RealEstateFinanceICHAMPIONS68Questionsa
ndAnswersLATESTUPDATE2024
_________isdefinedasthesumofcurrencyheldbythepublicandtransactiondepositsatdepositoryinstituti
ons.
(a)M1
(b)M2
(c)M3
(d)MI-5-
✔️A
The_________iswhereborrowersandmortgagelenderscometogethertocreateandnegotiatethetermso
famortgagetransaction.
(a)Moneymarket
(b)Creditmarket
(c)Primarymarket
(d)Secondarymarket-
✔️C
Ahomewasbuilt30yearsago,butismuchlikeahomethatis10yearsold,baseduponitscondition.Intheappra
isal,tenyearsisthehome's___________.
(a)Usefullife
(b)Effectiveage
(c)Chronologicalage
(d)Depreciatedage-
✔️B
Theprocessofmakingalendingdecisionisknownas___________.
(a)Processing
(b)Applying
(c)Underwriting
(d)CreditScoring-
, ✔️C
IntheLoanEstimate,theComparisonsTable:
(a)Displaysoffersfrommultiplelenders
(b)Providesinformationtotheborrowerusedtocompareloanoffersfromdifferentlenders
(c)Assiststheborrowerincomparingdifferentloanoffersfromthesamelender
(d)Isnotuseduntiltheborrowerhascommittedtoaparticularlender-
✔️B
OwnershipofrealestateinTexasisestablishedbycertificatesoftitlerecordedintheTorrensSystem.
(a)True
(b)False-
✔️B
TheminimumdownpaymentonaVAloanis:
(a)2%ofthesalesprice
(b)0%ofthesalesprice
(c)3.75%ofthesalesprice
(d)1%ofthesalesprice-
✔️B
_________istheprocessofcreatinganewmortgageloan.
(a)Origination
(b)Funding
(c)Underwriting
(d)Servicing
*-
✔️A
AveterancanhavemorethanoneVAloan:
(a)IfthepriorVAloanwaspaidinfullandthepropertydisposedof
ndAnswersLATESTUPDATE2024
_________isdefinedasthesumofcurrencyheldbythepublicandtransactiondepositsatdepositoryinstituti
ons.
(a)M1
(b)M2
(c)M3
(d)MI-5-
✔️A
The_________iswhereborrowersandmortgagelenderscometogethertocreateandnegotiatethetermso
famortgagetransaction.
(a)Moneymarket
(b)Creditmarket
(c)Primarymarket
(d)Secondarymarket-
✔️C
Ahomewasbuilt30yearsago,butismuchlikeahomethatis10yearsold,baseduponitscondition.Intheappra
isal,tenyearsisthehome's___________.
(a)Usefullife
(b)Effectiveage
(c)Chronologicalage
(d)Depreciatedage-
✔️B
Theprocessofmakingalendingdecisionisknownas___________.
(a)Processing
(b)Applying
(c)Underwriting
(d)CreditScoring-
, ✔️C
IntheLoanEstimate,theComparisonsTable:
(a)Displaysoffersfrommultiplelenders
(b)Providesinformationtotheborrowerusedtocompareloanoffersfromdifferentlenders
(c)Assiststheborrowerincomparingdifferentloanoffersfromthesamelender
(d)Isnotuseduntiltheborrowerhascommittedtoaparticularlender-
✔️B
OwnershipofrealestateinTexasisestablishedbycertificatesoftitlerecordedintheTorrensSystem.
(a)True
(b)False-
✔️B
TheminimumdownpaymentonaVAloanis:
(a)2%ofthesalesprice
(b)0%ofthesalesprice
(c)3.75%ofthesalesprice
(d)1%ofthesalesprice-
✔️B
_________istheprocessofcreatinganewmortgageloan.
(a)Origination
(b)Funding
(c)Underwriting
(d)Servicing
*-
✔️A
AveterancanhavemorethanoneVAloan:
(a)IfthepriorVAloanwaspaidinfullandthepropertydisposedof
