BARNEY FLETCHER FINAL EXAM NEWEST ACTUAL EXAM COMPLETE QUESTIONS AND 100%CORRECT DETAILED ANSWERS (VERIFIED AND GRADED A+)

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BARNEY FLETCHER FINAL EXAM NEWEST ACTUAL

EXAM COMPLETE QUESTIONS AND 100%CORRECT

DETAILED ANSWERS (VERIFIED AND GRADED A+)




Which of the following does NOT make loans?




A. the secondary mortgage market

B. the federal reserve

C. savings and loans

D. commercial banks - ANSWER-A. the secondary

mortgage market




What can the VA require a veteran do when applying for a

loan?

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A. make the down payment directly to the VA

B. make a down payment in cash

C. make the veteran immediately assume liability for the

VA guaranty amount

D. NOT allow the veteran to make prepayments on the

principal amount - ANSWER-C. make the veteran

immediately assume liability for the VA guaranty amount




Which of the following ways of advertising would be

allowed under the Federal Truth In Lending Laws

(Regulation Z)?

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A. $10,000 assumable loan in a working man's

neighborhood

B. shady acres - $10,000 down

C. shady acres - guaranteed to double in value in 5 years

D. shady acres - payments less than rent - ANSWER-D.

shady acres - payments less than rent




A son and daughter in law wanted to buy their parents

house and assume the mortgage. The son and daughter in

law had just gone through bankruptcy. Which of the

following clauses in a mortgage would prevent this sale

and assumption from taking place?




A. acceleration clause

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B. alienation clause

C. subordination clause

D. defeasance clause - ANSWER-B. alienation clause




Which non governmental organization has its greatest

investment in first mortgages on single family residences?




A. insurance companies

B. commercial banks

C. savings and loans

D. federal housing administration - ANSWER-C. savings

and loans