Arizona School of Real Estate & Business : Sales Exam; Questions and Answers 100% Verified
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Course
ASREB
Institution
ASREB
Arizona School of Real Estate & Business : Sales Exam;
Questions and Answers 100% Verified
When a deed in lieu of foreclosure is given to a lender, which of the following is true?
Answer-Time and cost are less
B buys land from W using a deed of trust as security for the carryback. B makes al...
Arizona School of Real Estate & Business : Sales Exam;
Questions and Answers 100% Verified
When a deed in lieu of foreclosure is given to a lender, which of the following is true?
Answer-Time and cost are less
B buys land from W using a deed of trust as security for the carryback. B makes all the payments
except the final three and is now in default. W does nothing and decides not to foreclose until
later. By doing this W is exercising his right of: Answer-Forbearance
A commercial building is sold in a foreclosure for $100,000 less than the balance due the lender.
Which of the following is true? Answer-The lender can obtain a deficiency judgment
against the borrower
Which of the agencies listed below guarantees loans? Answer-GNMA
A buyer pays 20% down and obtains a real estate mortgage. The buyers makes no further
payments. What clause would the lender now exercise? Answer-Acceleration
A loan which is subordinate to other loans, but includes the amount of the other loans is called:
Answer-Wraparound
A seasoned loan refers to: Answer-Good Payment History
Who has title in a land contract? Answer-Vendor
, Arizona School of Real Estate & Business : Sales Exam;
Questions and Answers 100% Verified
What would discourage a buyer to take a bank wrap around mortgage? Answer-Seller's
loan has an alienation clause
After satisfying a first lien, what position is the second lien now in? Answer-First Position
A property has both a first and second lien. Both are in default. Which of the following
statements are true? Answer-The second would be terminated if the first goes through a
successful judicial foreclosure
FNMA is: Answer-Government sponsored agency
Land contract is another name for: Answer-Agreement for Sale
When an estoppel certificate is used by a lender, he is primarily working in the: Answer-
Secondary market
Which of the following would not apply to a mortgage? Answer-Deed Recordation
Which of the following applies to the Federal National Mortgage Association? Answer-
Government related agency
, Arizona School of Real Estate & Business : Sales Exam;
Questions and Answers 100% Verified
After a mortgage foreclosure, if the sale amount was insufficient to cover the debt, the lender
may ask for: Answer-Deficiency judgment
A vendor would be which of the following parties? Answer-Seller in an agreement for
sale
The vendee is the: Answer-Buyer in an agreement for sale
What is it called when the Federal Reserve loans money to commercial banks? Answer-
Discount rate
After a trustee's sale the excess proceeds go to the: Answer-Trustor
A construction loan is generally considered a: Answer-Short term- interim
Construction loan monies are generally obtained from Answer-Commercial banks
When a sale lease back takes place the advantage for the lessee is that he can: Answer-
Deduct the rent as an expense
Which of the following could be borrowed in a tax deferred exchange? Answer-Boot
, Arizona School of Real Estate & Business : Sales Exam;
Questions and Answers 100% Verified
When can the tax on a capital gain be deferred? Answer-Property exchange
Which of the following would not be considered an income tax deduction: Answer-Tax
depreciation on your personal residence
A real estate investment that acts as a mutual fund but does not give you individual ownership
is best described as a: Answer-Real Estate Investment Trust, a security instrument
When figuring capital gain from the sale of a property, which of the following would lower your
gain? Answer-Capital improvements
When a new stock is being offered to the public, which of the following would most likely be
offered as a disclosure? Answer-Prospectus
If a party wants to maximize leverage, he should: Answer-Have the highest loan to value
ratio
When a buyer is using 100% leverage in a transaction, they would least likely be interested in:
Answer-short term loan
Boot is best defined as: Answer-Loan interest
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