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REAL ESTATE FINANCE (30 HRS) QUIZZES AND EXAMS QUESTIONS WITH RIGHT ANSWERS .
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REAL ESTATE FINANCE (30 HRS) QUIZZES AND EXAMS QUESTIONS WITH RIGHT ANSWERS .
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REAL ESTATE FINANCE (30 HRS) QUIZZES ANDEXAMS QUESTIONS WITH RIGHT ANSWERS .
Consummation, occurs, when, the, buyer/borrower, becomes, contractually, obligated, to:, , ANS, -, , to,
the, creditor/lender, on, the, loan
Remedies, for, violations, of, TILA, would, include:, , ANS, -, , All, of, the, above
A, creditor, refuses, to, consider, regular, alimony, and, child, support, when, evaluating, a, borrower`s,
income., Under, ECOA, this, is:, , ANS, -, , never, allowable
NFIP, is, an, acronym, for:, , ANS, -, , National, Flood, Insurance, Program
When, a, borrower, receives, the, Loan, Estimate, Form, from, their, closed-end, lender,, it, is, best, to:, ,
ANS, -, , 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, ____________________., , ANS, -, , all, of, the, above
Last, minute, negotiations, between, the, buyer, and, seller, will, pose, a, significant, risk, to:, , ANS, -, , all,
parties, to, a, real, estate, loan, and, the, real, estate, transaction
FEMA, is, a, division, of, the, _________________________________., , ANS, -, , 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?, ,
ANS, -, , A, transfer, disclosure, statement
Under, the, TRID, Rules,, real, estate, licensees:, , ANS, -, , have, no, responsibilities,, but, are, suggested, to,
know, required, regulations
,Which, of, the, following, is, a, main, purpose, of, RESPA?, , ANS, -, , Both, a, and, b
A, ____________________________________________is, a, data, base, comprised, of, insurance, claims,
from, various, insurance, companies., , ANS, -, , 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., , ANS,
-, , 60, days
To, make, sure, that, there, are, no, major, changes, to, the, original, loan, proposal, by, the, lender,, the,
borrower, can:, , ANS, -, , 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:, , ANS, -, , 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., , ANS, -, , three
The, TRID, forms, must, be, used, for, all, real, estate, transactions, involving, a(n):, , ANS, -, , new, closed-
end, consumer, mortgage, application
Page, 1, of, the, Loan, Estimate, required, information, includes, all, the, following, EXCEPT:, , ANS, -, , The,
name, of, the, Broker, and, MLS, #
When, a, person, applies, for, credit,, a, creditor, may, not:, , ANS, -, , 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., , ANS, -, , 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., , ANS, -, ,
Mortgage, brokers
If, the, index, is, 5%, and, the, margin, is, 2%,, the, interest, rate, on, the, ARM, loan, is:, , ANS, -, , 7%
Commercial, banks, are:, , ANS, -, , either, a, or, b
A, lifetime, or, overall, cap, limits:, , ANS, -, , The, interest, rate, increase, over, the, lifetime, of, the, loan
GNMA, is, an, acronym, for:, , ANS, -, , Government, National, Mortgage, Association
Most, saving, and, loan, banks, have, been, reorganized, into, _____________________., , ANS, -, , saving,
banks
All, banks, must, keep, a, percentage, of, deposits, in, reserve, at, the, Federal, Reserve, Bank., This, is,
known, as, the, __________________., , ANS, -, , reserve, requirement
If, an, index, rate, did, not, change,, and, the, payment, on, the, loan, increased,, this, was, caused, by:, , ANS,
-, , A, carry, over
When, the, Federal, Government, is, involved, in, purchasing, and, selling, government, securities,, this, is,
known, as, ___________________________, , ANS, -, , open, market, operations
The, primary, sources, of, revenue, from, a, mortgage, bank, are:, _________________., , ANS, -, , both, a,
and, b
The, Federal, Reserve, System, is, also, known, as, the, _______., , ANS, -, , Federal, Reserve
To, avoid, unnecessary, risk,, the, secondary, market, requires, loans, that, they, buy, meet, the, standards,
of, ________________, which, are, set, by, the, secondary, markets., , ANS, -, , uniform, underwriting
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