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REAL ESTATE FINANCE PRACTICE EXAM QUESTIONS AND ANSWERS WITH SOLUTIONS 2024 $11.49   Add to cart
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REAL ESTATE FINANCE PRACTICE EXAM QUESTIONS AND ANSWERS WITH SOLUTIONS 2024
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REAL ESTATE FINANCE PRACTICE EXAM QUESTIONS AND ANSWERS WITH SOLUTIONS 2024

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  • September 29, 2024
  • 16
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • real estate finance practice exam questions and an

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  • NCBTMB
  • NCBTMB

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REAL ESTATE FINANCE PRACTICE EXAM
QUESTIONS AND ANSWERS WITH
SOLUTIONS 2024
A __________ is a permanent change in one or more of the terms of a borrower's loan.
Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y




Loan Qualification
Y Y




Loan Modification
Y Y




Loan Approval
Y Y




Loan Origination - ANSWER Loan Modification
Y Y Y Y Y Y




What time period must borrowers have in job history with the same employer to qualify?
Y Y Y Y Y Y Y Y Y Y Y Y Y Y




2 months
Y Y




6 months
Y Y




1 year
Y Y




2 years - ANSWER 2 years
Y Y Y Y Y Y




Unscrupulous actions carried out by a lender to entice, induce and/or assist a borrower in taking a mortgag
Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y


e that carries high fees, a high interest rate, strips the borrower of equity, or places the borrower in a lower
Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y


credit rated loan to benefit the lender.
Y Y Y Y Y Y Y




Predatory lending
Y Y




Sub prime Mortgage
Y Y Y




Participation Agreement
Y Y




Fraud - ANSWER Predatory lending
Y Y Y Y Y




Why do lender care about unpaid taxes?
Y Y Y Y Y Y




They want to ensure your mortgage payment is not late
Y Y Y Y Y Y Y Y Y Y

,It makes the loan difficult to sell in the secondary market
Y Y Y Y Y Y Y Y Y Y Y




Unpaid property taxes are a superior lien to the right of the lender
Y Y Y Y Y Y Y Y Y Y Y Y Y




Lenders don't care about unpaid taxes -
Y Y Y Y Y Y Y


ANSWER Unpaid property taxes are a superior lien to the right of the lender
Y Y Y Y Y Y Y Y Y Y Y Y Y Y




A burden, obstruction, or impediment on the property that lessens its value or makes it less marketable.
Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y




Lien
Y




Interest
Y




Encumbrance
Y




Mortgage - ANSWER Encumbrance
Y Y Y Y




Which party is not included on the deed of trust?
Y Y Y Y Y Y Y Y Y




Mortgagor
Y




Mortgagee
Y




Trustor
Y




Trustee - ANSWER Trustor
Y Y Y Y




The mortgage or deed of trust will contain ___________ that permits the lender to demand that the entire
Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y


balance of the loan be repaid if the borrower defaults.
Y Y Y Y Y Y Y Y Y Y




Due on sale clause
Y Y Y Y




Acceleration clause
Y Y




Alienation clause
Y Y




Balloon clause - ANSWER Acceleration clause
Y Y Y Y Y Y




One of the largest buyers of securities is _________.
Y Y Y Y Y Y Y Y




Credit Unions
Y Y




Pension Funds
Y Y

, China
Y




American Public - ANSWER Pension Funds
Y Y Y Y Y Y




A company or individual that originates mortgage loans and sells them to investors, while taking care of bo
Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y


rrowers loan payments, records, taxes, and insurance.
Y Y Y Y Y Y




Mortgage Bankers
Y Y




Mortgage Brokers
Y Y




Loan Originators
Y Y




Secondary Market - ANSWER Mortgage Bankers
Y Y Y Y Y Y




The largest buyer of residential mortgages in the United States today.
Y Y Y Y Y Y Y Y Y Y




FHLMC
Y




GNMA
Y




Banks
Y




FNMA - ANSWER FNMA
Y Y Y Y




Provides cash advances to members, including community banks, thrifts, credit unions and community de
Y Y Y Y Y Y Y Y Y Y Y Y Y


velopment financial institutions.
Y Y




FNMA
Y




FHLMC
Y




FHLB
Y




Banks - ANSWER FNMA
Y Y Y Y




Loan amount is $337,500. Down payment is $37,500. What is the LTV?
Y Y Y Y Y Y Y Y Y Y Y




10%
Y




11%
Y

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