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CHAMPIONS SCHOOL OF REAL ESTATE FINANCE EXAM ALL 3 VERSIONS WITH COMLETE QUESTIONS AND DETAILED SOLUTIONS LATEST UPDATE JUST RELEASED$18.99
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CHAMPIONS SCHOOL OF REAL ESTATE FINANCE
EXAM ALL 3 VERSIONS WITH COMLETE QUESTIONS
AND DETAILED SOLUTIONS LATEST 2024-2025
UPDATE JUST RELEASED
CHAMPIONS SCHOOL OF REAL ESTATE FINANCE EXAM 1
QUESTION: Seller's market - ANSWER-When supply is low and demand is high
QUESTION: Buyer's market - ANSWER-When supply is high and demand is low
QUESTION: The process of creating a new mortgage loan - ANSWER-Origination
QUESTION: The detailed process of evaluating a borrower's loan application to determine the
risk involved for the lender - ANSWER-Underwriting
QUESTION: When there is an excess of money supply in the market - ANSWER-Monetary
inflation
QUESTION: Which agency insures deposits in bank and thrift institution for up to $250,000? -
ANSWER-Federal Deposit Insurance Corporation
QUESTION: prohibit housing discrimination based on sex, race, color, religion, national origin,
disabilities, or familial status - ANSWER-Federal Fair Housing
QUESTION: All residential mortgage loan originators must now be registered with... - ANSWER-
Nationwide Mortgage Licensing System and Registry (NMLSR)
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QUESTION: The practice of refusing to provide financing in a particular area because of the
location - ANSWER-Redlining
QUESTION: What was the Community Reinvestment Act (CRA)? - ANSWER-Law against bank to
ensure that banks would serve the needs of the community
QUESTION: The Texas Veteran's Loan Program - ANSWER-Buyes loans from lender
QUESTION: To participate in the program, the Veteran obtains a FHA, VA, or conventional loan
from participating lenders - ANSWER-Texas Veteran's Loan Program
QUESTION: Texas Veterans Land Loan - ANSWER-Charges less in fees
QUESTION: What is TDHCA? - ANSWER-(Texas Department of Housing and Community Affairs)
Responsible for affordable housing.
QUESTION: The Housing Assistance Program... - ANSWER-Is a loan that is eligible for Veterans,
military member and their spouses
QUESTION: The creditor must ensure that the consumer receives the Closing Disclosure form at
lease ________ days before the consumer closes the loan - ANSWER-3 Business days
QUESTION: Freddie MAC is a federally chartered corporation for the purpose of... - ANSWER-
Purchasing mortgages in the secondary market.
QUESTION: Created in the 1970 to purchase mortgages in the secondary market - ANSWER-
Freddie MAC
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QUESTION: The market where borrowers and mortgage lender come together to create and
negotiate terms of a mortgage transaction is called... - ANSWER-The Primary Market
QUESTION: Addresses imbalance of mortgage credit among regions of the unite state by
making funds available. (focus attention to help pump more money into the economy) -
ANSWER-Fannie Mae
QUESTION: It standardized mortgage loans - ANSWER-Fannie Mae
QUESTION: Allows lenders to originate mortgage for sale rather than for portfolio investment.
(lower rates better fees) - ANSWER-Fannie Mae
QUESTION: Primary Market lender include... - ANSWER-Saving and loans, commercial banks,
mutual saving banks, mortgage company's, credit union, individual, or any person or business
that provide cash for someone seeking a mortgage
QUESTION: While the majority of loans are sold in the secondary market, many of them are
retained. What is this called? - ANSWER-Portfolio loans
QUESTION: Most mortgage brokers specialize as the "_____" between the borrower and the
lender - ANSWER-Middleman
QUESTION: One advantage of municipal bonds is that... - ANSWER-Interest paid to investor is
not subject to federal income tax, making them appealing to investor who needs to shelter
some income from taxation
QUESTION: A claim, lien, charge, or liability attached to and binding real property - ANSWER-
Encumbrance
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QUESTION: A right given by law to certain creditors to have debts paid out of the properly of a
defaulting debtor, usually through a court sale - ANSWER-Lien
QUESTION: A borrower is known as a - ANSWER-Mortgagor
QUESTION: A lender is known as a - ANSWER-Mortgagee
QUESTION: A ______ is a pledge of real estate as security for repayment of a debt - ANSWER-
Mortgage
QUESTION: A _____ is the borrowers unconditional promise to repay and includes the amount
borrowed, payment amount, due date, and rate of interest - ANSWER-Promissory note
QUESTION: Any excess money left over from the forced sale is given to the ______ - ANSWER-
Debtor (borrower)
QUESTION: A contract for deed becomes fully executed when.... - ANSWER-The final loan
payment is made
QUESTION: A second mortgage is an instrument ______ to the primary mortgage - ANSWER-
Subordinate
QUESTION: A clause that gives the borrower the ability to replace the primary instrument with
another without affecting the subordinate instrument's position - ANSWER-Lifting clause
QUESTION: A clause in which the holder of the mortgage permits a subsequent mortgage to
take priority is known as a - ANSWER-Subordinate clause
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