Foundations of Real Estate Finance Final Exam Practice Questions Well Elaborated.
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Course
REAL ESTATE FINANCE.
Institution
REAL ESTATE FINANCE.
Your client, Dolly, has no money for a down payment. What would she need to do in order to obtain down-payment assistance? - correct answer Qualify based on her income and credit.
What's the actual balance, excluding interest, of a mortgage loan called? - cor...
Your client, Dolly, has no money for a down payment. What would she need to do in order to obtain
down-payment assistance? - correct answer Qualify based on her income and
credit.
What's the actual balance, excluding interest, of a mortgage loan called? - correct answer
The principal
What does a 3-2-1 buy down loan mean? - correct answer Gradually increasing rate
and payments for the first, second, and third years and then a fixed rate thereafter
Your client, Jim, is a veteran who's purchasing a home with a VA loan. Which of the following is a VA
loan benefit? - correct answer No down payment requirements
Which of the following statements best describes how real estate financing opens opportunities for your
clients? - correct answer Financing allows more people to purchase ho
What are the three pieces of data needed to calculate a monthly loan payment? - correct answer
Principal loan amount, term, contract rate
Which of the following is a characteristic of a mortgage banker? - correct answer
Their underwriting standards are set by the secondary market, so they may be less flexible in
underwriting exceptions.
Which one of the following statements is true? - correct answer Real estate
professionals may recommend reputable lenders.
Alisha lost her job and has fallen behind on her mortgage payments. Which of the following is a good
option for Alisha? - correct answer Work with her lender on a repayment plan
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