re4 review
What's the maximum tax-free gift an individual can give to another individual annually?
15k
How long does a crv last for a residential property
6 months(1 year for new construction)
annual MIP on an FHA mortgage will wha
It will decrease each year as the loan is paid down
Which HUD program is responsible for developing and enforcing federal fair housing policies and laws?
Office of Fair Housing and Equal Opportunity
What can a lender do if a borrower fails to keep homeowner's insurance on the collateral property?
Place lender-acquired insurance on the property and bill the borrower
Which act prohibits the payment of kickbacks between settlement service providers?
RESPA
What act has special provisions for borrowers who are victims of over-charging?
Real Estate Settlement Procedures Act
Which was NOT part of the Fed's program quantitative easing?
The funds available to consumers froze.
What is a demand deposit
a checkjing account
what results from the Treasury selling securities
a decrease in money in the economy
long-term security issued by the Treasury that has a maturity of 30 years is called
a treasury bond
What may a lender request to verify an applicant's bank deposit information
account statement
What might a lender request to verify the applicant's bank deposit information?
an account statement
The rate at which a bank can obtain a loan from its Federal Reserve bank when using commercial paper as collateral
discount rate
What section contains the seller's existing mortgage loan payoff amount that must be paid to complete the transaction
due from seller at closing
the borrower is notified of the default and pending public auction of the property. After the auction takes place, the winning bidder has to petition the court for a notice of eviction
foreclosure by advertisement
Petition for legal ownership, opportunity to redeem property, notice of eviction if property is not redeemed
foreclosure by writ of entry
mortgage that has a static interest rate, but monthly payments that increase over time according to a set schedule
growing equity
A Treasury note
has a maturity term of between two and 10 years.
What lenders can underwrite and approve FHA loans without requiring the FHA to review each borrower's qualifications
lenders in the direct endorsement program
Store of value, unit of account, and what other factor define money?
medium of exchange
What type of reit both residential and commercial properties?
mortgage REIT
Which interest rate do banks use to offer consumer loans?
prime rate
What information would an appraiser record in the Site section of the Uniform Residential Appraisal Report
property dimensions
discriminatory lending practice whereby lenders limit the scope of their loans to exclude neighborhoods with certain ethnic or economic characteristics
redlining
most common structure for a CMO
sequential pay
draw period on a home equity line of credit (HELOC)?
the draw period varies
What clause allows the borrower to pre-pay principal on the loan at any time without penalty
the prepayment clause
Are Both mechanic's and materialman's liens junior liens
yes
Payment history, age of accounts, credit usage rate, and inquiries are factors considered in calculating a credit score. Which of the following is also considered?
length of credit history
Who commonly acts in the primary market
local credit union
example of the economic principle of leveraging in a real estate transaction
making a down payment