RELE1219 QUIZ 8 questions with
complete solutions already passed
The Federal Housing Administration (FHA) was organized in 1934 to do all of the following
EXCEPT - correct answer ✔✔provide direct funding for mortgage loans
Rules and regulations for FHA appraisers require appraisers to do all of the following EXCEPT -
correct answer ✔✔guarantee that the property is free of defects.
An FHA section 203(k) loan would provide a loan for - correct answer ✔✔the purchase and
rehabilitation of a property.
A couple will need to have 3.5 percent of the sales price to qualify for their FHA loan. They may
NOT obtain the funds from which of the following sources? - correct answer ✔✔Unsecured loan
The maximum amount that is guaranteed to a lender on a Department of Veterans Affairs (VA)
loan is - correct answer ✔✔25 percent of the current conforming loan limit.
The certificate of reasonable value (CRV) came in at $190,000 on a house that had been
purchased for $200,000. The buyer has the option to - correct answer ✔✔cancel the
transaction.
The VA funding fee may be added to the loan amount but must NOT exceed the - correct
answer ✔✔maximum loan based on the loan guarantee.
A veteran is willing to allow his VA loan to be assumed but wishes to regain his ability to obtain
another VA loan. He must ask the borrower to provide him with a - correct answer
✔✔substitution of entitlement.
complete solutions already passed
The Federal Housing Administration (FHA) was organized in 1934 to do all of the following
EXCEPT - correct answer ✔✔provide direct funding for mortgage loans
Rules and regulations for FHA appraisers require appraisers to do all of the following EXCEPT -
correct answer ✔✔guarantee that the property is free of defects.
An FHA section 203(k) loan would provide a loan for - correct answer ✔✔the purchase and
rehabilitation of a property.
A couple will need to have 3.5 percent of the sales price to qualify for their FHA loan. They may
NOT obtain the funds from which of the following sources? - correct answer ✔✔Unsecured loan
The maximum amount that is guaranteed to a lender on a Department of Veterans Affairs (VA)
loan is - correct answer ✔✔25 percent of the current conforming loan limit.
The certificate of reasonable value (CRV) came in at $190,000 on a house that had been
purchased for $200,000. The buyer has the option to - correct answer ✔✔cancel the
transaction.
The VA funding fee may be added to the loan amount but must NOT exceed the - correct
answer ✔✔maximum loan based on the loan guarantee.
A veteran is willing to allow his VA loan to be assumed but wishes to regain his ability to obtain
another VA loan. He must ask the borrower to provide him with a - correct answer
✔✔substitution of entitlement.
