...Government Mortgage Programs RES301 Real Estate Principles Government Mortgage Programs such as Fannie Mae, Freddie Mac, FHA, and the VA Loan program are all integral parts of our nation’s main home lending programs. Each provides their own benefits to those who choose to take advantage of them. This paper will go into depth about how these programs affect the real estate market financially, ethically, legally, dynamically, and according to the valuation process. Understand that each program provides integral assistance to the normal avenues of attaining loan assistance, and it is integral that each program maintains their ability to function based off of their intended uses. First, it is important to understand what each government program is and what it provides. Homebuyers who do not qualify for prime mortgages typically obtain mortgages that require them to obtain insurance either through FHA loans guaranteed by the government or (higher-priced) subprime loans secured by private mortgage insurance” (Karikari Voicu Fang, 2011). This tells us that these programs are highly desirable for those who might not be able to afford a general home loan. Fannie Mae was originally created as the Federal National Mortgage Association in 1938. It was used to “provide a secondary market for FHA-insured mortgages, and later, VA guaranteed loans” (Archer Ling, 2013). Freddie Mac was originally created to “create an active secondary market...
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...Virginia Beach, VA Task 1: House Description I decided to choose a house in close vacinity of where I currently reside because my family is in the process of looking for a home. Currently, we live in military housing, and this is an excellent chance to view different homes, areas, schools, and costs that are associated with the buying a home. The informative process will prove to be benefical on both a professional and personal level. Asking Price: $430,000 Real Estate Taxes: $3,277.32 (found at: http://www.vbgov.com Virginia Beach, VA real estate assessor database) Purchase Price: $352,400 (The 2013/2014 Assessed Property Value) Current market Interest Rate (30 Yr. Fixed Rate): 4.047% through Absolute Mortgage Company on www.bankrate.com by zipcode 23464 Task 2: 20% Down Payment: $352,400(.20) = $70,480 Amount Financed: $352,400-$70,480=$ 281,920 Monthly Mortgage Payment: $1358.58 Payment Calculation: * Present value PV = $281,920 * Annual interest rate r = 0.04047 * Interest compounded m = 12 times per year * Number of payments n = 30 years X 12 months per year= 360 * Interest rate per month i=r/m = 0.04047/12 The monthly mortgage payment PMT is: PMT=PV * i/1-(1+i)^-n = $281,920 * 0.0033725/1-(1+0.0033725)^-360 = $281,920(0.0048012887) = $1353.58 Remark: For accuracy of the payment amount, rounding of two decimal points was not completed until the last step. Task 3: Monthly real estate taxes: $273...
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...February 10, 2010 Ms. Amanda Walton Longwood University Dept. of EML 201 High St. Farmville, VA 23909 Dear Ms. Walton Virginia allows houses to be sold through a dual agent or dual agency, where as it is illegal in certain states. Dual agency is a situation where a real estate agent or agency represents both the buyer and the seller of a home. Dual agents or agencies create a great conflict of interest and should be made illegal in the state of Virginia to ensure that people who depend on real estate agencies to buy or sell homes get a fair price and that their agency does its due diligence to do get that fair price. When you go to sell your home would you want to have some worries in the back of your mind about if you got low balled by your real estate agent? Or when you buy a home is the agent trying to make you pay a higher price then you really have to? This is a worry most Americans have when selling or buying a home, but this problem is only intensified by the dual agency situation. The definition of a dual agent, according to homebuying.about.com, is “A real estate agent who has signed a buyer agency agreement with a buyer who wishes to purchase a listing held by the agent or the agent’s firm. A dual agent must be loyal to both the buyer and the seller.” The part where the agent must be loyal to both customers is where the problem arises. There is a huge conflict of interest as the agent has a responsibility to the seller to get the highest price...
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...Summary A results-driven professional with expertise in people, sales, and customer service. Proven proficiency in work task management, problem identification and solution implementation with an eye toward bottom line results. Ability to be a positive motivator, combining creativity with strong verbal, written and analytical skills. Background with a Fortune 200 Company, excellent internal performance of customer service. Proven performer with demonstrated ability to gain account loyalty and impeccable quality that represents operations. Exceedingly well organized, flexible, exhibits a “can do” positive, upbeat attitude in all areas, and enjoys a challenge. Employment History 05/2010 - 03/2012 Capital One Financial Glen Allen, VA Secured Messaging Specialist Responded to customer email inquiries relating to consumer debit card accounts. Successfully met all department goals. Customized letters to customers to give updated information on customer inquiry ranging from general information to filing claims per their request following Bank Regulation E policy. Accomplishments * Promoted to Secured Messaging Specialist on September 01, 2011, by demonstrating mastery in all core expectations, while in my role as a Claims Intake Center phone agent * Acknowledged as “Quality Superstar” for going above and beyond to provide excellent customer service as a Secured Messaging Specialist * Roar honoree for Exemplifying exceptional customer service in all interactions...
