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Bob Brooks National Finance Exam Questions With Verified Answers Latest Updated 2024
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A technique for using net income to derive a property's valuation is: Select one: a. Appreciation b. Capitalization Rate c. Cost Approach d. Valued Percentage - ANSWER-b. Capitalization Rate Truth in Lending Laws applies to which of the following? Select one: a. A loan to purchase a singl...

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  • March 26, 2024
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  • 2023/2024
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Bob Brooks National Finance Exam
Questions With Verified Answers
Latest Updated 2024

The person acting as the intermediary for a loan on a house would be the:
Select one:
a. Mortgage banker
b. Real estate broker
c. Mortgage broker
d. Fannie Mae - ANSWER-a. Mortgage banker

A technique for using net income to derive a property's valuation is:
Select one:
a. Appreciation
b. Capitalization Rate
c. Cost Approach
d. Valued Percentage - ANSWER-b. Capitalization Rate

Truth in Lending Laws applies to which of the following?
Select one:
a. A loan to purchase a single family home.
b. Commercial loans
c. A loan to purchase a 126 unit apartment building.
d. A purchase money mortgage. - ANSWER-a. A loan to purchase a single family
home.

Charging a higher interest rate than the law allows is called:
Select one:
a. Usury
b. Finance
c. Mortgage
d. Equity - ANSWER-a. Usury

A "partnership in commendam" is also known as:
Select one:
a. A general partnership
b. A limited partnership
c. A specific partnership
d. A limited liability company - ANSWER-b. A limited partnership

A bank demands full payment on the mortgage because the house was sold. This
was because of the:
Select one:
a. Defeasance clause

, b. Novation clause
c. Subordination clause
d. Alienation clause - ANSWER-d. Alienation clause

Prepayment penalties are common on many loans. Which of the following is true
regarding prepayment penalties?
Select one:
a. FHA & VA loans have no prepayment penalties
b. Conventional loans have no prepayment penalty
c. Prepayment penalties are 5% of the loan amount if the loan is paid the first year.
d. There is no such thing as a prepayment penalty - ANSWER-a. FHA & VA loans
have no prepayment penalties

Under ECOA rules, a borrower is less likely to be approved for a loan if their income
is from:
Select one:
a. Child support
b. Commissions
c. Alimony
d. Public assistance - ANSWER-b. Commissions

Truth in Lending laws define APR as:
Select one:
a. Note rate plus cost of credit.
b. Cost of credit plus attorneys fees.
c. Cost of credit plus points.
d. Note rate alone. - ANSWER-a. Note rate plus cost of credit.

The disadvantage of graduated payment mortgages for 1st time home buyers is:
Select one:
a. Interest only at first then one large balloon payment at the end.
b. Small down payment
c. Low monthly payments
d. Smaller payments at first then larger payments later. - ANSWER-d. Smaller
payments at first then larger payments later.

The percentage borrowed in relation to the appraised price would be the:
Select one:
a. Equity rate
b. Loan to value ratio
c. Assessment rate
d. None of the above. - ANSWER-b. Loan to value ratio

The advantage of a partially amortized loan with a balloon is:
Select one:
a. Lower payment
b. Longer payments
c. Lower loan balance
d. The final payment is smaller. - ANSWER-a. Lower payment

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