RELE 1219 Final Exam | 2023/24 with complete solution

RELE 1219 Final Exam | 2023/24 with complete solution One of the best ways to assure a good title to property that is being transferred to another is to - Purchase an owners title insurance policy The underlying purpose of the real estate settlement procedures act is to - 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 - 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. - False The real estate settlement procedures act prohibits or places limits on all of the following except - 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? - Owner occupied refinance The major source of mortgage money began to shift away from savings deposits more towards - 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? - A pledge of land as security for a debt In mortgage lending, the word hypothecate means - 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 following? - The ownership interest in the corporation In a sale of a mortgage note, if the discount is increased, the price of the note is - Decreased The way rights to real property or owning conveyed is determined primarily by - The laws of each state A unit of measure amounting to 1% of the loan amount is identified as a - Point The premium cost of a HUD/FHA insured commitment is paid for by the - Home buyer/borrower (T/F): no regulations issued by the federal security and exchange commission apply to real estate transactions - False The type of loan pricing that rates the probability of default with corresponding price adjustments is called: - 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. - True If a hazardous waste area is detected, responsibility for his clean-up falls on which of the following? - 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: - An environmental site assessment For the secondary market to consider purchase of a commercial loan, all of the following conditions must be met EXCEPT: - Full insurance coverage against environmental loss The purpose of a phase 1 site assessment as defined by CERCLA is to: - Provide a possible defense for an innocent landowner against future liabilities for toxic waste cleanup All of the following are true about lead poisoning EXCEPT: - Damage to the human body can only be caused by ingestion, not by inhaling Which of the following is not a criteria for determining whether or not an area is classed as a wetland? - The land must be federal or state owned The environmental program that is attempting to put less or contaminated land back into productive and higher tax paying use is called: - Brownfields program Of the following, the best description of the primary market is - The loan origination market The primary purpose of the community reinvestment act is to: - Encourage regulated lenders to serve their local community's needs In finance terminology, secondary market investors do not "loan" money, they fund mortgage lending through: - The purchase of loans from originators All of the following are true of savings banks EXCEPT: - They are limited to state charters only The regulatory agency handling savings associations is: - The comptroller of currency Chartering in regulating commercial banks comes under the authority of - Either the comptroller of the currency or a state banking commission All of the following are typical of a credit unions activities and limitations EXCEPT: - A prohibition against making any mortgage loan Mortgage pool is best described as - A block of loans serving as collateral for the issuance of mortgage-backed securities Which of the following types of technology could be used to allow the user to assumptions that support financial conclusion of commercial real estate cash flows? - ARGUS valuation-DCF When introduced in the 1980s, computerized loan origination was primarily: - A means of transmitting loan application information to an underwriter Automated underwriting system is introduced in the 1990s enabled computers to: - Analyze loan applications and grant approval in only a minute if justified Which of the following allows the user is a Fannie Mae's desktop underwriter and desktop originator to identify potential eligibility and/or data issues as early in the processes as possible? - EarlyCheck Credit scoring is: - A number that shows a person's creditworthiness Among many ot