MCE Test-Lending2

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MCE Test For: Private Short Term Lending

MCE Test for: Private Short Term Lending With Your IRA

MCE Credit Hours = 5

Requirements for TREC Credit:

The following fields of information are required to verify and report credit hours earned to TREC:

1) Invoice Number of corresponding MCE PDF class - you must have
purchased the corresponding MCE PDF class
2) All your contact information in the designated boxes
3) Your TREC Real Estate Agent number

Taking the Test:

CHOOSE: check boxes with "false" statements only - boxes checked with true statements are considered incorrect answers
START OVER: start over anytime by clicking the Reset button
SUBMIT: click the submit button when finished - your answers are emailed to AES
ANSWERS VERIFIED: AES checks your answers and emails you of passed/failed
RETAKE: you may retake the test as many times as necessary to pass
NOTIFYING TREC: when you have passed AES notifies TREC and number of credit hours earned

MCE Test: Private Short Term Lending

First Name::
Last Name::
Phone Number::
Invoice # for Corresponding MCE Class::
TREC Agent Telephone #::
Phone #::
Street Address::
City::
State::
Zip::
Email Address::
Other::
		Private Lending is also referred to as Hard Money Loans.
		Successful investors are willing to assume high levels of risk, and large time commitments.
		Generally private lenders make small loans secured by residential property with limited set payment time.
		Your initial analysis should include the property, source of repayment, and the borrower.
		Trust deeds are difficult to purchase and sell.
		When comparing private lending to other investments, stocks are easy to manage compared to property.
		A purchase-money note is an extension of credit by the seller of a property as part or all of the purchase price.
		Investment returns available are dictated by the price of oil.
		High interest rates boosts the need for private lending.
		Typically your customers will borrow money for five reasons.
		Security instruments include Deed of Trust and a Mortgage.
		Texas is a Deed of Trust State.
		The Real Estate Broker can be an investor in the deal, or an equity partner.
		There are three categories of investment capital.
		The definition of a line of credit is an unsecured loan based on the credit worthiness of the borrowers financial statement and income-producing capabilities.
		Borrowing can accelerate your investment program.
		Your goal should be to protect your line of credit - even from a cash flow point of view.
		Factors influencing a loan officer's decision can include your debt coverage ratio and the structure of the loan.
		Your loan information package is a method for you to sell your services.
		Establishing the true market value is not critical for determining the equity cushion protecting your loan.
		You should contact the borrower and propose your terms after you've calculated the interest rate and points.
		The loan-to-value ratio has nothing to do with your ability to become successful lending money.
		Adding a penalty clause to the promissory note is a method to encourage the borrower to repay before maturity.
		There are four types of foreclosure proceedings.
		A deficiency judgement is typically against the lendor.
		It is not possible to profit from a foreclosure.

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