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Texas Pre-License - Real Estate Finance Practice Exam Questions with Correct Answers
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Texas Pre-License - Real Estate Finance Practice Exam Questions with Correct Answers What is a mortgage banker? - ANSWER-The correct answer is that a mortgage banker is an entity or person who originates and services mortgage loans using their own funds. They usually provide financing on behal...

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  • November 11, 2024
  • 15
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • texas pre license real estate finance practice e

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Texas Pre-License - Real Estate Finance
Practice Exam Questions with Correct
Answers

What is a mortgage banker? - ANSWER✔✔-The correct answer is that a mortgage

banker is an entity or person who originates and services mortgage loans using their

own funds. They usually provide financing on behalf of large investors.


Eloise's loan is neither insured by the government nor guaranteed by the government.

Which of these BEST describes the kind of loan she has? - ANSWER✔✔-Conventional

loans are neither guaranteed nor insured by the government. Conforming loans CAN

be conventional loans, but they must meet other criteria as well.


For a loan to fall under RESPA, it has to be what is called a(n): - ANSWER✔✔-federally

related mortgage loan


Why would a lender want to sell their loans on the secondary mortgage market? -

ANSWER✔✔-Selling their loans allows them to get money faster.


Under what conditions could a lender seek a deficiency judgment? - ANSWER✔✔-If a

borrower defaults, and the sale of the foreclosed home doesn't cover the loan and

expenses of foreclosure, the lender can seek a deficiency judgment.
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, Copyright © OLIVIAWEST 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED


What does this formula solve for: (PITI + Long-term liabilities) ÷ Gross monthly

income? - ANSWER✔✔-total debt service ratio


Which of the following institutions has 11 districts and the purpose to support

residential mortgage lending and related community investment? - ANSWER✔✔-

Federal Home Loan Bank System


What is a back-end ratio? - ANSWER✔✔-a person's total monthly expenses divided by

their monthly income.


Which of these statements most accurately describes the 203(b) FHA loan? -

ANSWER✔✔-It is the most popular kind of FHA loan.


Which of these actions would constitute actual notice? - ANSWER✔✔-No, recording a

deed creates constructive notice. The answer is that Christine looking up a deed creates

actual notice.


How does the VA pay for its loan guarantee program? - ANSWER✔✔-by charging a

funding fee


Which of the following is one of the federal government's monetary powers? -

ANSWER✔✔-lowering the interest rate for member banks by a half percentage point is

an example of the federal government's monetary powers.


Ramsey is considering an ARM with an initial rate of 5.13%. The margin is 2%, and the

initial index rate is 3.13% The initial rate will adjust every four years. The lifetime cap is

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