Houtan HormozianExpert on Real Estate, Finance and PropTech

Last QA for 2024...but there is more to come!

31 Dec 2024 · 2 min

Watch on YouTube

1:36

This content was created by Houtan Hormozian. This content was uploaded by Houtan Hormozian. This is a YouTube video titled "Last QA for 2024...but there is more to come!" (created 2024-12-31) featuring a single speaker delivering an exam-style Q&A / review on real estate topics. The excerpt covers mortgage discount points (explaining they act as interest-rate equalization factors and how one point equals 1% of the mortgage) and the definition of fixtures (personal property that becomes real property), including the MARIA test (Method, Adaptability, Relationship, Intention, Agreement).

Chapters

Question of the day. Question number one: Discount points are considered to be A. Police powers, B. Interest rate equalization factors, C. Origination fees, D. Loyalty points. The answer is B. Interest rate equalization factors. Mortgage points, also known as discount points, One-point mortgages are fees paid directly to the lender at closing in exchange for a reduced interest rate. This is called buying down the rate, which can lower your monthly mortgage payments and can help to equalize interest rates. One point costs 1% of your mortgage amount, or $1,000 for every $100,000. Question number 2: An item which was personal property but What has been attached to and become part of the real property is known as: A. An appurtenance. B. A fixture. C. An emblement. D. A trade fixture. The answer is B. A fixture. A fixture is personal property that is now considered real property. For example, A new cooktop is personal property until it is installed, at which point it becomes a fixture. The way to test if something is a fixture is to use the acronym MARIA. MARIA stands for Method, Adaptability, Relationship, Intention, and Agreement.