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CHAMPIONS REAL ESTATE FINANCE EXAM 2024 ACTUAL EXAM 2 VERSIONS (VERSION A AND B) COMPLETE 400 QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CORRECT ANSWERS) / ALREADY GRADED A+$17.99
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CHAMPIONS REAL ESTATE FINANCE EXAM 2024 ACTUAL EXAM 2 VERSIONS (VERSION A AND B) COMPLETE 400 QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CORRECT ANSWERS) / ALREADY GRADED A+
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CHAMPIONS REAL ESTATE FINANCE 2024
Institution
CHAMPIONS REAL ESTATE FINANCE 2024
CHAMPIONS REAL ESTATE FINANCE EXAM 2024 ACTUAL EXAM 2 VERSIONS (VERSION A AND B) COMPLETE 400 QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CORRECT ANSWERS) / ALREADY GRADED A+
CHAMPIONS REAL ESTATE FINANCE
EXAM 2024 ACTUAL EXAM 2 VERSIONS
(VERSION A AND B) COMPLETE 400
QUESTIONS WITH DETAILED VERIFIED
ANSWERS (100% CORRECT ANSWERS) /
ALREADY GRADED A+
VERSION A
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
A cash-out refinancing loan is a loan guaranteed by
the _________ which refinances any type of lien
against a secured property. - ....ANSWER...VA
Regular Financial Statements - ....ANSWER...A
borrower pays off an existing loan with the proceeds
of the new mortgage on the same property
Cash-Out Finance - ....ANSWER...A borrower pays off
an existing loan with the proceeds of the new
mortgage on the same property but draws equity out
of the property, which could pay closing costs,
points, pay off of other debts, or provide additional
cash for any purpose.
Texas Department of Housing and Community Affairs
(TDHCA) - ....ANSWER...an agency responsible for
affordable housing, housing-related and community
service programs, and the regulation of the state's
manufactured housing industry.
,T/F? Often the interim financing (the acquisition and
construction loans) are short-term loans with
relatively high-interest rates. - ....ANSWER...true
VA Loan - eligible properties - ....ANSWER...• Buy an
existing home
• Build a home
• Simultaneously purchase and improve a home
• Refinance an existing mortgage loan
• Cash-out refinance
• Interest rate reduction finance
• Convert an adjustable-rate mortgage to a fixed-
rate
• Improve a home by installing energy-related
features
• To purchase a one-family residential unit in a
condominium housing development approved by the
VA
• To purchase a farm residence to be owned and
occupied by the Veteran as a home. If the loan
includes the purchase of farmland, the farmland is
appraised at its residential value only
, contract for deed - ....ANSWER...A contract for deed,
also known as a LAND CONTRACT, is a sales
contract between buyer and seller.
In the contract, the buyer agrees to make regular
payments to the seller.
The seller retains legal title to the property, known
as TITLE RETENTION and the buyer acquires
equitable title or equitable interest in the property
Subordination - ....ANSWER...The subordination
clause is a clause in which a holder of a mortgage
permits a subsequent mortgage to take priority.
Subordination is the act of yielding.
This clause provides that if a prior mortgage is
renewed, the junior mortgage will continue in its
subordinate position and will not automatically
become a higher or first mortgage.
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