100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
Previously searched by you
CHAMPIONS SCHOOL OF REAL ESTATE FINANCE EXAM LATEST EXAM A AND B WITH PRACTICE EXAM COMPLETE 270 QUESTIONS AND DETAILED CORRECT ANSWERS ALREADY GRADED A+$22.99
Add to cart
CHAMPIONS SCHOOL OF REAL ESTATE FINANCE EXAM LATEST EXAM A AND B WITH PRACTICE EXAM COMPLETE 270 QUESTIONS AND DETAILED CORRECT ANSWERS ALREADY GRADED A+
7 views 0 purchase
Course
CHAMPIONS SCHOOL OF REAL ESTATE .
Institution
CHAMPIONS SCHOOL OF REAL ESTATE .
CHAMPIONS SCHOOL OF REAL ESTATE FINANCE EXAM LATEST EXAM A AND B WITH PRACTICE EXAM COMPLETE 270 QUESTIONS AND DETAILED CORRECT ANSWERS ALREADY GRADED A+
CHAMPIONS SCHOOL OF REAL ESTATE FINANCE EXAM
LATEST 2024-2025 EXAM A AND B WITH PRACTICE
EXAM COMPLETE 270 QUESTIONS AND DETAILED
CORRECT ANSWERS ALREADY GRADED A+
CHAMPIONS SCHOOL OF REAL ESTATE FINANCE EXAM A
While the majority of loans are sold in the secondary market, many of them are retained. What
is this called? - ANSWER-Portfolio loans
Most mortgage brokers specialize as the "_____" between the borrower and the lender -
ANSWER-Middleman
One advantage of municipal bonds is that... - ANSWER-Interest paid to investor is not subject to
federal income tax, making them appealing to investor who needs to shelter some income from
taxation
A claim, lien, charge, or liability attached to and binding real property - ANSWER-Encumbrance
A right given by law to certain creditors to have debts paid out of the properly of a defaulting
debtor, usually through a court sale - ANSWER-Lien
A borrower is known as a - ANSWER-Mortgagor
A lender is known as a - ANSWER-Mortgagee
A ______ is a pledge of real estate as security for repayment of a debt - ANSWER-Mortgage
1
,Page 2 of 39
A _____ is the borrowers unconditional promise to repay and includes the amount borrowed,
payment amount, due date, and rate of interest - ANSWER-Promissory note
Any excess money left over from the forced sale is given to the ______ - ANSWER-Debtor
(borrower)
A contract for deed becomes fully executed when.... - ANSWER-The final loan payment is made
A second mortgage is an instrument ______ to the primary mortgage - ANSWER-Subordinate
A clause that gives the borrower the ability to replace the primary instrument with another
without affecting the subordinate instrument's position - ANSWER-Lifting clause
A clause in which the holder of the mortgage permits a subsequent mortgage to take priority is
known as a - ANSWER-Subordinate clause
The term "_______" typically includes monthly payment of 1/12th of the annual taxes,
homeowner's insurance and mortgage insurance - ANSWER-House payment
1 point = ________ of the loan amount - ANSWER-1%
Monthly payment includes an amount that is applied first to the interest that is due wit the
remainder of the loan payment being applied to the outstanding loan balance - ANSWER-
Amortizing loan
2
,Page 3 of 39
The _____ and ______ move up and down with the fluctuations in financial market - ANSWER-
1) index
2) resulting rate
Discounted Initial Rate (teaser rate) - ANSWER-A lower interest rate is offered by the lender
during the first year or more of the loan
For the borrower planning to remain in his/her home in the long term, or the borrower who is
adverse to risk, the best choice in a mortgage would probably be - ANSWER-Fixed Rate
If a buyer plans to sell in the near future - ANSWER-ARM (adjusted rate)
An ______ might also be an ideal product for the borrower that believes that the trend in
mortgages rate is downward - ANSWER-ARM
When a buyer wants to purchase a residential property in need of repair, the buyer has to
obtain _______ first to purchase the dwelling, additional financing to do the _______, and a
permeant mortgage when the work is complete to pay of the interim loans with a permeant
mortgage - ANSWER-1) financing
2) rehabilitation construction
Seller's market - ANSWER-When supply is low and demand is high
Buyer's market - ANSWER-When supply is high and demand is low
The process of creating a new mortgage loan - ANSWER-Origination
3
, Page 4 of 39
The detailed process of evaluating a borrower's loan application to determine the risk involved
for the lender - ANSWER-Underwriting
When there is an excess of money supply in the market - ANSWER-Monetary inflation
Which agency insures deposits in bank and thrift institution for up to $250,000? - ANSWER-
Federal Deposit Insurance Corporation
prohibit housing discrimination based on sex, race, color, religion, national origin, disabilities, or
familial status - ANSWER-Federal Fair Housing
All residential mortgage loan originators must now be registered with... - ANSWER-Nationwide
Mortgage Licensing System and Registry (NMLSR)
The practice of refusing to provide financing in a particular area because of the location -
ANSWER-Redlining
What was the Community Reinvestment Act (CRA)? - ANSWER-Law against bank to ensure that
banks would serve the needs of the community
The Texas Veteran's Loan Program - ANSWER-Buyes loans from lender
To participate in the program, the Veteran obtains a FHA, VA, or conventional loan from
participating lenders - ANSWER-Texas Veteran's Loan Program
Texas Veterans Land Loan - ANSWER-Charges less in fees
4
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller STUVIAGRADES. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $22.99. You're not tied to anything after your purchase.
