The solution is posted below the wildlife photo. A. False Giving someone permission to cross your property, so they may come and go, is known as granting them a license. A license is revocable and usually non assignable permission to use the property of another
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By David Saks
((retired))
#2799 When money is held prior to the acceptance of an offer to purchase real estate that money belongs to the seller and the buyer. Is this true or false ? Take your time the solution is posted below the wildlife photo. A. False If the offer hasn't been accepted the money belongs to the buyer only.
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By David Saks
((retired))
#2798 A home was constructed in 1955 in Texas that didn't include central heat or central air conditioning. When an appraiser is considering cost depreciation he would classify the abscence of central heat and air conditioning as an incurable feature of the older home. Is this fact true or false ? Take your time. The solution is posted below the wildlife photo. A. False The abscence of central heat and air conditioning is curable, but for the purposes of considering cost depreciation the appraiser would consider the absence of central heat and air conditioning as a form of functional obsolescence.
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By David Saks
((retired))
#2797 A broker in BIrmingham, Alabama decided to leave town with a clients money and spend a couple of days in British Columbia golfing and disco dancing. He's guilty of misrepresentation. True or false ? Take your time. The soultion is posted below the wildlife photo. A. False The scoundrel (ahem) broker is guilty of conversion which is the misappropriation of property and money belonging to another person. Misrepresentation is when one makes a false statement to a client.
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By David Saks
((retired))
#2796 A broker is Washington State was sent to prison for felony elderly financial abuse and vehicular homicide. His real estate license would be suspended until his prison term ends. True of false ? Take your time. The soultion is posted below the wildlife photo. A. False The license of a felon would be revoked.
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By David Saks
((retired))
  #2795 Sales commission to the listing agent is usually considered part of the buyer's closing costs. Is this fact true or false ? Take your time. The solution is posted below the wildlife photo. A. False Sales commission is usually the seller's responsibility. In a buyer's agency agreement, however, the negotiation of commission may vary and could actually be seller paid or buyer paid. Review the types of agency and commission agreements.
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By David Saks
((retired))
#2794  A loan origination fee is always part of the seller's closing costs. Is this fact true or false ? Take your time. The solution is posted below the wildlife photo. A. False The loan origination fee is part of the buyer's setllement. That's always the case unless there's some variation I'm unaware of. Let me know if you know of a situation where the seller is assessed the loan origination fee.
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By David Saks
((retired))
 #2793 Whenever a buyer assumes a mortgage the mortgage balance will appear as a credit to the seller and a debit to the buyer on the settlement statement. Is this true or false ? Take your time. The solution is posted below the wildlife photo. A. False Once again, the opposite is true in this case. Whenever a buyer uses a loan to finance an assumption the loan is listed as a credit to the buyer. Once the financing has been approved for the buyer and the seller's loan has been assumed the assumption will appear as a debit to the seller.
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By David Saks
((retired))
  #2792 When a settlement statement has been prepared the purchase price of the property will always be shown as a a debit to the seller and a credit to the buyer. Is this fact true or false ? Please take your time. The solution is posted below the wildlife photo. A. False The opposite is true. The purchase price of the property will be shown as a debit to the buyer and a credit to the seller on the settlement statement.
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By David Saks
((retired))
#2791 Security deposits are always prorated on the sale of rental  property when going to the closing table. Is this fact true or false ? Take your time. The soultion is posted below the wildlife photo. A. False Security deposits aren't prorated at closing. They're ususally transferred to the buyer.
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Real Estate Fraud Report for June 29, 2014   real estate fraud: Real Estate Fraud Report for June 29. 2014 - 06/29/14 12:21 PM   Related Links:   ← Previous 1 2 3 4 5 6 7 8 9 … 92 93 Next →   … (0 comments) real estate fraud: Former Connecticut Resident Sentenced to Prison for Mortgage Fraud - 06/27/14 08:48 AM Former Connecticut Resident Sentenced to Prison in Mortgage Fraud Scheme Deirdre M. Daly, United States Attorney for the District of Connecticut, today announced that GARI-MARK THOMAS, 38, of Michigan, formerly of Norwalk, was sentenced yesterday by U.S. District Judge Vanessa L. Bryant in Hartford to 12 months and one day of imprisonment, followed by three years of supervised release, for conspiring to defraud the Federal Housing Authority through a mortgage fraud scheme. THOMAS...
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Former Connecticut Resident Sentenced to Prison in Mortgage Fraud Scheme U.S. Attorney’s Office June 26, 2014 District of Connecticut (203) 821-3700 Deirdre M. Daly, United States Attorney for the District of Connecticut, today announced that GARI-MARK THOMAS, 38, of Michigan, formerly of Norwalk, was sentenced yesterday by U.S. District Judge Vanessa L. Bryant in Hartford to 12 months and one day of imprisonment, followed by three years of supervised release, for conspiring to defraud the Federal Housing Authority through a mortgage fraud scheme. THOMAS pleaded guilty to the charge on February 4, 2014. According to court documents and statements made in court, in March 2008, THOMAS, while serving as a loan officer for Suntrust Mortgage, assisted his girlfriend in obtaining a residenti...
