RELE 1219 Final Exam Latest
2023-2024 Questions and
Answers Verified
One of the best ways to assure a good title to property that is being
transferred to
another is to Ans- Purchase an owners title
insurance policy
The underlying purpose of the real estate settlement procedures act is to
Ans- Require adequate disclosure of settlement costs and requirements to a
loan applicant/borrower
The new closing disclosure also has a section that discloses key
loan terms this
includes each of the following except Ans- The final
loan-to-value ratio
(T/F): The annual percentage rate (APR) as required to be
disclosed in a truth-in-
lending statement is the interest rate.
Ans- False
The real estate settlement procedures act prohibits or places
limits on all of the
following except Ans- The amount paid for a loan
origination fee
Which of the following loan types are allowed under the truth-in-
lending act do you have
a right to rescind? Ans- Owner occupied
refinance
The major source of mortgage money began to shift away from
savings deposits more
towards Ans- Money raised in the financial markets through
the sale of various
mortgage-backed
securities
Which of the following best describes the meaning of mortgage loan
collateral? Ans- A
pledge of land as security for
a debt
In mortgage lending, the word hypothecate means Ans- The
borrower remains in
possession of the property while it is pledged as
collateral for a loan
Shares of common stock in a corporation represent which of the
RELE 1219
, following? Ans- The
ownership interest in the
corporation
In a sale of a mortgage note, if the discount is increased, the price
of the note is Ans-
Decrease
d
The way rights to real property or owning conveyed is determined
primarily by Ans-
The laws of each
state
A unit of measure amounting to 1% of the loan amount is identified as a
Ans- Point
The premium cost of a HUD/FHA insured commitment is paid for by the
Ans- Home
buyer/
borrower
(T/F): no regulations issued by the federal security and exchange
commission apply to
real estate transactions Ans-
False
The type of loan pricing that rates the probability of default with
corresponding price
adjustments is called: Ans- Risk based
pricing
(T/F): One of the major unresolved problems resulting from the confusion of
environmental laws and regulations is to define the proper rights of a
landowner who loses partial usage of the land but retains good title to the
property. Ans- True
If a hazardous waste area is detected, responsibility for his clean-up falls
on which of
the following? Ans- All parties involved with the property have full
responsibility
Commercial real estate financing generally requires at least two professional
assessments in appraisal and which of the following: Ans- An environmental
site assessment
For the secondary market to consider purchase of a commercial loan, all of
the following conditions must be met EXCEPT: Ans- Full insurance coverage
against environmental loss
The purpose of a phase 1 site assessment as defined by CERCLA is to:
Ans- Provide
a possible defense for an innocent landowner against future liabilities for
toxic waste
RELE 1219
2023-2024 Questions and
Answers Verified
One of the best ways to assure a good title to property that is being
transferred to
another is to Ans- Purchase an owners title
insurance policy
The underlying purpose of the real estate settlement procedures act is to
Ans- Require adequate disclosure of settlement costs and requirements to a
loan applicant/borrower
The new closing disclosure also has a section that discloses key
loan terms this
includes each of the following except Ans- The final
loan-to-value ratio
(T/F): The annual percentage rate (APR) as required to be
disclosed in a truth-in-
lending statement is the interest rate.
Ans- False
The real estate settlement procedures act prohibits or places
limits on all of the
following except Ans- The amount paid for a loan
origination fee
Which of the following loan types are allowed under the truth-in-
lending act do you have
a right to rescind? Ans- Owner occupied
refinance
The major source of mortgage money began to shift away from
savings deposits more
towards Ans- Money raised in the financial markets through
the sale of various
mortgage-backed
securities
Which of the following best describes the meaning of mortgage loan
collateral? Ans- A
pledge of land as security for
a debt
In mortgage lending, the word hypothecate means Ans- The
borrower remains in
possession of the property while it is pledged as
collateral for a loan
Shares of common stock in a corporation represent which of the
RELE 1219
, following? Ans- The
ownership interest in the
corporation
In a sale of a mortgage note, if the discount is increased, the price
of the note is Ans-
Decrease
d
The way rights to real property or owning conveyed is determined
primarily by Ans-
The laws of each
state
A unit of measure amounting to 1% of the loan amount is identified as a
Ans- Point
The premium cost of a HUD/FHA insured commitment is paid for by the
Ans- Home
buyer/
borrower
(T/F): no regulations issued by the federal security and exchange
commission apply to
real estate transactions Ans-
False
The type of loan pricing that rates the probability of default with
corresponding price
adjustments is called: Ans- Risk based
pricing
(T/F): One of the major unresolved problems resulting from the confusion of
environmental laws and regulations is to define the proper rights of a
landowner who loses partial usage of the land but retains good title to the
property. Ans- True
If a hazardous waste area is detected, responsibility for his clean-up falls
on which of
the following? Ans- All parties involved with the property have full
responsibility
Commercial real estate financing generally requires at least two professional
assessments in appraisal and which of the following: Ans- An environmental
site assessment
For the secondary market to consider purchase of a commercial loan, all of
the following conditions must be met EXCEPT: Ans- Full insurance coverage
against environmental loss
The purpose of a phase 1 site assessment as defined by CERCLA is to:
Ans- Provide
a possible defense for an innocent landowner against future liabilities for
toxic waste
RELE 1219
