Exam (elaborations)
Real Estate Finance Practice exam
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Real Estate Finance Practice exam
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Real Estate Finance Practice examA __________ is a permanent change in one or more of the terms of a
borrower's loan.
Loan Qualification
Loan Modification
Loan Approval
Loan Origination - CORRECT ANSWER-Loan Modification
What time period must borrowers have in job history with the same employer to
qualify?
2 months
6 months
1 year
2 years - CORRECT ANSWER-2 years
Unscrupulous actions carried out by a lender to entice, induce and/or assist a
borrower in taking a mortgage that carries high fees, a high interest rate, strips
the borrower of equity, or places the borrower in a lower credit rated loan to
benefit the lender.
Predatory lending
Sub prime Mortgage
Participation Agreement
Fraud - CORRECT ANSWER-Predatory lending
Why do lender care about unpaid taxes?
They want to ensure your mortgage payment is not late
It makes the loan difficult to sell in the secondary market
Unpaid property taxes are a superior lien to the right of the lender
Lenders don't care about unpaid taxes - CORRECT ANSWER-Unpaid property
taxes are a superior lien to the right of the lender
, A burden, obstruction, or impediment on the property that lessens its value or
makes it less marketable.
Lien
Interest
Encumbrance
Mortgage - CORRECT ANSWER-Encumbrance
Which party is not included on the deed of trust?
Mortgagor
Mortgagee
Trustor
Trustee - CORRECT ANSWER-Trustor
The mortgage or deed of trust will contain ___________ that permits the lender
to demand that the entire balance of the loan be repaid if the borrower defaults.
Due on sale clause
Acceleration clause
Alienation clause
Balloon clause - CORRECT ANSWER-Acceleration clause
One of the largest buyers of securities is _________.
Credit Unions
Pension Funds
China
American Public - CORRECT ANSWER-Pension Funds
A company or individual that originates mortgage loans and sells them to
investors, while taking care of borrowers loan payments, records, taxes, and
insurance.
Mortgage Bankers
Mortgage Brokers
Loan Originators
Secondary Market - CORRECT ANSWER-Mortgage Bankers
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