Champion Real Estate Prep Questions
and Answers
Dodd-Frank Act (the Wall Street Reform and Consumer Protection Act) - Answer-Combined
TILA and RESPA into TRID
Gross income multiplier - Answer-Price divided by rent equals
2 - Answer-A broker can offer a guaranteed buyback of a property after __...
4000 - Answer✔✔-People who are engaged in Real Estate brokerage without a license can be
charged no more than how much in fines?
3600 points - Answer✔✔-How may points does a broker need?
SOAH in Austin - Answer✔✔-Where is a hearing for revocation or suspension held?
Participation loan (Shared Appreciation Loan) - Answer✔✔-2 or more lenders invest in one loan
Participation - Answer✔✔-Shared Appreciation Loan
Equity - Answer✔✔-Difference between market value and outstanding debt
Discount points - Answer✔✔-Prepaid interest and tax deductible. Raises return for lender
Outstanding debt - Answer✔✔-Equity is the difference between market value and
_______________
1 appointed by governor - Answer✔✔-How many public members are in the Broker Lawyer
Committee and who appoints them?
Serviceman's Readjustment Act (The GI Bill) - Answer✔✔-The VA must be notified prior to a
foreclosure by the loan servicer
Loan Estimate Form - Answer✔✔-RESPA good faith estimate of closing costs
9 - Answer✔✔-How many members are in TREC?
1. interest rate 2. term of loan 3. monthly pmt amt - Answer✔✔-3 trigger terms
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