Aypo real estate Finance UPDATED ACTUAL Questions and
CORRECT Answers
IRRRL stands for Interest Rate Reduction Refinance Loan
A Participation Agreement Generally DOES NOT provide d. A guarantee against buyer default
which of the following information
a. The date of the participation
b. The size of the loan
c. The share of the loan bought
d. A guarantee against buyer default
Which of these IS NOT required for a Making Home a. A credit score above 700
Affordable Loan?
a. A credit score above 700
b. A mortgage payment more than 31% of the current
gross monthly income
c. All of these are required
d. An unpaid principal balance equal to or less than
$729,750 for a single-unit property
,A title search might reveal any of these information, a. Seller credit history
except:
a. Seller credit history
b. Other claims, such as mechanic's liens, second
mortgages or other debts
c. Actual "owner of record"
d. That the property being offered as collateral is, in fact,
the one being purchaced
As an alternative to Verification of Deposit, some lenders d. The most recent three months of bank statements
may accept:
a. Both of these
b. Neither of these
c. A sworn statement from the borrower
d. The most recent three months of bank statements
In its 80 years of operation, the FHA has insured over a. 46 million
_____ (Pick the closest number) of homes:
a. 46 million
b. 23 million
c. 32 million
d. 34 million
The term "subordinate finance instrument" generally a. First mortgage
includes all of these except which of the following?
a. First mortgage
b. Judgement Lien
c. Secondary Mortgage
d. Mechanic's Lien
Mortgage bonds are considered "safer" because: c. They are backed by collateral i.e., the mortgaged properties
a. They are virtually loss-proof because they are backed
by MBS
b. They provide higher than average yields
c. They are backed by collateral i.e., the mortgaged
properties
d. The FDIC guarantees them
Which of these IS NOT an FHA-insured program or d. All of these are FHA-insured programs or products
product?
a. Help for Seniors Reverse Mortgage
b. Making Homes More Energy Efficient
c. Title 1 loans
d. All of these are FHA-insured programs or products
, Which of these IS NOT generally covered by the title c. Exceptions listed in the title insurance policy
insurance?
a. None of these
b. Issues not identified in the title policy arising after
transfer of title
c. Exceptions listed in the title insurance policy
d. Easements not listed in the title policy
The Closing Disclosure (H-25) must be delivered to the c. At least three business days before the consummation of the loan
borrower by which of the following:
a. At least seven business days before the consummation
of the loan
b. At least three business after the approval of the loan
c. At least three business days before the consummation
of the loan
d. At least three days prior to closing
Which of these IS NOT a function of the Uniform c. All of these are functions of the Uniform Residential Loan Application
Residential Loan Application?
a. Authorization for obtaining the credit report
b. To establish the date of aplication
c. All of these are functions of the Uniform Residential
Loan Application
d. Borrower confirmation of the application information
Much of pension funds' real estate activity is performed b. All of these
through which of the following?
a. Secondary mortgage market
b. All of these
c. Mortgage bankers and mortgage brokers
d. Mortgage-backed securities
Regarding "direct endorsement," participating FHA d. Authority to approve and FHA loan application
lenders are separated into two different types, with
different authority. As state in the class, the first type has
the authority to do which of the following?
a. These lenders are not separated into two different
types, and have no authority to approve FHA loan
applications or offer conditional approval
b. Authority to both approve an FHA loan application and
grant conditional approval of the FHA-insured loan
c. Authority to grant conditional approval of the FHA-
insured loan
d. Authority to approve and FHA loan application
CORRECT Answers
IRRRL stands for Interest Rate Reduction Refinance Loan
A Participation Agreement Generally DOES NOT provide d. A guarantee against buyer default
which of the following information
a. The date of the participation
b. The size of the loan
c. The share of the loan bought
d. A guarantee against buyer default
Which of these IS NOT required for a Making Home a. A credit score above 700
Affordable Loan?
a. A credit score above 700
b. A mortgage payment more than 31% of the current
gross monthly income
c. All of these are required
d. An unpaid principal balance equal to or less than
$729,750 for a single-unit property
,A title search might reveal any of these information, a. Seller credit history
except:
a. Seller credit history
b. Other claims, such as mechanic's liens, second
mortgages or other debts
c. Actual "owner of record"
d. That the property being offered as collateral is, in fact,
the one being purchaced
As an alternative to Verification of Deposit, some lenders d. The most recent three months of bank statements
may accept:
a. Both of these
b. Neither of these
c. A sworn statement from the borrower
d. The most recent three months of bank statements
In its 80 years of operation, the FHA has insured over a. 46 million
_____ (Pick the closest number) of homes:
a. 46 million
b. 23 million
c. 32 million
d. 34 million
The term "subordinate finance instrument" generally a. First mortgage
includes all of these except which of the following?
a. First mortgage
b. Judgement Lien
c. Secondary Mortgage
d. Mechanic's Lien
Mortgage bonds are considered "safer" because: c. They are backed by collateral i.e., the mortgaged properties
a. They are virtually loss-proof because they are backed
by MBS
b. They provide higher than average yields
c. They are backed by collateral i.e., the mortgaged
properties
d. The FDIC guarantees them
Which of these IS NOT an FHA-insured program or d. All of these are FHA-insured programs or products
product?
a. Help for Seniors Reverse Mortgage
b. Making Homes More Energy Efficient
c. Title 1 loans
d. All of these are FHA-insured programs or products
, Which of these IS NOT generally covered by the title c. Exceptions listed in the title insurance policy
insurance?
a. None of these
b. Issues not identified in the title policy arising after
transfer of title
c. Exceptions listed in the title insurance policy
d. Easements not listed in the title policy
The Closing Disclosure (H-25) must be delivered to the c. At least three business days before the consummation of the loan
borrower by which of the following:
a. At least seven business days before the consummation
of the loan
b. At least three business after the approval of the loan
c. At least three business days before the consummation
of the loan
d. At least three days prior to closing
Which of these IS NOT a function of the Uniform c. All of these are functions of the Uniform Residential Loan Application
Residential Loan Application?
a. Authorization for obtaining the credit report
b. To establish the date of aplication
c. All of these are functions of the Uniform Residential
Loan Application
d. Borrower confirmation of the application information
Much of pension funds' real estate activity is performed b. All of these
through which of the following?
a. Secondary mortgage market
b. All of these
c. Mortgage bankers and mortgage brokers
d. Mortgage-backed securities
Regarding "direct endorsement," participating FHA d. Authority to approve and FHA loan application
lenders are separated into two different types, with
different authority. As state in the class, the first type has
the authority to do which of the following?
a. These lenders are not separated into two different
types, and have no authority to approve FHA loan
applications or offer conditional approval
b. Authority to both approve an FHA loan application and
grant conditional approval of the FHA-insured loan
c. Authority to grant conditional approval of the FHA-
insured loan
d. Authority to approve and FHA loan application
