Real estate trainers Study guides, Class notes & Summaries

Looking for the best study guides, study notes and summaries about Real estate trainers? On this page you'll find 22 study documents about Real estate trainers.

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Real Estate Trainers, Practice Exam #8 questions with complete solutions
  • Real Estate Trainers, Practice Exam #8 questions with complete solutions

  • Exam (elaborations) • 11 pages • 2023
  • 1. All of the following are true about the margin on an ARM, except: A. The margin is the difference between the index value and the interest rate charged on an ARM. B. The margin is sometimes called the spread. C. The margin fluctuates like the index fluctuates with the cost of funds. D. The margin is added by the lender to ensure sufficient income for administrative expenses and profit. correct answer: C. The margin usually remains fixed and is not impacted by the movement of interest r...
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Real Estate Trainers, Practice Exam #7 questions with complete solutions
  • Real Estate Trainers, Practice Exam #7 questions with complete solutions

  • Exam (elaborations) • 11 pages • 2023
  • 1. Which of the following best defines negative amortization: A. It is the same as interest only, with no interest being paid. B. Not only is no principal being paid, but not all of the interest due is being paid, hence the loan balance is growing due to this deferred interest.C. It is the same as a partially amortized loan, with the principal reducing very slowly. D. The principal is reducing so slowly it is a negative factor in the lives of the borrowers. correct answer: B. If the loan c...
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Real Estate Trainers, Practice Exam #5 questions with complete solutions
  • Real Estate Trainers, Practice Exam #5 questions with complete solutions

  • Exam (elaborations) • 11 pages • 2023
  • 1) When provisions of TILA refer to a creditor extending credit to a consumer, what does that mean? A. People, not a company. B. Businesses, if not more than a sole proprietorship. C. Sole proprietorships and partnerships. D. Corporations that were formed by consumers. correct answer: A. This is the interpretation of consumer. 2) Under TILA, the definition of credit includes all of the following, except: A. For personal, household, or family purposes. B. For any amount less than $1...
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Real Estate Trainers, Practice Exam #14 questions with complete solutions
  • Real Estate Trainers, Practice Exam #14 questions with complete solutions

  • Exam (elaborations) • 11 pages • 2023
  • 1) With an ARM, what is the shortest period of time the interest rate or payment amount could remain in effect: A. One month B. Six months C. One year D. Five years correct answer: A. One month 2) With an ARM, if interest rates are stable and do not rise, can payments rise and why: A. No, because rise in payments is tied to an increase in interest rates B. Yes, because an interest rate cap may have held the borrower's rate and payment below what it would have been if the change in...
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Real Estate Trainers, Practice Exam #12 questions with complete solutions
  • Real Estate Trainers, Practice Exam #12 questions with complete solutions

  • Exam (elaborations) • 10 pages • 2023
  • 1) A person who earns $26/hr has a monthly gross income of nearest to what amount: A. $4500 B. $4250 C. $4760 D. $5200 correct answer: A. Multiply the hourly wage by 40 hours in the workweek, multiply by 52 weeks in the year, and divide by the 12 months in a year. 26 x 40 = $1040 x 52 = $54,080 ÷ 12 = $4506.67 2) Which of the following forms allows the lender to request copies of the borrower's federal income tax return: A. 1003 B. FNM A 5467C. 4506-T D. FHLMC 6807 correct answ...
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Real Estate Trainers, Practice Exam #13 questions with complete solutions
  • Real Estate Trainers, Practice Exam #13 questions with complete solutions

  • Exam (elaborations) • 10 pages • 2023
  • 1) The stated purpose of the Dodd-Frank Wall Street Reform and Consumer Protection Act is which of the following: A. Improve accountability and transparency in America's financial system B. To protect the American taxpayer by ending bailouts C. To protect consumers from abusive financial services practices D. All of the above correct answer: D. Yes, all of these are stated reasons for this legislation, as well as to end "too big to fail" policies, and other reasons. 2) When was the ...
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Real Estate Trainers, Practice Exam #10 questions with complete solutions
  • Real Estate Trainers, Practice Exam #10 questions with complete solutions

  • Exam (elaborations) • 10 pages • 2023
  • 1) Which one of these classes of people is protected under the Fair Housing Act but not under the Equal Credit Opportunity Act: A. Race B. Sex C. Disability D. Religion correct answer: C. Disability 2) Which one of these classes of people is protected under the Equal Credit Opportunity Act but not under the Fair Housing Act: A. Age B. Color C. National origin D. Religion correct answer: A. This is correct. Because ECOA deals with the granting of credit, some of the issues about ...
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Real Estate Trainers, Practice Exam #6 questions with complete solutions
  • Real Estate Trainers, Practice Exam #6 questions with complete solutions

  • Exam (elaborations) • 10 pages • 2023
  • 1) The purpose of the Equal Credit Opportunity Act (ECOA) is which of the following: A. To protect the credit history of consumers. B. To minimize discrimination in the obtaining of credit. C. To ensure that all consumers have an equal opportunity to obtain credit. D. To help consumers fight the growing crime of identity theft. correct answer: C.This is the purpose of ECOA. 2) ECOA is also known as which of the following: A. Regulation B. B. Regulation C. C. Regulation X. D. Regu...
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Real Estate Trainers, Practice Exam #4 questions with complete solutions
  • Real Estate Trainers, Practice Exam #4 questions with complete solutions

  • Exam (elaborations) • 10 pages • 2023
  • 1) All of the following are true regarding the Closing Disclosure, except: A. The creditor and the settlement agent can share responsibility for the Closing Disclosure. B. The settlement agent can complete all or part of the Closing Disclosure for the creditor. C. The creditor and the settlement agent must maintain close communication to ensure timely delivery of the Closing Disclosure. D. If the settlement agent prepares the entire Closing Disclosure, the settlement agent becomes responsi...
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Real Estate Trainers, Practice Exam #11 questions with complete solutions
  • Real Estate Trainers, Practice Exam #11 questions with complete solutions

  • Exam (elaborations) • 10 pages • 2023
  • 1) The Mortgage Banker's Association considers all of the following indicators of predatory lending except: A. Falsifying loan documents B. Requiring credit insurance C. Requiring mortgage insurance D. Charging excessive prepayment penalties correct answer: C. Mortgage insurance is PMI, a reasonable and lawful requirement if the loan-to-value ratio is above 80%. 2) A predatory lender is trying to do any of the following, except: A. Become the owner of the property B. Suck the equi...
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