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Finance Bob Brooks Section 3 Exam Questions And Accurate Answers
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Finance Bob Brooks Section 3 Exam Questions AndAccurate Answers
All of the following are government operated or supervised agencies in the secondary
mortgage market EXCEPT
Select one:
a. Fannie Mae
b. Maggie Mae
c. Ginnie Mae
d. Freddie Mac - Answer maggie mae
Acceleration is the clause in a mortgage which benefits the -Answer acceleration
Discount points are based on the -Answer mortgage loan
For a mortgage to be enforceable, the following is needed: -Answer a promissory note
Discount Points are figured on the - Answer loan balance
Usury does NOT apply to - Answer FHA and VA loans
with an FHA Loan, when the selling price exceeds the appraised value, what will the loan
be made on? - Answer Appraised price
To compute the dollar value of a loan discount, each point is equal to - Answer The
correct answer is: 1% of the amount to be loaned.
, When assuming a loan it is best for the Buyer to assume the loan - Answer subject to
Jim Jones sells his furnished home to Mary Smith, who assumes his existing loan of
$29,000. All of the following documents must be prepared for the closing EXCEPT -
Answer note and mortgage
Concerning a current FHA loan:
Select one:
a. It is a fixed rate mortgage.
b. It is a qualifying assumable loan.
c. Mutual Mortgage Insurance is paid by buyer.
d. All of the above. - Answer all of the above
If given the choice, it's best if the Buyer assumes an existing loan - Answer Subject to
A loan with payment that includes an amount to cover insurance and taxes would be
a(an) - Answer Budget loan.
The letter from a lender that gives the status of the loan such as loan balance, interest,
time remaining and note is the - Answer Estoppel certificate
A contract in which title is NOT transferred until all terms have been met is a(an) -
Answer Bond For Deed.
What is the similarity between VA and FHA loans? - Answer Both require little or no
down payment.
In a loan having a balloon payment - Answer The last payment is larger than previous
payments
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