Exam (elaborations)
Real Estate Finance I-CHAMPIONS (Q&A)
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Real Estate Finance I-CHAMPIONS (Q&A)
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Real Estate Finance I-CHAMPIONSThe minimum downpayment on a VA loan is:
(a) 2% of the sales price
(b) 0% of the sales price
(c) 3.75% of the sales price
(d) 1% of the sales price Correct Ans - B
_________ is the process of creating a new mortgage loan.
(a) Origination
(b) Funding
(c) Underwriting
(d) Servicing
* Correct Ans - A
A veteran can have more than one VA loan:
(a) If the prior VA loan was paid in full and the property disposed of
(b) The prior VA loan was assumed by an eligible veteran who substituted
their entitlement
(c) A or B
(d) Under no circumstances - a VA loan is a "once in a lifetime" benefit
* Correct Ans - C
_________ are not-for-profit organizations that exist to serve their members.
,(a) Mortgage companies
(b) Credit unions
(c) Insurance companies
(d) One that cannot be financed Correct Ans - B
A qualifying ratio that compares the borrower's proposed house payment to
their gross monthly income is the __________.
(a) Back ratio
(b) Appraisal ratio
(c) Front ratio
(d) Loan to value ratio Correct Ans - C
Periodic payment amounts such as principal & interest, estimated escrow,
estimated monthly payment, and __________ must be disclosed in the Projected
Payments section of the Loan Estimate form.
(a) Mortgage Insurance
(b) Homeowner's insurance
(c) Property value
(d) Estimated inspection cost Correct Ans - A
___________ relates to Federal Government spending.
(a) Monetary policy
(b) Legislative policy
(c) Reserve requirement
, (d) Fiscal policy Correct Ans - D
In the Closing Disclosure, prepaids include homeowner's and mortgage
insurance premiums, prepaid interest, property taxes, and a maximum of
__________ additional items.
(a) 13
(b) 3
(c) 7
(d) 9 Correct Ans - B
When calculating the monthly payment, the lender will add an amount equal
to:
(a) Twelve months insurance and six months taxes
(b) 1/12 of the annual taxes and insurance
(c) 1/12 of the annual loan amortization
(d) An amount sufficient to create the escrow account Correct Ans - B
Which of the following is true regarding FHA loans?
(a) An FHA loan requires a CRV
(b) Ratios may be exceeded with compensating factors
(c) FHA loans require a minimum 5% down payment
(d) FHA loans are for low income borrowers only Correct Ans - B
The age of a property based upon the appraiser's assessment of the property's
maintenance and upgrades is its __________.
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