Exam (elaborations)
CHAMPIONS SCHOOL OF REAL ESTATE NATIONAL-STATE – FINANCE QUIZ AND ANSWERS
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CHAMPIONS SCHOOL OF REAL ESTATE NATIONAL-STATE – FINANCE QUIZ AND ANSWERS
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CHAMPIONS SCHOOL OF REAL ESTATE NATIONAL-STATE – FINANCE QUIZ AND ANSWERS 2024 - 2025
Blanket,, Loan,, ANS,, -Several,, pieces,, of,, property,, secured,, by,, a,, single,, loan,, (several,, lots,, on,, one,,
note)
Package,, Loan,, ANS,, -A,, loan,, secured,, by,, real,, property,, plus,, personal,, property
Down,, Payment,, Assistance,, Programs,, ANS,, -Government,, and,, private,, programs,, whose,, stated,,
purpose,, is,, to,, help,, buyers,, to,, become,, homeowners
Subordination,, Clause,, ANS,, -a,, clause,, allowing,, a,, lender,, to,, move,, to,, or,, take,, a,, lower,, lien,,
position
Mortgage,, ANS,, -Lender,, under,, a,, mortgage
Non-Judicial,, Foreclosure,, ANS,, -foreclosure,, that,, does,, not,, require,, court,, proceedings,, or,, a,,
judgment,, of,, foreclosure,, -,, the,, result,, of,, the,, power,, of,, sale,, clause,, in,, a,, deed,, of,, trust
Lien,, Theory,, State,, ANS,, -a,, state,, where,, the,, mortgage,, lender,, has,, a,, lien,, on,, the,, property,, and,,
the,, borrower,, has,, title
Release,, Clause,, ANS,, -A,, clause,, often,, found,, in,, a,, blanket,, loan,, allowing,, the,, borrower,, to,,
obtain,, partial,, releases,, of,, specific,, lots,, by,, making,, required,, lump,, sum,, payments
Trustee,, ANS,, -A,, third,, party,, under,, a,, deed,, of,, trust,, who,, acts,, as,, an,, agent,, for,, the,, lender
Title,, Theory,, State,, ANS,, -A,, state,, where,, the,, mortgage,, lender,, has,, title,, to,, the,, property,, until,,
the,, debt,, is,, repaid
, Qualifying,, Ratios,,, Debt,, Ratios,, ANS,, -The,, percent,, of,, monthly,, gross,, income,, that,, can,, be,, used,,
to,, pay,, the,, PITI,, payment,, in,, a,, mortgage,, loan,,, and,, the,, percent,, of,, monthly,, gross,, that,, can,,
be,, used,, to,, cover,, all,, debt,, including,, the,, PITI-,, 28%-36%,, would,, be,, typical,, debt,, ratios
TRID,, ANS,, -Truth,, in,, Lending,, Act,, -,, RESPA,, Integrated,, Disclosures
Truth,, in,, Lending,, ANS,, -TIL,,, REG,, Z,,, Regulation,, Z,,, or,, the,, consumer,, Credit,, protection,, act,, -,, a,,
law,, passed,, to,, help,, consumers,, understand,, the,, true,, cost,, of,, borrowing,, money
beneficiary,, ANS,, -Lender,, under,, a,, deed,, of,, trust
Construction,, Loan,, ANS,, -short,, term,, financing,, with,, funds,, advanced,, periodically,, during,, the,,
stages,, of,, construction,, -,, a,, term,, loan
Prepayment,, Clause,, ANS,, -A,, clause,, stating,, that,, the,, borrower,, can,, pay,, the,, entire,, amount,, or,,
the,, stated,, amount,, prior,, to,, the,, due,, date,, in,, the,, note,, and,, whether,, there,, will,, be,, a,, penalty,,
associated,, with,, that,, prepayment
Straight,, Loan,, ANS,, -A,, loan,, with,, payments,, of,, interest,, only,, until,, the,, end,, of,, the,, term,,, when,,
the,, entire,, principal,, is,, repaid,, in,, one,, lump,, sum-,, a,, zero,, amortization,, loan-,, a,, term,, loan
Prime,, Rate,, ANS,, -The,, interest,, rate,, commercial,, banks,, charge,, their,, preferred,, customers
Discount,, Point,, ANS,, -One,, percent,, of,, the,, loan,, that,, is,, prepaid,, interest,,, tax,, deductible,, and,,
results,, in,, increased,, yield,, for,, the,, lender
APR,, ANS,, -Annual,, percentage,, rate-,, a,, number,, that,, tells,, a,, borrower,, the,, total,, cost,, of,, a,, loan-
,, not,, just,, interest,,, the,, sum,, of,, all,, charges,, associated,, with,, the,, loan
Power,, of,, Sale,, ANS,, -A,, clause,, in,, a,, deed,, of,, trust,, allowing,, non-judicial,, foreclosure
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