Creative Aquisitions

Before you get started with the quiz, tell us what type of real estate investing you would like to be involved in. There are many types and it's ok if you aren't aware of them all. That's why you are taking a very good first step here.

A Mortgage

Is usually recorded and secures the repayment of debt or a "note" by tying the debt to a piece of property.

All of the above.

Is a contract that defines the terms of a debt (interest rate, payment date, etc).

Is a way to hold title to a piece of property.

The Contract Buyer in an Agreement for Deed wants to do what to protect his or her interests?

Record the contract agreement.

File a lis pendens.

All of the above.

Record a memorandum of the contract or.

An Agreement For Deed might be referred to by any of the following except:

A mortgage.

Buying on contract.

A land contract.

A contract for deed.

An option seller (Optionor) will benefit if the Optionee ( the buyer of the option ) strikes gold on the property

False.

True.

In a Seller Carry-Back Mortgage situation, who gets to take the depreciation on the investment property?

The buyer.

The bank.

The seller.

Nobody as depreciation only applies to owner occupied property.

The major difference between an Agreement for Deed and a Seller Carry-Back Mortgage is

The number and amount of the periodic payments.

Who is the owner of record on title.

The amount of the down payment.

All of the above.

When an investor buys a property and takes deed Subject To an existing mortgage, who is personally liable for the unpaid balance of the existing mortgage?

Nobody as the property has changed hands.

The Buyer.

The Seller.

The Bank.

If the investor is buying a property using a Seller Carry-Back Mortgage, and her tenant fails to mow the grass and has three derelict cars in the yard up on blocks, who is the owner of record and ultimately responsible if a lien gets placed on the property by the City?

The Tenant.

The Investor Buyer.

The Seller.

All of the above.

Equity Sharing is most common in:

Single-family residential property.

Property owned by charities.

Building lots

Commercial real estate ventures.

If the custodian allows it, one can use his or her self-directed IRA to leverage property by using the following creative acquisition strategy

Agreement for deed.

All of the above.

Seller carry-back mortgages.

Option.

Creative Aquisitions

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