REAL ESTATE FINANCE CHAMPIONS EXAM NEWEST
2024 ACTUAL EXAM COMPLETE 300 QUESTIONS
AND CORRECT DETAILED ANSWERS (VERFIED
ANSWERS) ALREADY GRADED A+
The minimum downpayment on a VA loan is:
(a) 2% of the sales price
(b) 0% of the sales price
(c) 3.75% of the sales price
(d) 1% of the sales price - ANSWER >>>>B
_________ is the process of creating a new mortgage loan.
(a) Origination
(b) Funding
(c) Underwriting
(d) Servicing - ANSWER >>>>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
- ANSWER >>>>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 - ANSWER >>>>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 - ANSWER >>>>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 - ANSWER >>>>A
___________ relates to Federal Government spending.
(a) Monetary policy
(b) Legislative policy
(c) Reserve requirement
(d) Fiscal policy - ANSWER >>>>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 - ANSWER >>>>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
(c) 1/12 of the annual loan amortization
(d) An amount sufficient to create the escrow account - ANSWER
>>>>B
Which of the following is true regarding FHA loans?
, (a) An FHA loan requires a CRV
(b) Ratios may be exceeded with compensating factors
(c) FHA loans require a minimum 5% down payment
(d) FHA loans are for low income borrowers only - ANSWER >>>>B
The age of a property based upon the appraiser's assessment of the
property's maintenance and upgrades is its __________.
(a) Useful life
(b) Market age
(c) Chronological age
(d) Effective age - ANSWER >>>>D
In an ARM, the index:
(a) Is controlled by the lender
(b) Is controlled by the borrower
(c) Varies with fluctuations in financial markets
(d) Is chosen by the lender on the adjustment date - ANSWER >>>>C
The loan to value ratio is:
(a) The minimum down payment
(b) The percentage of value that a lender is willing to finance
(c) Set by HUD on all loans
2024 ACTUAL EXAM COMPLETE 300 QUESTIONS
AND CORRECT DETAILED ANSWERS (VERFIED
ANSWERS) ALREADY GRADED A+
The minimum downpayment on a VA loan is:
(a) 2% of the sales price
(b) 0% of the sales price
(c) 3.75% of the sales price
(d) 1% of the sales price - ANSWER >>>>B
_________ is the process of creating a new mortgage loan.
(a) Origination
(b) Funding
(c) Underwriting
(d) Servicing - ANSWER >>>>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
- ANSWER >>>>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 - ANSWER >>>>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 - ANSWER >>>>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 - ANSWER >>>>A
___________ relates to Federal Government spending.
(a) Monetary policy
(b) Legislative policy
(c) Reserve requirement
(d) Fiscal policy - ANSWER >>>>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 - ANSWER >>>>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
(c) 1/12 of the annual loan amortization
(d) An amount sufficient to create the escrow account - ANSWER
>>>>B
Which of the following is true regarding FHA loans?
, (a) An FHA loan requires a CRV
(b) Ratios may be exceeded with compensating factors
(c) FHA loans require a minimum 5% down payment
(d) FHA loans are for low income borrowers only - ANSWER >>>>B
The age of a property based upon the appraiser's assessment of the
property's maintenance and upgrades is its __________.
(a) Useful life
(b) Market age
(c) Chronological age
(d) Effective age - ANSWER >>>>D
In an ARM, the index:
(a) Is controlled by the lender
(b) Is controlled by the borrower
(c) Varies with fluctuations in financial markets
(d) Is chosen by the lender on the adjustment date - ANSWER >>>>C
The loan to value ratio is:
(a) The minimum down payment
(b) The percentage of value that a lender is willing to finance
(c) Set by HUD on all loans
