REE 3043 FINAL EXAM WITH VERIFIED QUESTIONS AND ANSWERS ALL UPDATED
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Course
REE 3043
Institution
REE 3043
REE 3043 FINAL EXAM WITH VERIFIED QUESTIONS AND ANSWERS ALL UPDATED
Which of the following types of loans is the most likely to contain a due-on-sale clause? - Answer-Conventional home loan
In a mortgage loan, the borrower always creates two documents: a note and a mortgage. Which of the foll...
REE 3043 FINAL EXAM WITH VERIFIED
QUESTIONS AND ANSWERS ALL
UPDATED
Which of the following types of loans is the most likely to contain a due-on-sale clause?
- Answer-Conventional home loan
In a mortgage loan, the borrower always creates two documents: a note and a
mortgage. Which of the following pieces of information is provided in the mortgage?` -
Answer-An unambiguous description of the property that is being pledged as collateral
for the loan
When a buyer of a property with an existing FHA mortgage loan acquires a property by
putting her signature on the note for the existing loan, the buyer is acquiring the
property: - Answer-By assumption
All of the following statements regarding foreclosure are true except:
A. Foreclosure is a costly process for all the parties involved
B. Only claimants who are properly notified in the foreclosure suit can lose their claims
to the property
C. When a lender foreclosures on a property, it extinguishes all superior liens, bringing
about a free and clear sale of the property
D. The net recovery by a lender from a foreclosed loan seldom exceeds 80 percent of
the outstanding loan balance and commonly is much less than this amount - Answer-C.
When a lender foreclosures on a property, it extinguishes all superior liens, bringing
about a free and clear sale of the property
Promissory note - Answer-A promise to pay a debt at agreed upon terms
Mortgage or Deed of trust - Answer-Pledges property as security (collateral) for the loan
Components of a promissory note - Answer-Term
Interest rates
Payments
Prepayment
Lifetime capped rate - Answer-Initial rate + lifetime cap
Payments and most commonly used - Answer-Level payment- residential
Partially amortized (ballon)- most commercial
Non-amortizing (interest only)- common commercial
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