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...Curriculum Source References The following references were used in the CFA Institute-produced publications Quantitative Methods for Investment Analysis, Analysis of Equity Investments: Valuation, and Managing Investment Portfolios: A Dynamic Process. Ackerman, Carl, Richard McEnally, and David Ravenscraft. 1999. “The Performance of Hedge Funds: Risk, Return, and Incentives.” Journal of Finance. Vol. 54, No. 3: 833–874. ACLI Survey. 2003. The American Council of Life Insurers. Agarwal, Vikas and Narayan Naik. 2000. “Performance Evaluation of Hedge Funds with OptionBased and Buy-and-Hold Strategies.” Working Paper, London Business School. Ali, Paul Usman and Martin Gold. 2002. “An Appraisal of Socially Responsible Investments and Implications for Trustees and Other Investment Fiduciaries.” Working Paper, University of Melbourne. Almgren, Robert and Neil Chriss. 2000/2001. “Optimal Execution of Portfolio Transactions.” Journal of Risk. Vol. 3: 5–39. Altman, Edward I. 1968. “Financial Ratios, Discriminant Analysis and the Prediction of Corporate Bankruptcy.” Journal of Finance. Vol. 23: 589–699. Altman, Edward I. and Vellore M. Kishore. 1996. “Almost Everything You Wanted to Know about Recoveries on Defaulted Bonds.” Financial Analysts Journal. Vol. 52, No. 6: 57−63. Altman, Edward I., R. Haldeman, and P. Narayanan. 1977. “Zeta Analysis: A New Model to Identify Bankruptcy Risk of Corporations.” Journal of Banking and Finance. Vol. 1: 29−54. Ambachtsheer, Keith, Ronald Capelle, and...
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...REPORT | | | | | Test Form: | National Real Estate Broker Multiple-Choice Self-Assessment Examination | ID: | | Name: | | Finish Date: | 5/21/2013 10:41 AM Eastern Daylight Time | Points: | 6 of 100 | | | √ | 1. | A licensee was showing property in an eight-unit complex to a prospective tenant using a motorized wheelchair. The tenant wanted to rent a unit, install grab bars in the bathroom, and lower all the door handles. The landlord | | | A. | | | can allow the tenant to make these modifications and pay for them to be made. | | | B. | | | can refuse to rent to the individual because it would devalue the property. | | | C. | | | must allow the tenant, at the tenant's expense, to make the modifications, but cannot require restoration at the end of the lease. | | | D. | √ | | must allow the tenant to make the modifications at the tenant's expense, but can require, by the terms of the lease, restoration of the property. | | | | | | The 1988 Amendments to the Federal Fair Housing Act require that a landlord allow a tenant to make changes to the property to accommodate a disability. These modifications are at the tenant's expense, and the landlord can require the tenant make reasonable restoration to the property at the end of the lease. | | | | √ | 2. | Which of the following is the best description of a fee simple estate? | | | A. | | | ownership of a property...
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...Discount Points Appraisal Fee Credit Report Fee Tax Service Fee Application Fee Processing/Underwriting Fee Third Party Courier Flood Certification Settlement / Closing Fee (**$250.00) Lenders Title Insurance Owners Title Insurance ** Recording/Filing Fee Closing Cost Rebate TOTAL (1) $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 3323.00 0.00 0.00 620.00 10.00 87.00 620.00 595.00 40.00 11.00 500.00 764.00 633.00 73.00 -630.00 ESTIMATED PREPAID AND ESCROW COSTS - BUYER Perdiem Interest 1 days of interim interest @ $ 11.51 / day 11.51 $ 0.00 $ Mortgage Insurance Premium 660.00 $ Hazard Insurance Premium (1 yr) 0.00 $ Flood Insurance Premium (1 yr) 0.00 $ FHA/MIP/VA Funding Fee Other: $ TOTAL (2) Hazard Insurance 3 months @ $ Mortgage Insurance months @ $ Real...
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...AVB 10-K 12/31/2013 Section 1: 10-K (10-K) Use these links to rapidly review the document TABLE OF CONTENTS PART III UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2013 Commission file number 1-12672 AVALONBAY COMMUNITIES, INC. (Exact name of registrant as specified in its charter) Maryland (State or other jurisdiction of incorporation or organization) 77-0404318 (I.R.S. Employer Identification No.) Ballston Tower 671 N. Glebe Rd, Suite 800 Arlington, Virginia 22203 (Address of principal executive office) (703) 329-6300 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: (Title of each class) (Name of each exchange on which registered) Common Stock, par value $.01 per share New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ý No o Yes o No ý Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve (12) months (or for such...
