REAL ESTATE FINANCE I-CHAMPIONS EXAM UPDATED VERSION THIS YEAR WITH 180 QUESTIONS AND WELL ELABORATED ANSWERS JUST RELEASED

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REAL ESTATE FINANCE I-CHAMPIONS EXAM
UPDATED VESION THIS YEAR WITH 180 QUESTIONS
AND WELL ELABORATED ANSWERS JUST RELEASED

QUESTION: 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




QUESTION: _________ are not-for-profit organizations that exist to serve their members.




(a) Mortgage companies

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(b) Credit unions




(c) Insurance companies




(d) One that cannot be financed - ANSWER✔✔B




QUESTION: 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

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QUESTION: 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




QUESTION: _________ is the process of creating a new mortgage loan.




(a) Origination




(b) Funding




(c) Underwriting




(d) Servicing

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* - ANSWER✔✔A




QUESTION: 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




QUESTION: ___________ relates to Federal Government spending.




(a) Monetary policy