Property Ownership
A fixture in real estate is personal property that has become:
ALeased for a period exceeding one year
BPermanently attached to and legally part of the real property✓ Correct
CListed on the tax assessment roll
DInsured under the homeowner's policy
Explanation
A fixture is personal property that has been permanently attached to real property and is legally considered part of the real property, transferring with the land unless specifically excluded in the sale.
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Key Terms to Know
Private Mortgage Insurance (PMI)
Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Math Concepts
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