Non conventional loan - Study guides, Class notes & Summaries

National Real Estate Exam Prep Chapter 7 (Champions School of Real estate) Rated A+ Conventional loan a loan that is neither federally insured nor guaranteed Non-conventional loan mortgage loans through three agencies: The federal housing Admin. The US dept of Veteran Affairs US Dep. of Agriculture contract for deed (installment contract) seller financing and buyer does not get deed until the property has been paid for in full Mortgage Pledge of real property as a security fo...

XINNIX FLIGHT SCHOOL EXAM WITH CORRECT ANSWERS The rate lock period for a refi, with a right of rescission, must be long enough to cover the rescission period. True How long does a borrower have to wait to buy a home after they have had a foreclosure? FHA 3 years What are the steps you should follow to determine the correct MI? LTV, term, product type, occupancy type and coverage. Typically, files that have to be manually underwritten are subject to less strict guidelines. Fa...

to market conditions and their internal needs and objectives. It should be noted that the terms of mortgages bought and sold cannot be changed by the new note holders. Which of the following is considered a conventional loan? A. FHA insured B. VA guaranteed C. Commercial bank's 15 year loan D. Contract for deed - answerC. Commercial bank's 15 year loan. Though 30 year loans are more common, 15 year loans are considered standard, conventional loans. Options A and B are part of various g...

PVL3701 - Law Of Property PVL3701 EXAM PACK 2024 MCQ 1. Indicate the correct option. Which one of the following things can be regarded as a res nullius? (1) a domesticated tiger living in his owner‟s house (2) an impala roaming in the bushes (3) a Persian cat lying on the neighbor‟s patio (4) a springbok kept on a private game farm for hunting purposes ANSWER: Option 2 is correct. A res nullius is a thing which does not belong to anyone. All creatures that are wild by natu...

A non-arm's length transaction occurs when the borrowers or any other party to the transaction have a direct relationship with another party to the transaction (including, but not limited to, the employer, lender, broker or appraiser). - True A partner's percentage of ownership and earnings can be located on Schedule E part 2 of their personal tax returns - False A loan with an excellent credit risk, and qualifying as a jumbo loan program would receive a DU Approve/ineligible. - True A ...

Xinnix SOAR Final Exam Questions and Answers 100% Pass FNMA and FHLMC are what type of loan? - Answer- conforming the main purpose of the Consumer financial protection bureau (CFPB) is to help consumers understand the terms of their agreements with financial companies - Answer- true conventional loans are not insured by the federal government - Answer- true Agency loans include FHA and VA loans - Answer- true the proceeds of a loan for cash out refinance may be used by the borrower to in...

Florida Real Estate STATE exam Questions and Answers 100% Pass The best protection that the public has during a Real Estate transaction is (are) A. The national and state association of REALTORS B. The punishment of licensees dealing dishonesty C. the high ethical standards of real estate agents D. FREC and the license law D. FREC and the license law A group license A. allows a broker to have a branch office B. allows a sales associate to work for more than one broker C. may be held by a...

A "Rule" that says an informed buyer will not pay more for one home than a comparable one is - Substitution A borrower pays off his loan. However, the lender refuses to cancel the mortgage. Which of the following clauses of a mortgage has the lender violated? - Defeasance clause (A defeasance clause states that when the loan is paid, the mortgage is void. The bank's failure to cancel the mortgage of record is a violation of this clause. The habendum clause is the "to have and to hold" ...

Ohio Real Estate Exam test bank Questions with answers 2023May a consumer who has been harmed by a licensee acting under her license as a real estate salesperson or broker immediately file a claim for payment from the Real Estate Recovery Fund? CORRECT ANSWER: No, the consumer must file a lawsuit, get a final judgment, and attempt to collect A listing agreement in which the agent may possibly be in competition with the client to see who can sell the house first is an exclusive CORRECT A...

Xinnix SOAR Final Exam Questions and Answers 100% Pass FNMA and FHLMC are what type of loan? - Answer- conforming the main purpose of the Consumer financial protection bureau (CFPB) is to help consumers understand the terms of their agreements with financial companies - Answer- true conventional loans are not insured by the federal government - Answer- true Agency loans include FHA and VA loans - Answer- true the proceeds of a loan for cash out refinance may be used by the borrower to in...