Exam Questions 2025/2026 Exam All
Answers and Illustrations Given
RESPA - 🧠 ANSWER ✔✔-Real Estate Settlement Procedures Act: applies
ONLY to 1-4 family residential transactions, transactions involving a
"federally related" mortgage (conventional, FHA, VA)
Which party's signature is required on a deed of trust?
A. the trustee
B. the beneficiary
C. the trustor(s)
D. the grantee(s) - 🧠 ANSWER ✔✔C. the trustor(s)
, The trustor is the borrower in a lending situation using a trust deed. The
borrower is giving the lender security or collateral interests in the property.
Because those rights and interests belong to the borrower and they are
surrendering them, only the trustor (or borrower) must sign the trust deed.
Under which of the following types of mortgage loans would a buyer have
to produce a certificate of reasonable value?
A. VA Guaranteed Loan
B.VA Insured Loan
C.FHA Insured Loan
D.Conventional Loan - 🧠 ANSWER ✔✔A. VA Guaranteed Loan
The certificate of reasonable value or CRV is the name for the appraisal in
a VA loan. VA loans are guaranteed, FHA loans are insured. The appraisal
in an FHA loan is called a Conditional Committment.
Encapsulation refers to: - 🧠 ANSWER ✔✔The sealing away of friable
asbestos
Radon becomes a material fact in North Carolina: