Fiscal Policy - Answer-Treasury Department
Monetary Policy - Answer-Federal Reserve Bond
Truth In Lending Act - Answer-To provide standard disclosure procedures that all lenders must follow. Required so consumers will know exactly what they are paying for credit so they can compare
Annual ...
Ohio Real Estate State Exam Questions
and Answers
Fiscal Policy - Answer-Treasury Department
Monetary Policy - Answer-Federal Reserve Bond
Truth In Lending Act - Answer-To provide standard disclosure procedures that all
lenders must follow. Required so consumers will know exactly what they are paying for
credit so they can compare
Annual Percentage Rate (APR) - Answer-The relationship between the cost of
borrowing money and the total amount financed, represented by a percentage
Usury Lending Law - Answer-Charging an interest rate that exceeds the legal limit (set
by state)
Regulation Z - Answer-regulates the disclosures concerning all finance charges and
related aspects of credit transactions
Disclosures in TILA (Trigger Terms) - Answer-1. amount of down payment
2. amount of the payments
3. number of payments
4. period of repayment
5. amount of finance charge
Equal Credit Opportunity Act - Answer-Federal law prohibiting discrimination in granting
credit to people based on: sex, marital status, color, national origin, receipt of public
assistance, age, race, religion, and wage garnishment
Real Estate Settlement Procedures Act (RESPA) - Answer-Federal law that sets forth
specific procedures and guidelines for disclosure of all settlement costs in a credit
transaction for 1 to 4 family residential properties
TRID - TILA, RESPA, integrated disclosure - Answer-Laws call for disclosure of all
settlement costs, using standardized settlement statements given to borrowers
Qualified Mortgage - Answer-loans made will be reviewed by the lender and the buyer
must have the ability to repay the loan without risky features such as interest only period
or a lump sum at the end of the loan term or any loan made for longer than 30 years
Affiliated business arrangement disclosure (AfBA) - Answer-Required whenever a
settlement service provider involved in a RESPA/TRID covered transaction refers the
consumer to a provider with whom they have an ownership or other beneficial interest
, Promissory Note - Answer-The lender gives a loan to the borrower
Lien on property - Answer-The borrower gives a mortgage to the lender
Alienation Clause - Answer-When a buyer sells the property, the mortgage must be
cancelled and the remaining balance of the loan must be paid back to the lender
Acceleration Clause - Answer-When a buyer defaults on a loan, this gives the lender the
right to declare the entire balance of the loan to be paid back immediately
Assumption Clause - Answer-One party agrees to take over payments of another
parties debt, with the terms of the note remaining the same
Release Clause - Answer-The new buyer needs to be approved by the lender holding
the note and lender must release the original debtor of any liability
Prepayment Clause - Answer-A contract clause that gives the lender the right to charge
the borrower a penalty for paying off a loan early
Prepayment Penalty - Answer-Additional money charged by the lender for a borrower
paying off a loan early
Real Estate Mortgage Trusts (REMT) - Answer-Groups of people who pool funds to
make mortgages for specific tax benefits
Real Estate Investment Trust (REIT) - Answer-Groups of people who buy investment
properties and receive specific tax benefits
Secondary Markets - Answer-Private investors and government agencies that buy and
sell real estate mortgages
Fannie Mae (FNMA) - Answer-Federal National Mortgage Association
Largest secondary market company
Freddie Mac (FHLMC) - Answer-Federal Home Loan Mortgage Corporation
Ginnie Mae (GNMA) - Answer-Government National Mortgage Association
The only mortgage backed security that carries the full faith and credit of the US
Government
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 lectknancy. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