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...California EXAM PREP The SMART Guide to Passing Kor Real Estate California Real Estate Exam Prep: The SMART Guide to Passing Cengage Learning Vice President/Editor-in-Chief: Dave Shaut Executive Editor: Scott Person Acquisitions Editor: Sara Glassmeyer Senior Marketing Manager: Mark Linton Manager of Technology, Editorial: John Barans Frontlist Buyer, Manufacturing: Kevin Kluck Art Director: Bethany Casey Content Project Manager: D. Jean Buttrom Production Service: Pre-Press/PMG-India Cover Designer: Pop Design Works, www.popdesignworks.com Cover Images: © Getty Images © 2009 Cengage Learning ALL RIGHTS RESERVED. No part of this work covered by the copyright hereon may be reproduced or used in any form or by any means—graphic, electronic, or mechanical, including photocopying, recording, taping, Web distribution, information storage and retrieval systems, or in any other manner—except as may be permitted by the license terms herein. For product information and technology assistance, contact us at Cengage Learning Customer & Sales Support, 1-800-354-9706 For permission to use material from this text or product, submit all requests online at www.cengage.com/permissions Further permissions questions can be emailed to permissionrequest@cengage.com Library of Congress Control Number: 2008926512 Student Edition ISBN 13: 978-0-324-64498-2 Student Edition ISBN 10: 0-324-64498-1 Student Edition with CD ISBN 13: 978-0-324-64497-5 Student Edition with CD ISBN 10: 0-324-64497-3...
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...MASTER OF FINANCIAL ANALYSIS ASSIGNMENT: CORPORATE FINANCE Instructor : DR. CAO MINH MAN Student’s name : DAO KIM THANH Student ID : CGSVN00015828 Class : MBAOUM0913 – K10A Course : BMCF5103 – Corporate Finance HCMC, August 2014 TABLE OF CONTENTS I. INTRODUCTION: 3 1. Management and ownership 3 2. An overview of REE's businesses 3 3. Office leasing business 5 4. M&E business 6 5. Air conditioner manufacturing 7 6. Investing is REE's new core competency 8 II. OUTLOOK 10 III. SWOT analysis 19 IV. FINANCIALS 21 1. Good cash flow from office leasing and dividends 21 2. Profits from investments drive earnings growth 22 3. 2013 results review 24 4. 2014 forecasts 26 5. Restatement of 1Q13 earnings depresses yoy performance for 1Q14 28 6. Recent developments among investee companies 29 7. Volatile net margins 29 V. VALUATION AND RECOMMENDATION 29 VI. REFERENCE: 32 I. The company REE has been research for the critically and analyze about the finance of the firm, risk or evaluate on investment recommendation also of this firm. II. INTRODUCTION: REE was founded in 1977 as an M&E (mechanical and engineering) contractor for building projects. The company was privatized in 1993 and began manufacturing its "Reetech" brand of air conditioners in 1999. In 2000, REE became one of the first two companies to list on the Ho Chi Minh City Stock Exchange, and is still usually among the top 10 most liquid stocks in Vietnam. In...
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...California Real Estate Practice Mid-Term Exam Rooks Summer 2005 1. An agent is showing a property that belongs to a seller with AIDS. What should the agent do? A. Disclose this fact since it is a material fact B. Disclose this fact only if asked C. Never disclose this fact D. Withdraw from the listing 2. In an in-house transaction, all of the following are true EXCEPT: A. A broker can present an offer on one of his own listings B. The broker will negotiate only on behalf of the seller C. The broker must obtain both parties’ written consent D. The broker owes certain fiduciary duties to each party 3. For which of the following would a lender be least likely to require deposits into an impound account? A. Mortgage interest B. Homeowners' association fees C. Property taxes D. Annual assessments 4. Under the Fair Housing and Employment Act, a person who has suffered from discrimination in housing may receive: A. an opportunity to buy or rent the property if it is still available B. an opportunity to buy or rent a similar property C. money damages D. Any of the above 5. A prudent lender who is deciding whether or not to make a real estate loan to a prospective borrower will ensure that: A. the market value of the property is greater than the loan amount B. the borrower's credit is satisfactory C. the borrower has adequate cash reserves after paying the downpayment and closing costs D. All of the above 6. A man owns a house and has a first deed of trust executed against...
