Finance
The ______ section contains the sellers existing mortgage loan payoff amount that must be paid to complete the transaction.
"Due from seller at Closing"
Up to what amount will the FDIC insure?
$250,000
What type of property is Aileen appraising if she's using the income approach?
A short-term lake rental
What is provided by a VA-assigned appraiser?
CRV
Before you can create a budget for your personal finances, you should ______.
Estimate annual and monthly income
Which of the following was created as part of the Homeowner Affordability and Stability Plan?
Home Affordable Modification Program HAMP
FDIC Federal Deposit Insurance Corporations
Identifying, monitoring and addressing risks to the deposit insurance funds; and by limiting the effect on the economy and the financial system when a bank or thrift institution fails.
Which of the following is classified as the least liquid on the scale?
Institutional money market funds
Your client has a VA loan and wants to refinance to a lower rate. Which of the following is likely the simplest option?
Interest rate reduction refinance
which of the following is part of the Other Disclosures section?
Liability After Foreclosure
The lender, the depository institution, and the ________ all complete parts of the request for verification of deposit reform.
Loan Applicant
Special mortgage loan programs for ________ include the FHA248 and HUD 184 programs.
Native Americans living on tribal land
Foreclosure by Advertisement
Notification of pending auction, public auction, notice of eviction
The buying and selling of government securities as a way to influence the money supply and balance economic growth describes _______.
Open market operations
Lenders who ______ can underwrite and approve FHA loans without requiring the FHA to review each borrowers qualifications.
Participate in the direct endorsement program
A ______ is a mortgage-backed security issued by Freddie Mac
Participation Certificate
What interest rate do banks use to offer consumer loans?
Prime Rate
What is the name of the set of regulations used to enforce the Equal Credit Opportunity Act?
Regulation B
A RAM is a type of equity financing. What does RAM stand for?
Reverse Annuity Mortgage
With this IRA, withdrawals of contributions are tax-free.
Roth
When completing a loan application, the applicant must list their assets. Which of these is considered an asset?
Savings Account
which agency regulates FHLBanks?
The Federal Housing Finance Authority
FHA offers a program for loan insurance on adjustable-rate mortgages under __________ of the National Housing Act.
Title ||
Soren is an appraiser. As such, what guidelines must he follow?
Uniform Standards of Professional Appraisal Practice USPAP
Which veteran loan program in Texas offers qualified veterans help with the purchase of their primary home?
Veterans Housing Assistance Program
when should a licensee begin setting money aside for quarterly estimates?
With the first commission check
Which generation are children of the Silent Generation and products of the U.S. population explosion after World War ||?
Baby Boomers
The ________ uses education, enforcement, and research to promote fairness and transparency for consumer financial services.
Consumer Financial Protection Bureau
Which entity provides disclosures and public information about the financial condition of FCS?
Federal Farm Credit Banks Funding Corporation
Troubled Asset Relief Program
allowed the U.S. Treasury to spend hundreds of billions of dollars to stabilize our financial system, boost credit markets, help families avoid foreclosure, and promote economic growth.
Characteristics applies to a partnership between mortgagors?
it involves more than one mortgagor as owner, sharing responsibility for payment of a single mortgage.
FHL Banks
member banks can borrow for up to one year without collateral
The construction of what type of structures is one of the largest indicators on the country's economy?
new homes
FHLB The Federal Home Loan Bank System
provide credit and other services to help members fund housing, small business, small agribusiness, and economic and community development loans in their communities
If the Treasury encounters a deficit, what actions might it take?
sell securities
What is the most likely effect when the Fed buys securities on the open market?
the economy may grow due to an increased money supply
which of the following would the FDIC most likely insure?
Savings account deposits