Barney Fletcher - GA RE School Exam questions And Answers
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Barney Fletcher
Barney Fletcher - GA RE School Exam
questions And Answers
What type of loan has payments of interest only with the principal paid in full at the end of the
loan period? Straight loan
If a loan balance is $125,000 and the interest rate is 8%, how much of the next payment is paid in
interest?...
Barney Fletcher - GA RE School Exam
questions And Answers
What type of loan has payments of interest only with the principal paid in full at the end of the
loan period? Straight loan
If a loan balance is $125,000 and the interest rate is 8%, how much of the next payment is paid in
interest? $833.33
In a graduated payment mortgage, the ________ changes in an adjustable rate mortgage the
_______ is subject to change. Payment, interest rate
What clause allows the lender to call the loan balance due and payable because of non-payment?
Acceleration clause
The amendment that allows a lender to waive his lien priority in favor of another's is known as
the: Subordination amendment
A purchase money mortgage is a loan made by: The seller in a transaction
, Barney Fletcher - GA RE School Exam
questions And Answers
A mortgage secured by both real and personal property is a(n): Package Mortgage
What type of mortgage exists when the lender pays the borrower a fixed amount of money every
money? Reverse Annuity (mortgage)
The primary purpose of FHA is to _____ and the primary purpose of VA is to ________.
Insure loans; guarantee loans
In a Land Sales Contract, who retains legal title to the property? Seller
What Act has as its primary purpose to educate borrowers regarding the costs involved in a
closing so that the borrowers can shop for the best situation for them? Real Estate
Settlement Procedures Act (RESPA)
Which of the following is true regarding a borrower's mortgage payment assuming the payment
is made on time? The payment includes payment of interest for the previous 30 days
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