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Real Estate Finance (30 Hrs) Quizzes and accurate correct detailed answers verified solutions. $15.49   Add to cart

Exam (elaborations)

Real Estate Finance (30 Hrs) Quizzes and accurate correct detailed answers verified solutions.

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  • Course
  • REAL ESTATE FINANCE.
  • Institution
  • REAL ESTATE FINANCE.

Consummation occurs when the buyer/borrower becomes contractually obligated to: - correct answer to the creditor/lender on the loan Remedies for violations of TILA would include: - correct answer All of the above A cred...

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  • November 4, 2024
  • 22
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • REAL ESTATE FINANCE.
  • REAL ESTATE FINANCE.
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RealGrades
Real Estate Finance (30 Hrs) Quizzes
and Exams

Consummation occurs when the buyer/borrower becomes contractually obligated to: - correct answer
to the creditor/lender on the loan



Remedies for violations of TILA would include: - correct answer All of the above



A creditor refuses to consider regular alimony and child support when evaluating a borrower`s income.
Under ECOA this is: - correct answer never allowable



NFIP is an acronym for: - correct answer National Flood Insurance Program



When a borrower receives the Loan Estimate Form from their closed-end lender, it is best to: - correct
answer save it to compare with the Closing Disclosure statement



The Truth in Lending Act (TILA) is a United States federal law designed to protect consumers in credit
transactions by ____________________. - correct answer all of the above



Last minute negotiations between the buyer and seller will pose a significant risk to: - correct answer
all parties to a real estate loan and the real estate transaction



FEMA is a division of the _________________________________. - correct answer
U.S Department of Homeland Security



Jerry applied for a loan with Meltway Street Mortgage. Meltway Street Mortgage plans on transferring
the servicing of the loan. What must the lender provide to Jerry in this situation? - correct answer
A transfer disclosure statement

,Under the TRID Rules, real estate licensees: - correct answer have no
responsibilities, but are suggested to know required regulations



Which of the following is a main purpose of RESPA? - correct answer Both a and b



A ____________________________________________is a data base comprised of insurance claims
from various insurance companies. - correct answer Comprehensive Loss
Underwriters Exchange



Under the ECOA the creditor must give you notice that tells a person the specific reasons for their
rejection. The applicant must request this within ____________ days of being rejected. - correct answer
60 days



To make sure that there are no major changes to the original loan proposal by the lender, the borrower
can: - correct answer compare the figures of the Closing Disclosure Form and
whether they match the figures on the original Loan Estimate Form



The Loan Estimate and Closing Disclosure Forms were designed by the CFPB to provide
consumers/borrowers with: - correct answer additional information required under
the Dodd-Frank Act



TILA requires lenders to make certain disclosures on loans subject to the Real Estate Settlement
Procedures Act (RESPA) within _______________ business days after their receipt of a written
application. - correct answer three



The TRID forms must be used for all real estate transactions involving a(n): - correct answer
new closed-end consumer mortgage application



Page 1 of the Loan Estimate required information includes all the following EXCEPT: - correct answer
The name of the Broker and MLS #



When a person applies for credit, a creditor may not: - correct answer All of the
above

, The last page of the Loan Estimate (LE) Form explains the servicing of the loan. Which of the following
best describes this loan factor. - correct answer It states whether the loan will be
serviced by the lender or a hired outside company



___________________________are the largest sellers of mortgage products for lenders. - correct
answer Mortgage brokers



If the index is 5% and the margin is 2%, the interest rate on the ARM loan is: - correct answer
7%



Commercial banks are: - correct answer either a or b



A lifetime or overall cap limits: - correct answer The interest rate increase over the
lifetime of the loan



GNMA is an acronym for: - correct answer Government National Mortgage
Association



Most saving and loan banks have been reorganized into _____________________. - correct answer
saving banks



All banks must keep a percentage of deposits in reserve at the Federal Reserve Bank. This is known as
the __________________. - correct answer reserve requirement



If an index rate did not change, and the payment on the loan increased, this was caused by: - correct
answer A carry over



When the Federal Government is involved in purchasing and selling government securities, this is known
as ___________________________ - correct answer open market operations



The primary sources of revenue from a mortgage bank are: _________________. - correct answer
both a and b

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