Exam (elaborations)
Finance Bob Brooks Section 3 Exam Questions And Accurate Answers
- Course
- Institution
Finance Bob Brooks Section 3 Exam Questions And Accurate Answers...
[Show more]
Content preview
Finance Bob Brooks Section 3 Exam Questions AndAccurate Answers
All of the following are government operated or supervised agencies in the secondary
mortgage market EXCEPT
Select one:
a. Fannie Mae
b. Maggie Mae
c. Ginnie Mae
d. Freddie Mac - Answer maggie mae
Acceleration is the clause in a mortgage which benefits the -Answer acceleration
Discount points are based on the -Answer mortgage loan
For a mortgage to be enforceable, the following is needed: -Answer a promissory note
Discount Points are figured on the - Answer loan balance
Usury does NOT apply to - Answer FHA and VA loans
with an FHA Loan, when the selling price exceeds the appraised value, what will the loan
be made on? - Answer Appraised price
To compute the dollar value of a loan discount, each point is equal to - Answer The
correct answer is: 1% of the amount to be loaned.
, When assuming a loan it is best for the Buyer to assume the loan - Answer subject to
Jim Jones sells his furnished home to Mary Smith, who assumes his existing loan of
$29,000. All of the following documents must be prepared for the closing EXCEPT -
Answer note and mortgage
Concerning a current FHA loan:
Select one:
a. It is a fixed rate mortgage.
b. It is a qualifying assumable loan.
c. Mutual Mortgage Insurance is paid by buyer.
d. All of the above. - Answer all of the above
If given the choice, it's best if the Buyer assumes an existing loan - Answer Subject to
A loan with payment that includes an amount to cover insurance and taxes would be
a(an) - Answer Budget loan.
The letter from a lender that gives the status of the loan such as loan balance, interest,
time remaining and note is the - Answer Estoppel certificate
A contract in which title is NOT transferred until all terms have been met is a(an) -
Answer Bond For Deed.
What is the similarity between VA and FHA loans? - Answer Both require little or no
down payment.
In a loan having a balloon payment - Answer The last payment is larger than previous
payments
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Easton. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
83637 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now