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CHAMPIONS REAL ESTATE FINANCE EXAM 2024 ACTUAL EXAM COMPLETE 200 QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CORRECT ANSWERS) / ALREADY GRADED A+$16.39
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CHAMPIONS REAL ESTATE FINANCE
EXAM 2024 ACTUAL EXAM
COMPLETE 200 QUESTIONS WITH
DETAILED VERIFIED ANSWERS (100%
CORRECT ANSWERS) / ALREADY
GRADED A+
Which act increased the insurance coverage on all
federally insured credit union accounts up to
$250,000? - ....ANSWER...Dodd-Frank Wall Street
Reform Act
What type of property might an Equity Estate REIT
purchase - ....ANSWER...Office buildings, apartments,
self storage
A _____ is a debt instrument. - ....ANSWER...Corporate
bond
,The primary market is where _____ go to borrow
money. - ....ANSWER...Consumers
Which of the following lends money in the primary
market? - ....ANSWER...Mortgage companies,
commercial banks, credit unions
____ is the least common form of mortgage financing.
- ....ANSWER...seller financing
____ were created in the early 1800s because banks
did not lend money for residential mortgages. -
....ANSWER...savings and loans
An easement for ingress and egress is known as
a(n) _____. - ....ANSWER...Encumbrance
Which of the following types of liens is one that is
freely given, usually as collateral for a loan? -
....ANSWER...Involuntary lien
Under a(n) _____, when the final payment is made to
the seller, title transfers to the buyer. -
....ANSWER...Special warranty deed
,A deed of trust is a(n) _____ instrument. -
....ANSWER...Three-party
The lender may also be referred to as the _____ in
some deed of trust forms. - ....ANSWER...Mortgagee
The type of clause that allows a new borrower to
take over payments on an existing loan is a(n) _____
clause. - ....ANSWER...Assumption
A(n) _____ clause states that the lien is defeated
when the debt is repaid. - ....ANSWER...Defeasance
Prepayment penalties can be found in more than
two-thirds of _____. - ....ANSWER...Sub-prime
mortgages
A condition of a mortgage loan which prohibits
prepayment of the loan prior to a certain date is
known as a(n) _____ clause. - ....ANSWER...Lock-in
, The basic formula for interim interest is _____. -
....ANSWER...Interest x Payment Rate / 365 x # of
days until the end of the month
Semi-annual interest is calculated _____. -
....ANSWER...Twice per year
Ailene and Arnold are on a fixed income. They want
to buy a home and are researching different loan
options. Which type of loan would be a poor choice
for the - ....ANSWER...An adjustable-rate mortgage
What would the interest rate be on a $155,000 loan if
the annual interest owed is $5,425? (Use a 365-day
year.) - ....ANSWER...3.50%
An FHA borrower can use gift funds from a(n) _____
as funds for a downpayment. - ....ANSWER...a parent
Which loan program would allow Edmund to
purchase a home with a downpayment of $0? -
....ANSWER...A VA loan
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