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Aypo real estate Finance Actual Final Test Questions with correct answers
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Aypo real estate Finance Actual Final Test Questions with correct answers
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Aypo real estate Finance Actual Final Test Questionswith correct answers
IRRRL stands for Correct Answer-Interest Rate Reduction Refinance
Loan
A Participation Agreement Generally DOES NOT provide which of the
following information
a. The date of the participation
b. The size of the loan
c. The share of the loan bought
d. A guarantee against buyer default Correct Answer-d. A guarantee
against buyer default
Which of these IS NOT required for a Making Home Affordable Loan?
a. A credit score above 700
b. A mortgage payment more than 31% of the current gross monthly
income
c. All of these are required
d. An unpaid principal balance equal to or less than $729,750 for a
single-unit property Correct Answer-a. A credit score above 700
A title search might reveal any of these information, except:
,a. Seller credit history
b. Other claims, such as mechanic's liens, second mortgages or other
debts
c. Actual "owner of record"
d. That the property being offered as collateral is, in fact, the one being
purchaced Correct Answer-a. Seller credit history
As an alternative to Verification of Deposit, some lenders may accept:
a. Both of these
b. Neither of these
c. A sworn statement from the borrower
d. The most recent three months of bank statements Correct Answer-d.
The most recent three months of bank statements
In its 80 years of operation, the FHA has insured over ________ (Pick
the closest number) of homes:
a. 46 million
b. 23 million
c. 32 million
d. 34 million Correct Answer-a. 46 million
,The term "subordinate finance instrument" generally includes all of
these except which of the following?
a. First mortgage
b. Judgement Lien
c. Secondary Mortgage
d. Mechanic's Lien Correct Answer-a. First mortgage
Mortgage bonds are considered "safer" because:
a. They are virtually loss-proof because they are backed by MBS
b. They provide higher than average yields
c. They are backed by collateral i.e., the mortgaged properties
d. The FDIC guarantees them Correct Answer-c. They are backed by
collateral i.e., the mortgaged properties
Which of these IS NOT an FHA-insured program or product?
a. Help for Seniors Reverse Mortgage
b. Making Homes More Energy Efficient
c. Title 1 loans
d. All of these are FHA-insured programs or products Correct Answer-d.
All of these are FHA-insured programs or products
, Which of these IS NOT generally covered by the title insurance?
a. None of these
b. Issues not identified in the title policy arising after transfer of title
c. Exceptions listed in the title insurance policy
d. Easements not listed in the title policy Correct Answer-c. Exceptions
listed in the title insurance policy
The Closing Disclosure (H-25) must be delivered to the borrower by
which of the following:
a. At least seven business days before the consummation of the loan
b. At least three business after the approval of the loan
c. At least three business days before the consummation of the loan
d. At least three days prior to closing Correct Answer-c. At least three
business days before the consummation of the loan
Which of these IS NOT a function of the Uniform Residential Loan
Application?
a. Authorization for obtaining the credit report
b. To establish the date of aplication
c. All of these are functions of the Uniform Residential Loan
Application
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