REE 3043 FINAL EXAM WITH VERIFIED QUESTIONS AND ANSWERS ALL UPDATED
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Course
REE 3043
Institution
REE 3043
REE 3043 FINAL EXAM WITH VERIFIED QUESTIONS AND ANSWERS ALL UPDATED
Equitable title to real estate is: - Answer-The right to obtain legal title conveyed by the contract for sale
Since the issues in many transactions are similar, brokers often use standard preprinted contract forms. Generally, t...
REE 3043 FINAL EXAM WITH VERIFIED
QUESTIONS AND ANSWERS ALL
UPDATED
Equitable title to real estate is: - Answer-The right to obtain legal title conveyed by the
contract for sale
Since the issues in many transactions are similar, brokers often use standard preprinted
contract forms. Generally, the best standard form contracts are those prepared and
approved by which of the following parties? - Answer-Local Board of Realtors
When contracts for the sale of real property are placed with with a dis interested third
party for executing and closing, they are said to be place in: - Answer-Escrow
If a seller defaults on a contract to purchase real property, which of the following is not a
remedy the buyer can pursue? - Answer-Sue for specific performance
Mortgage originators can either hold loans in their portfolios or sell them to investors.
When a mortgage originator decides to sell mortgages to another institution, this
transaction occurs in what is commonly referred to as the - Answer-Secondary
mortgage market
Conforming conventional loans are loans that: - Answer-Are eligible for purchase by
Fannie Mae and Freddie Mac
Probably the greatest contribution of FHA to home mortgage lending was to: - Answer-
Establish the use of the 30 year level-payment, fully amortizing loan
A mortgage intended to enable older homeowners with limited incomes to access the
equity in their home is the: - Answer-Reverse-annuitity mortgage
In a mortgage loan, the borrower always creates two documents: a note and a
mortgage. Which of the following pieces of information is provided in the mortgage?` -
Answer-An unambiguous description of the property that is being pledged as collateral
for the loan
Components of a promissory note - Answer-Term
Interest rates
Payments
Prepayment
Lifetime capped rate - Answer-Initial rate + lifetime cap
A second mortgage that is created simultaneously with the first mortgage in an amount
, of 10 to 15% percent of the value of the home. This product enabled the borrower to
obtain 90 to 95 percent financing while avoiding the additional cost of PMI. These loans
are more commonly referred to as: - Answer-Piggyback mortgage loans
Which of the following types of loans is the most likely to contain a due-on-sale clause?
- Answer-Conventional home loan
All of the following statements regarding foreclosure are true except:
A. Foreclosure is a costly process for all the parties involved
B. Only claimants who are properly notified in the foreclosure suit can lose their claims
to the property
C. When a lender foreclosures on a property, it extinguishes all superior liens, bringing
about a free and clear sale of the property
D. The net recovery by a lender from a foreclosed loan seldom exceeds 80 percent of
the outstanding loan balance and commonly is much less than this amount - Answer-C.
E. When a lender foreclosures on a property, it extinguishes all superior liens, bringing
about a free and clear sale of the property
F. When a buyer of a property with an existing FHA mortgage loan acquires a property by
putting her signature on the note for the existing loan, the buyer is acquiring the
property: - Answer-By assumption
G.
H. Promissory note - Answer-A promise to pay a debt at agreed upon terms
I.
J. Mortgage or Deed of trust - Answer-Pledges property as security (collateral) for the loan
Payments and most commonly used - Answer-Level payment- residential
Partially amortized (ballon)- most commercial
Non-amortizing (interest only)- common commercial
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