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...Jeans maker backs push on ethical factories * Jeans maker launches push on ethical factories * Rana Plaza collapse one year on * Death sentences deepen Bangladesh political hostility IN International Property * Cape Town — return of the trophy hunters * Bund and beyond — Shanghai’s riverfront market * Rise of London’s superhomes * Strong housing market puts Atlanta in a new light Sign up now FirstFT is our new essential daily email briefing of the best stories from across the web “If you brought a property in Dhanmondi [one of the most affluent residential areas in Dhaka] for 6.45m taka [$83,000] in 2005, that would have increased five or six times by now,” says Kazi Inam Ahmed, owner of Gemcon City, a new estate agency. In fact, Goldman Sachs has placed Bangladesh in the “next 11’” category after the Bric countries and its “Mint” (Mexico, Indonesia, Nigeria and Turkey) group as an emerging economy. Furthermore, from out of its bewildering, densely packed capital, properties are now starting to emerge that can match such aspirations. In the north of the city, modern blocks that would not look out of place in Hong Kong or Singapore surge upwards from 1980s-era family houses, long considered obsolete, where residents were once able to have gardens. In Navana Karatoya, an apartment block in the upmarket Baridarah area, Muhammad Miah, a plumber, installs a remote-controlled toilet in a property overlooking Gulshan...
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...FIFTH EDITION 2005 Transforming Real Estate Finance A CMBS Primer Primary Analysts: Howard Esaki Marielle Jan de Beur Masumi Goldman This book is an overview of the Commercial Mortgage-Backed Securities (CMBS) market. The contents of this publication are over eight years in the making and include excerpts of research reports from as early as 1997. In this fifth edition of our primer, we have reorganized the chapters to highlight the different investment options within CMBS. New material since our last edition includes sections on the various types of AAA CMBS classes, total rate of return swaps, floating rate large loan transactions, and an updated version of the commercial mortgage default study. We hope you find this book useful and welcome comments so that we can improve future editions. FIFTH EDITION 2005 Transforming Real Estate Finance A CMBS Primer Primary Analysts: Howard Esaki Marielle Jan de Beur Masumi Goldman The Primary Analyst(s) identified above certify that the views expressed in this report accurately reflect his/her/their personal views about the subject securities/instruments/issuers, and no part of his/her/their compensation was, is or will be directly or indirectly related to the specific views or recommendations contained herein. This report has been prepared in accordance with our conflict management policy. The policy describes our organizational and administrative arrangements for the avoidance, management and disclosure...
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...Volume 10, Issue 3 Fall 2010 No Double Dip On July 5th, 6th, and very early on the 7th of this year, I engaged in 70 minutes of rigorous stationary biking, a full cycle of weightlifting, and my daily stretching regimen. Oh sure, I had some hip pain and a sore knee, but at age 59, I was rocking and rolling. In this regard, I was not unlike the U.S. economy in 2005-April 2007, which was doing great in spite of some fundamental problems. Then in the course of a few hours on July 7th, I was unable to walk more than a few steps after having a hip replaced. Just like the U.S. economy in late 2008, my infirmity had taken me down a few notches! My subsequent recovery was remarkably similar to that facing the U.S. economy: a satisfactory recovery to unremarkable mediocrity. As I describe my recovery, bear in mind that the U.S. economy shed 8.4 million jobs and 4.1% of GDP in roughly 18 months. This is a lot of economic damage. On July 8th, I was able to walk twice a day for 20 minutes, bearing weight on crutches, lifting light hand weights, and doing simple leg therapy. By July 19th, I did not need any pills or a cane, and was able to walk an hour twice a day at a 23-minute-mile pace. By August 19th, I biked at full resistance for 50 minutes, walked 15-minute-miles for an hour, actively lifted leg weights, Thru Latest Available as of Sept 20, 2010 3.0 $420.5 20.5 1.9 960.1 $418 15.8 6.3 1,458.0 723.0 -50.0 261.0 681.0 15.8 4.5 20.0 93.9 -2.3 2.4 -190.2 $305.1 -$351.9 On the...
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...Real Estate Development and Investment Founded in 1807, John Wiley & Sons is the oldest independent publishing company in the United States. With offices in North America, Europe, Australia and Asia, Wiley is globally committed to developing and marketing print and electronic products and services for our customers’ professional and personal knowledge and understanding. The Wiley Finance series contains books written specifically for finance and investment professionals as well as sophisticated individual investors and their financial advisors. Book topics range from portfolio management to e-commerce, risk management, financial engineering, valuation and financial instrument analysis, as well as much more. For a list of available titles, please visit our Web site at www.Wiley Finance.com. Real Estate Development and Investment A Comprehensive Approach STEPHEN P. PECA John Wiley & Sons, Inc. Copyright # 2009 by Stephen P. Peca. All rights reserved. Published by John Wiley & Sons, Inc., Hoboken, New Jersey. Published simultaneously in Canada. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance...
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