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CHAMPIONS SCHOOL OF REAL ESTATE FINANCE EXAM ACTUAL EXAM LATEST COMPLETE 220 QUESTIONS AND CORRECT DETAILED ANSWERS ALREADY GRADED A+.p$19.99
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CHAMPIONS SCHOOL OF REAL ESTATE FINANCE EXAM ACTUAL
EXAM LATEST 2024-2025 COMPLETE 220 QUESTIONS AND
CORRECT DETAILED ANSWERS ALREADY GRADED A+
To participate in the Texas Veterans Loan Board Program a veteran can obtain any of these
loans:
A. VA
B. FHA
C. Conventional
D. All of the above - ANSWER-D. All of the above
Eligible borrower under the VLB Veterans Housing Assistance Program (VHAP) include:
A. Disabled
B. Texas Born/ Native
C. Honorable and Dishonorably discharged
D. Surviving spouses of Texas veterans - ANSWER-D. Surviving spouses of Texas Veterans
The ____ is where borrowers and mortgage lenders come together to create and negotiate
terms of a mortgage transaction - ANSWER-The primary market
A portfolio loan is ____. - ANSWER-A loan not sold into the secondary market but retained by
the lender
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_____ bonds are sold by government entities to fund major capital investments - ANSWER-
Municipal Bonds
Seller financing = - ANSWER-takeback, carry back
A point is ___% of the loan amount - ANSWER-One
An amortizing loan is .... - ANSWER-A loan with payments that includes both the principle and
interest
A buyer is interested in buying a home. Interest are forecasted to go down in the next few
months, what type of loan should he secure? - ANSWER-An ARM Loan
In an ARM loan the index_____ - ANSWER-Varies with fluctuation in the Financial Market
The fixed rate charge on an adjustable rate mortgage until the first adjustment date - ANSWER-
Initial rate
For the borrower planning to remain in his or her home in the long term of the borrower who is
adverse to risk the best possible is - ANSWER-Fixed-rate mortgage
The process of creating a new mortgage loan, including all steps taken by a lender to attract
and qualify a borrower are _____. - ANSWER-Origination activities
The process of evaluating a borrower's loan application to determine the risk involved for the
lender is - ANSWER-Underwriting
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,Page 3 of 31
Which of the following Federal Fair Housing statues prohibit housing discrimination - ANSWER-
National Origin
All residential mortgage loan originators must now be registered with the ______. - ANSWER-
Nationwide Mortgage Licensing System and Registry (NMLSR)
A young couple would like to buy a rundown house, with a high credit score, but the lender
refuses to sell in that location. What is the lender guilty of? - ANSWER-Redlining under the
Community Reinvestment Act (CRA)
The ______ prohibits Redlining. - ANSWER-Community Reinvestment Act
The state of Texas plays a role in affordable housing through the _______. - ANSWER-The Texas
Department of Housing and Community Affairs (TDHCA)
How many days according to the Truth in Lending disclosure when must the buyer receive the
Closing Disclosure (CD) from the lender? - ANSWER-Three business days before the customer
closes the loan.
_______ was established in 1970 for the purpose of purchasing mortgages in the Secondary
Market. - ANSWER-Freddie Mac
A claim, lien, charge, or liability attached to and binding real property is an - ANSWER-
encumbrance
A ______ is a right given by law to creditors to have debts paid out of the property of a
defaulting debater. - ANSWER-Lien
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A mortgage is a pledge of real estate as security for repayment of debt in which the borrow is
known as ______ - ANSWER-Mortgagor
Which of the following is a lender? - ANSWER-Morgagee
Which of the following contains the borrowers personal promise to pay a debt? - ANSWER-The
note
When a property is foreclosed and sold at an auction for less that what is owed, the lender may
sue the borrower for a _____. - ANSWER-Deficiency Judgement
A borrower under the deed of trust .... proceed exceeded $5,000, who is entitled to the $5,000?
- ANSWER-The debtor, borrower, mortgagor
In a contract for deed transaction, when does the borrower receive the deed? - ANSWER-When
the final loan payment is made.
A second mortgage is ______ to the first mortgage. - ANSWER-Subordinate
A ______ clause gives the borrower the ability to replace the primary instrument with another
without affecting the position of the subordinate instrument. - ANSWER-Lifting
Which clause in a mortgage allows a lender to move to or take a secondary lien - ANSWER-
Subordinate clause
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