REE 3043 Exam 2 | 40 Questions with 100% Correct Answers | Updated 2023

When a buyer of a property with an existing mortgage loan acquires the property and signs the note for an existing loan, the buyer is acquiring the property: - by assumption. Which of these points in a mortgage loan would be addressed in the mortgage (possibly in the note as well)? - Escrows The Real Estate Settlement Procedures Act does which of these: - All of these statements are correct. ( Requires that the borrower be able to inspect the closing statement a day before the actual closing. Prohibits kickbacks between vendors of closing-related services and lenders. Requires that a borrower receive a good faith estimate of closing costs shortly after a loan application.Requires the use of a standard settlement statement for a mortgage loan closing.) A type of loan that has grown in volume in recent years, which has raised concerns about predatory lending practices, is the: - sub-prime mortgage. With what type of loan security arrangement is the deed held by a neutral party and returned upon payment of the mortgage in full? - Deed of trust.