REE 3043 EXAM QUESTIONS WITH GUARANTEED ACCURATE ANSWERS |VERIFIED
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Course
REE 3043
Institution
REE 3043
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: - ACCURATE ANSWERby assumption.
Which of these points in a mortgage loan would be addressed in the mortgage (possibly in the note as well)...
REE 3043 EXAM QUESTIONS
REE 3043 EXAM QUESTIONS WITH GUARANTEED ACCURATE ANSWERS |VERIFIED
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: -
ACCURATE ANSWER✅✅by assumption.
Which of these points in a mortgage loan would be addressed in the mortgage
(possibly in the note as well)? - ACCURATE ANSWER✅✅Escrows
The Real Estate Settlement Procedures Act does which of these: - ACCURATE
ANSWER✅✅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: - ACCURATE ANSWER✅✅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? - ACCURATE
ANSWER✅✅Deed of trust.
Bob lost his job and has been consistently late paying his bills. The bank
recognizes a deterioration in Bob's credit score and has notified him that he must
pay his home equity line of credit in full. The mortgage clause that makes this
possible is the: - ACCURATE ANSWER✅✅demand clause.
The two elements of a mortgage loan include: - ACCURATE ANSWER✅✅The
note which describes the exact terms of the financial obligation and the mortgage
which pledges the property as security for the note.
Which of the following is least correct regarding the benefits of mortgage finance?
- ACCURATE ANSWER✅✅Homeowners can obtain credit on lesser terms than
consumer debt (home equity credit lines which are taxed unfavorably, shorter term
and at a higher interest rate).
Consider a homeowner in mortgage distress who owes more than the value of the
home, and is unable to make the loan manageable by refinancing or modifying the
mortgage. One recourse, referred to as a ______________ ______________,
entails the owner obtaining a contractual offer from a buyer, which is acceptable by
the lender, thus enabling the seller to be relieved of some or all of the outstanding
balance on the mortgage without foreclosure. - ACCURATE ANSWER✅✅Short
Sale
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