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  Here's a press release about a swindler that's not too "Bright" ! ============================================================================ Former Bank Employee in Crawford County Stole More Than $2.5 Million from Bank U.S. Attorney’s Office June 26, 2014 District of Kansas (316) 269-6481 WICHITA, KS—A former employee of a bank in Crawford County has pleaded guilty to stealing more than $2.5 million from the bank, U.S. Attorney Barry Grissom said. Cyntyhia Bright, 55, Girard, Kan., pleaded guilty Wednesday to one count of bank fraud. In her plea, she admitted she stole the money over a period of 10 years while working as operations supervisor at Girard National Bank. Bright used several different methods to steal the money. In some cases, she wrote checks on her own accounts and a...
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Disbarred Attorney Sentenced for Stealing Client Funds U.S. Attorney’s Office June 26, 2014 Northern District of Georgia (404) 581-6000 ATLANTA—Thomas W. Dickson has been sentenced for stealing over $300,000 from his law firm’s clients. “When Dickson stole over $300,000 of his clients’ money, he violated the law,” said United States Attorney Sally Quillian Yates. According to United States Attorney Yates, the charges and other information presented in court: In December 2008, while employed with a large Atlanta, Ga., law firm, Dickson was retained by Tenants In Common (TIC), owners of commercial real estate purchased through DBSI Inc., an Idaho based company. DBSI sold TIC investments or fractional ownership interests in commercial real estate to investors across the country. In Novemb...
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    Mortgage Fraud Blog sends me update emails once per week. I share this great report with the ActiveRain Community at-large. The Mortgage Fraud Blog website is updated every business day and you can always get the latest news by visiting www.mortgagefraudblog.com.   Many thanks, Rachel. Rachel Dollar is a California attorney who represents lenders in mortgage related litigation. She is a shareholder at Smith Dollar PC. Ms. Dollar is a nationally recognized speaker, is licensed to practice law in California and maintains offices in Santa Rosa, California. Mortgage Fraud Blog is sponsored by Smith Dollar PC and Rachel Dollar Risk Management, Inc. Mortgage Fraud Blog | Mortgages and fraud and the law, oh my! - 10 new articlesIn This Issue...Pennsylvania Home Builder Settles Charges of ...
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Cooking Bar-B-Q or The Books ?   By David Saks Education & Training with The Real Estate Mart of Tennessee, Inc. TN LIC# 290452 Email Short URL             March 17, 2008 07:47 PM Many of our homeowners whose residences are in foreclosure have been subjected to fraud, deception and unfair dealing by home equity purchasers, savings banks, commercial banks, mortgage companies, credit unions, savings and loan associations, mortgage brokers, realtors, appraisers, closing attorneys and other unprincipled in the housing financing sector working under deceitful pretenses. The recent rapid escalation of home values, particularly in urban areas, has resulted in a significant increase in home equities, which are usually the greatest financial asset held by homeowners in this state or any other st...
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Realtor.Com Has Been Down Due to a Disputed Denial of Service Attack Move, Inc. operates realtor.com®, the official website of the National Association of REALTORS®. Move, Inc., a leading provider of online real estate services, reports that is continuing to combat the distributed denial of service (DDoS) attack, which has interrupted its websites’ operations since it began mid-day June 17. Move’s technical team is working around-the-clock with the Prolexic division of Akamai Technologies, Inc., a leading DDoS mitigation service provider; other Internet security experts; and its network service providers to mitigate the attack and quickly restore operations. Move, Inc. is posting updates on the status of this situation on the realtor.com Facebook page. Read the open letter from Move, In...
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    Quote: "The NATIONAL ASSOCIATION OF REALTORS® has seen its membership decline 21 percent from its peak of 1.35 million members in 2006 to 1.06 million in 2010. The numbers will likely be down in 2011 as well." Stacey Moncrieff, editor in chief for REALTOR® Magazine and managing director of publishing for the NATIONAL ASSOCIATION OF REALTORS®. Realtor Magazine April 2011 Before we start cheerleading again, like we did ten years ago, a glimpse at the past wouldn't hurt: Here's my original post from February 2013 Is the Realtor® Brand A National ConspiracyThat Restricts Free Trade, Desecrates Anti-TrustLaws & Plunders It's Members ? The following links are from the Department of Justice: Litigation U.S. v. National Association of Realtors Issue: The Division challenged NAR's MLS rules ...
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By David Saks
((retired))
#2790 If the seller agrees to include the dishwasher in the sale of the home for 250 dollars the seller should include this item in the HUD-1 report. Is this true or false ? Please take your time solution is posted below the wildlife photo. A. False The seller should provide a bill of sale for the buyer.
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