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Test Bank for Chemistry 10th Edition By Raymond Chang
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Test Bank for Chemistry 10th Edition By Raymond Chang
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Test Bank for Chemistry 10th Edition By RaymondChang (All
A purchase money loan is best described as: - ANSWER seller carrying back a first
trust deed.
During periods of tight money, lenders: - ANSWER loosen property standards.
A 100,000 loan at 7% payable at 583.33 per month is an: - ANSWER installment
note
The 3 parties to a Deed of Trust are: - ANSWER Trustor, Trustee, Beneficiary
Regarding FHA and DVA qualifying property standards: - ANSWER all properties
must meet minimum qualifying standards
If a conventional loan is NOT sold to a Fannie Mae or a Freddie Mac: - ANSWER
lenders can establish their own underwriting guidelines
Another name for a swing loan is: - ANSWER bridge loan
The flow of funds from other investments back into savings accounts in thrift
institutions is called: - ANSWER Reintermediation
For single family residences the URAR generally applies greater weight to: -
ANSWER The Sales Comparison Approach
In regards to promissory notes: - ANSWER the periodic payments on the
installment note that reduces interest owed is referred to amortization
A freeway adjacent to a home is an example of: - ANSWER economic
obsolescence
Which of the following characterizes lending policies of life insurance companies? -
ANSWER A preference for very large projects
The Fed's money management tools include all of the following except: - ANSWER
Persuading member banks to make loans to low and moderate income buyers
In arriving at the value, the appraiser's best source for obtaining "comparables"
would be: - ANSWER MLS data
Characteristics of credit unions include all of the following except: - ANSWER
Credit unions are generally less personal and less focused on the community than
other lending institutions
, A single family dwelling sold for 300,000. The property is rented for 2,000 per month.
The GRM is: - ANSWER 12.5 (sales price / gross annual rent )
The principal purpose of the Depository Institutions and Monetary Control Act was to:
- ANSWER phase out restrictions on interest rates that lenders may pay depositors
Interest bearing savings accounts in banks are formally called: - ANSWER time
deposits
When comparing items in the comparable section of appraisal, the following applies:
- ANSWER ...
To guarantee fair lending practices, the Community Reinvestment Act (CRA)
promoted: - ANSWER A and C are correct
The Home Value Code of Conduct: - ANSWER to enhance quality and
independence of the appraisal process
The trade association that consists of the major investors and lenders in the
mortgage banking field is the: - ANSWER Mortgage Bankers Association
When an applicant for a loan falls short of meeting qualifying income ratios, lenders
may feel justified in approving a higher ratio if: - ANSWER any of the above
situations exisiting to justify
The formula for calculating the front end ratio is: - ANSWER Mortgage payment /
Gross income
The SAFE is responsible for the following: - ANSWER in turn enacted the
Nationwide Mortgage Licensing System (NMLS)
A purchase money loan is best illustrated by: - ANSWER buyer obtaining the down
payment through an unsecured loan
Perfect FHA front end and back end ratios are: - ANSWER 28%, 36%
To qualify for a VA loan, the department of veterans affairs applies a two phase
procedure, namely: - ANSWER residual income and qualifying income ratio
The act of "seasoning funds" involves: - ANSWER having the funds in your account
long enough to be considered his/her own funds
Regarding people who have participated in a short sale, bankruptcies or a past
foreclosure: - ANSWER such borrowers must only have restored their credit
worthiness before being eligible for a new loan
The following is most likely to affect one's credit score negatively: - ANSWER
current & frequent inquiries
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