Section 24 unit 2 exam

The seller net sheet is _______ of closing costs. A. A bank-prepared estimate B. A final accounting C. A legally binding estimate D. An estimate

An estimate

The Indiana ______ enforces licensing law for Indiana real estate professionals and appraisers. A. Attorney general's office B. Consumer Financial Protection Bureau C. Mortgage Lending and Fraud Prevention Task Force D. Secretary of State Securities Division

Attorney general's office

A common form of mortgage fraud—illegal property flipping—involves a recently purchased property being ______. A. Falsely appraised at a lower value B. Falsely appraised at an inflated value and then sold for that higher price C. Renovated and sold for a higher price D. Renovated and sold for a lower price

B. Falsely appraised at an inflated value and then sold for that higher price

Which document is signed and agreed to at closing and reconciles what the final financial obligations are for both the buyer and seller? A. Affidavit of title B. Closing disclosure C. Sales agreement D. Title insurance policy

Closing disclosure

Which two items will appear on a closing disclosure? A. Credits and debits B. Repair invoices and seller credits C. Seller net and buyer net D. Title liens and buyer inspection items

Credits and Debits

What's the term for a charge that either party has to pay at closing? A. Balance B. Credit C. Debit D. Mortgage

Debit

Seller Martin is looking at his Closing Disclosure. Which one of the following items is he likely to see? A. Debits B. Listing price C. Seller net amount D. Title liens

Debits

Kendra is purchasing a home and is ready to find a lender who will give her terms that she can afford. What lender-issued document can she use to compare loans and find the one that will best meet her needs? A. CFPB disclosure form B. Closing Disclosure C. Loan Estimate D. Newspaper

Loan Estimate

What information is included on the Loan Estimate form so that the consumer can confirm the reputation of lending institution and individual? A. Business addresses B. Nationwide Mortgage Licensing System IDs C. References D. Websites

Nationwide Mortgage Licensing System IDs

Page one of the Loan Estimate includes a section called "Costs at Closing." The amount shown as estimated cash to close is ______. A. The estimated amount of principal and interest that will be due with the first monthly payment of the loan B. The estimated amount of settlement provider commissions and fees that the borrower and/or seller will pay to complete the transaction C. The estimated amount the client will pay by cashier's check or wire transfer at closing D. The estimated amount the client will pay to get the loan and transfer ownership of the property

The estimated amount the client will pay by cashier's check or wire transfer at closing