Real Estate Finance (30 Hrs) Quizzes and accurate correct detailed answers verified solutions.
3 views 0 purchase
Course
REAL ESTATE FINANCE.
Institution
REAL ESTATE FINANCE.
Consummation occurs when the buyer/borrower becomes contractually obligated to: - correct answer to the creditor/lender on the loan
Remedies for violations of TILA would include: - correct answer All of the above
A cred...
Consummation occurs when the buyer/borrower becomes contractually obligated to: - correct answer
to the creditor/lender on the loan
Remedies for violations of TILA would include: - correct answer All of the above
A creditor refuses to consider regular alimony and child support when evaluating a borrower`s income.
Under ECOA this is: - correct answer never allowable
NFIP is an acronym for: - correct answer National Flood Insurance Program
When a borrower receives the Loan Estimate Form from their closed-end lender, it is best to: - correct
answer 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 ____________________. - correct answer all of the above
Last minute negotiations between the buyer and seller will pose a significant risk to: - correct answer
all parties to a real estate loan and the real estate transaction
FEMA is a division of the _________________________________. - correct answer
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? - correct answer
A transfer disclosure statement
,Under the TRID Rules, real estate licensees: - correct answer have no
responsibilities, but are suggested to know required regulations
Which of the following is a main purpose of RESPA? - correct answer Both a and b
A ____________________________________________is a data base comprised of insurance claims
from various insurance companies. - correct answer 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. - correct answer
60 days
To make sure that there are no major changes to the original loan proposal by the lender, the borrower
can: - correct answer 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: - correct answer 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. - correct answer three
The TRID forms must be used for all real estate transactions involving a(n): - correct answer
new closed-end consumer mortgage application
Page 1 of the Loan Estimate required information includes all the following EXCEPT: - correct answer
The name of the Broker and MLS #
When a person applies for credit, a creditor may not: - correct answer 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. - correct answer 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. - correct
answer Mortgage brokers
If the index is 5% and the margin is 2%, the interest rate on the ARM loan is: - correct answer
7%
Commercial banks are: - correct answer either a or b
A lifetime or overall cap limits: - correct answer The interest rate increase over the
lifetime of the loan
GNMA is an acronym for: - correct answer Government National Mortgage
Association
Most saving and loan banks have been reorganized into _____________________. - correct answer
saving banks
All banks must keep a percentage of deposits in reserve at the Federal Reserve Bank. This is known as
the __________________. - correct answer reserve requirement
If an index rate did not change, and the payment on the loan increased, this was caused by: - correct
answer A carry over
When the Federal Government is involved in purchasing and selling government securities, this is known
as ___________________________ - correct answer open market operations
The primary sources of revenue from a mortgage bank are: _________________. - correct answer
both a and b
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller RealGrades. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.49. You're not tied to anything after your purchase.
