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fn 370 FINAL Questions and Answers (100% Pass)
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The Real Estate Settlement Procedures Act (RESPA) was enacted by Congress to provide each of the following EXCEPT a maximum level of closing costs In the event of mortgage default, FHA-insured loans provide protection for the lender Mortgagees are entitled to possession of mortgaged propert...

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  • October 22, 2024
  • 22
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • fn 370 final questions and answers 100 pass

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  • Fn 370
  • Fn 370

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1|Page | © copyright 2024/2025 | Grade A+




fn 370 FINAL Questions and Answers
(100% Pass)
The Real Estate Settlement Procedures Act (RESPA) was enacted by Congress

to provide each of the following EXCEPT


✓ a maximum level of closing costs




In the event of mortgage default, FHA-insured loans provide protection for the


✓ lender




Mortgagees are entitled to possession of mortgaged property upon default in

states that recognize the concept of


✓ title theory




The percentage of a borrower's gross monthly income required to meet

monthly housing expenses (only) is called the


✓ mortgage debt ratio




By verifying there are no "clouds" on the title, the lender qualifies the


✓ property




Master01 | October, 2024/2025 | Latest update

, 1|Page | © copyright 2024/2025 | Grade A+

Which of the following categories account for the largest portion of all

mortgage credit in the United States?


✓ 1-4 family residential




A legal device used in financing real estate, where the title remains with the

seller until the buyer has paid an agreed-upon percentage of the debt, is

called


✓ land contract




Unlike FHA loans, VA loans are backed by


✓ a guarantee program backed by the federal government




The requirement that the cost of borrowing money (including fees and other

charges) be expressed to loan applicants in the form of an annual

percentage rate of interest comes from


✓ Regulation Z




Because many mortgage loans are sold in the secondary market, lenders use

which of the following guidelines based on what secondary market

participants are willing to buy




Master01 | October, 2024/2025 | Latest update

, 1|Page | © copyright 2024/2025 | Grade A+

✓ Income ratio




The development of a secondary market for mortgage loans is largely

attributable to


✓ the standardization of mortgage loans due to insurance and

guarantee programs




If the mortgagor fails to make payments or defaults on other terms of the

mortgage agreement, the mortgagee can begin


✓ foreclosure proceedings




Which of the following is true regarding "lien theory" states


✓ The mortgagee holds a security interest in the mortgaged property and

can seek a court's assistance in using the property to satisfy the debt in

the event of default




In a real estate transaction, the debt obligation secured by a mortgage is

generally accompanied by a


✓ promissory note




Master01 | October, 2024/2025 | Latest update

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