Test Bank Champions Real Estate Finance Exam
Question and Answer | A+ Verified Updated |
Most Tested
_________ is the process of creating a new mortgage loan.
(a) Origination
(b) Funding
(c) Underwriting
(d) Servicing
* -✓✓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
entitlement
(c) A or B
(d) Under no circumstances - a VA loan is a "once in a lifetime" benefit
* -✓✓C
_________ are not-for-profit organizations that exist to serve their members.
(a) Mortgage companies
(b) Credit unions
(c) Insurance companies
(d) One that cannot be financed -✓✓B
A qualifying ratio that compares the borrower's proposed house payment to their gross
monthly income is the __________.
(a) Back ratio
, (b) Appraisal ratio
(c) Front ratio
(d) Loan to value ratio -✓✓C
Periodic payment amounts such as principal & interest, estimated escrow, estimated
monthly payment, and __________ must be disclosed in the Projected Payments
section of the Loan Estimate form.
(a) Mortgage Insurance
(b) Homeowner's insurance
(c) Property value
(d) Estimated inspection cost -✓✓A
___________ relates to Federal Government spending.
(a) Monetary policy
(b) Legislative policy
(c) Reserve requirement
(d) Fiscal policy -✓✓D
In the Closing Disclosure, prepaids include homeowner's and mortgage insurance
premiums, prepaid interest, property taxes, and a maximum of __________ additional
items.
(a) 13
(b) 3
(c) 7
(d) 9 -✓✓B
When calculating the monthly payment, the lender will add an amount equal to:
(a) Twelve months insurance and six months taxes
(b) 1/12 of the annual taxes and insurance
Question and Answer | A+ Verified Updated |
Most Tested
_________ is the process of creating a new mortgage loan.
(a) Origination
(b) Funding
(c) Underwriting
(d) Servicing
* -✓✓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
entitlement
(c) A or B
(d) Under no circumstances - a VA loan is a "once in a lifetime" benefit
* -✓✓C
_________ are not-for-profit organizations that exist to serve their members.
(a) Mortgage companies
(b) Credit unions
(c) Insurance companies
(d) One that cannot be financed -✓✓B
A qualifying ratio that compares the borrower's proposed house payment to their gross
monthly income is the __________.
(a) Back ratio
, (b) Appraisal ratio
(c) Front ratio
(d) Loan to value ratio -✓✓C
Periodic payment amounts such as principal & interest, estimated escrow, estimated
monthly payment, and __________ must be disclosed in the Projected Payments
section of the Loan Estimate form.
(a) Mortgage Insurance
(b) Homeowner's insurance
(c) Property value
(d) Estimated inspection cost -✓✓A
___________ relates to Federal Government spending.
(a) Monetary policy
(b) Legislative policy
(c) Reserve requirement
(d) Fiscal policy -✓✓D
In the Closing Disclosure, prepaids include homeowner's and mortgage insurance
premiums, prepaid interest, property taxes, and a maximum of __________ additional
items.
(a) 13
(b) 3
(c) 7
(d) 9 -✓✓B
When calculating the monthly payment, the lender will add an amount equal to:
(a) Twelve months insurance and six months taxes
(b) 1/12 of the annual taxes and insurance
