In a va loan Study guides, Class notes & Summaries

National PSI EXAM PRACTICE TEST Answered 100% Correctly| Latest 2024 National PSI EXAM PRACTICE TEST Answered 100% Correctly| Latest 2024 Real Estate law governing advertising applies to all of these EXCEPT: A. In house notes for showing B. Multiple listing service (MLS) C. communications with consumers D. Social Media A. In-house notes for showing are not seen by consumers an so do not have to follow state or federal laws. A couple accompanies a property inspector during an inspecti...

100 Percent Correct Answer-The maximum loan-to-value ratio on a VA gauranteed loan is: 1.75% Correct Answer-What is the up-front premium changed on FHA loans? $63,000 Correct Answer-Given the following information, how much PMI i required? PMI is to cover the top 35% of the loan. Purchase Price: $200,000 Loan Amount: $180,000 Down Payment: 10% Annual Percentage Rate (APR) Correct Answer-Jan is hopping for a home loan in order to purchase her retirement home. She has several loans ...

Salesperson is working for a principal, but the salesperson exceeds authority in agreement. Principal does nothing to correct the actions, and the public is led to believe the actions were okay. Agency? - Answer-Estoppel Amount stated in a purchase contract in case the buyer breaches is called: - Answer-Liquidated In a sublease with a positive leasehold who benefits from excess rent? - Answer-Sub-lessor Property taxes are 1,525. 1st half paid by seller closes November 2nd - Answer-512.57 De...

The minimum downpayment on a VA loan is: (a) 2% of the sales price (b) 0% of the sales price (c) 3.75% of the sales price (d) 1% of the sales price - Answer-B _________ is the process of creating a new mortgage loan. (a) Origination (b) Funding (c) Underwriting (d) Servicing * - Answer-A A veteran can have more than one VA loan: (a) If the prior VA loan was paid in full and the property disposed of(b) The prior VA loan was assumed by an eligible veteran who substituted their entitlem...

Functional obsolescence - Answer- Refers to the loss in desirability of the style, layout or function of an element of a property over time Sales comparison - Answer- best indicator of value for existing properties highest and best use - Answer- the legal use for property that gives the greatest return in money and/or amenities external obsolescence - Answer- the loss in value of a property caused by factors outside the property itself principle of contribution - Answer- suggests the...

Choose the relationship between the name of the report and mortgage interest rate tendencies - When CPI goes up, rates tend to go up; when the GDP goes down, rates tend to go down; when the unemployment rate goes up, rates tend to go down. Although the appraiser makes the value determination, it is up to the processor to assess the appraisal report and to make sure that the property is acceptable collateral for the loan. - False A borrower may have more than one FHA loan at the same time. -...

ASREB Exam Practice Questions and Answers types of loans - Correct Answer ️️ -FHA loan, Conventional loan, VA loan FHA loan - Correct Answer ️️ -MIP (Mortgage Insurance Premium) Two types (Upfront and Monthly) Conventional loan - Correct Answer ️️ -PMI (Private Mortgage Insurance) Drops off automatically at 78% loan to value (LTV) Ask for removal at 80% loan to value VA Loan - Correct Answer ️️ -Funding Fee based on value USDA loan - Correct Answer ️️ -loan is zero do...

Champions School of Real Estate - Real Estate Finance Latest Update Rated A+ A loan unable to be sold to Fannie Mae or Freddie Mac (i.e. A sub-prime loan) Non- Conforming Loan VA Veteran's administration - assists veterans in the purchase of housing by guaranteeing loans) Seller's equity Cash price minus the loan balance A clause often found in a blanket loan allowing the borrower to obtain partial releases of specific lots by making required lump sum payments. Release Clause ...

Xinnix SOAR Final Questions With Verified Answers Graded A+ FNMA and FHLMC are what type of loan? conforming the main purpose of the Consumer financial protection bureau (CFPB) is to help consumers understand the terms of their agreements with financial companies true conventional loans are not insured by the federal government true Agency loans include FHA and VA loans true the proceeds of a loan for cash out refinance may be used by the borrower to insure a new pool t...

Colorado Law And Practice Exam Questions And Answers The term "effective age" when applied to an industrial building means The observed age of the property in relation to its actual age An employed broker who both lists and sells has earned: The agreed upon split from the employing broker for each side of the transaction If a borrower must pay one discount point on a 250,000 loan, the charge will be: 2,500 Federal Fair Housing law provides that possible discrimination exists...