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finance bob brooks (section 3) Questions and Correct Answers | Latest Update

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All of the following are government operated or supervised agencies in the secondary mortgage market EXCEPT Select one: a. Fannie Mae b. Maggie Mae c. Ginnie Mae d. Freddie Mac  maggie mae The clause in a mortgage which benefits the lender if the buyer defaults is the  acceleration ...

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  • October 4, 2024
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Best Grades | Must Pass | Latest Update | Correct Answers | 2024/ 2025


finance bob brooks (section 3) Questions
and Correct Answers | Latest Update
All of the following are government operated or supervised agencies in the secondary

mortgage market EXCEPT


Select one:


a. Fannie Mae


b. Maggie Mae


c. Ginnie Mae


d. Freddie Mac


 maggie mae




The clause in a mortgage which benefits the lender if the buyer defaults is the


 acceleration




Discount points are based on the


 mortgage loan




For a mortgage to be enforceable, the following is needed:


 a promissory note




~ 1 ~ for inquiry mail me @ supergrades12@gmail.com

, Best Grades | Must Pass | Latest Update | Correct Answers | 2024/ 2025

Discount Points are figured on the


 loan balance




Usury does NOT apply to


 FHA and VA loans




with an FHA Loan, when the selling price exceeds the appraised value, what will the loan be

made on?


 Appraised price




To compute the dollar value of a loan discount, each point is equal to


 The correct answer is: 1% of the amount to be loaned.




When assuming a loan it is best for the Buyer to assume the loan


 subject to




Jim Jones sells his furnished home to Mary Smith, who assumes his existing loan of $29,000. All

of the following documents must be prepared for the closing EXCEPT


 note and mortgage




~ 1 ~ for inquiry mail me @ supergrades12@gmail.com

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