The following is NOT a type of value as it relates to real estate. - ANS Residential value based on occupancy
The purpose of the secondary mortgage market is to - ANS provide funds for the primary market.
This clause states that if the borrower repays the debt when due, the wo...
The following is NOT a type of value as it relates to real estate. - ANS Residential value
based on occupancy
The purpose of the secondary mortgage market is to - ANS provide funds for the primary
market.
This clause states that if the borrower repays the debt when due, the words of grant are void,
the mortgage is canceled, and the title is given back to the borrower. - ANS Defeasance
clause
_________ is not a major participant in the secondary mortgage market. - ANS VA
Which entity enforces the Fair Housing Act rules and regulations? - ANS HUD
__________ have the greatest total cash resources involved in real estate financing. - ANS
REITs
In the past, obtaining a house, farm, or raw land was most often accomplished by - ANS
paying cash.
A class not protected under the Federal Fair Housing Act is - ANS sexual orientation.
Which type of lending institute is either federal or state chartered? - ANS Credit unions
In regard to compliance with fair housing laws, brokers should not - ANS ignore the
concept of fair housing in all forms of advertising.
The market value, insurance value, salvage value, and/or the tax value of a property is
determined through - ANS an appraisal.
What could happen if both the seller and the real estate broker refused to show a property to a
member of a protected class? - ANS Both the seller and the broker could be sued for
violating fair housing laws.
, When a lender is processing a loan, there are four critical procedures involved. Which of the
following is NOT one of those procedures? - ANS Disburse funds from the escrow account
as necessary
Which of the following is not included as part of TIFed (Tax Increment Financed) property? -
ANS Houses
When does an escrow become effective? - ANS When mutual instructions are signed by all
of the involved parties
Which loan program only makes direct loans to the public in areas with a population of less than
20,000? - ANS Rural Economic and Community Development
Which of the following statements is TRUE? - ANS A real estate broker may suggest an
escrow holder if requested to do so by the parties.
Which of the following is an accurate assumption of market value? - ANS The terms are
cash or its equivalent.
_______________ restricts and has specific requirements for sharing credit information
between an authorized recipient company and other affiliate organizations of that company
unless permitted by the subject consumer. - ANS FACTA
The property manager's first responsibility is to - ANS obtain maximum profit for the owner.
Which regulation protects the public from discrimination by lenders on the basis of race, color,
religion, national origin, and sex, and adds the additional categories of age, marital status, and
the receipt of income through any public assistance program? - ANS Equal Credit
Opportunity Act
Loan prequalification by a lender is an informal process in that - ANS there is no
commitment by the lender to make the loan.
Which secondary market participant was created primarily to establish a reliable secondary
market for the sale of conventional mortgages by and for Savings and Loans? - ANS
Freddie Mac
Security deposits must be deposited in the escrow account maintained by a property manager
how soon after a lease is signed, and this must be recorded in the journal and ledger? - ANS
By the next business day after signing
_____________ provides an insight as to properties currently on the market, pending, and sold
and the listed prices of expired properties on the market. - ANS A comparative market
analysis
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