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Champions School of Real Estate - Real Estate Finance Exam/97 Q’s and A’s
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Champions School of Real Estate - RealEstate Finance Exam/97 Q’s and A’s
Sending monthly payment statements and collecting
monthly payments, maintaining payment
records and following up on delinquencies. - -Servicing -The process of creating a new mortgage loan - -Origination -The process of collecting information about a borrower in order to build a loan file that will be used to make an underwriting decision - -Loan Processing -The process of transferring funds to a title or escrow company for disbursement - -Funding -The process of evaluating a borrower's loan application to determine the risk involved for the lender - -Underwriting -When was the FHA created? - -1934 -Who funds the FHA? - -The FHA funds itself -How long is the lifespan of a $20 bill? - -7.9 years -What is the "prime rate?" - -The interest rate that is determined by individual banks -Who provides VA home loans? - -Private lenders -The USDA Single Family Housing Direct Home Loan is also known as ____________ - -Section 502 Direct Loan Program -In order to qualify for exemption from capital gains, the property must have
been the primary residence for two of the previous _______________ years. - -
5 years -A loan with no discount points is known as a _____________. - -Par Loan -Relates to federal government spending - -Fiscal Policy -Insures deposits in banks and thrift
institutions - -Federal Deposit Insurance Corporation -Set by the board of directors of the
Federal Reserve Banks, subject to
approval by the Board of Governors - -Discount Rate -Policy that deals with interest rates
and the supply of money in the US
economy. - -Monetary Policy -Buying or selling government securities by the Federal Reserve - -Open-
Market Operations -Through which avenue does the US Treasury promote economic growth?
A - Legislating tax cuts to stimulate the economy
B - Policies that support job creation
C - Giving grants to government enterprises
D - All of these - -B - Policies that support job creation -Which of the following is NOT a function of the Department of the Treasury?
A - Enforcing federal finance and tax laws
B - Currency and coinage
C - Campaign finance reform
D - Supervising national banks and thrift institutions - -C - Campaign finance reform -According to the Taxpayer Bill of Rights, taxpayers have the right to:
a. pay no more than the correct amount of tax
b. be informed
c. privacy
d. all of these - -D - All of these -When was HARP introduced? - -2009 -Which refinancing option does HARP offer?
a. change from an adjustable to a fixed rate mortgage
b. lower interest rates
c. shorter term loans
d. all of these - -D - All of these -What is fiat money? - -Currency that is not backed by any precious metals -At the treasury level, funds can be raised to pay for government spending by increasing borrowing and? - -Raising taxes
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