Texas Principles of Real Estate 2: Chapter 3 Miniquizzes

Pataasin ang iyong marka sa homework at exams ngayon gamit ang Quizwiz!

Sale and leaseback

A financial arrangement where at the time of sale the seller retains occupancy by concurrently agreeing to lease the property from the purchaser is known as...?

Home equity loan

A loan against the equity in a home is known as a...?

Interest

A monthly mortgage payment primarily consists of which of the following in the early stages of the loan...?

Adjustable Rate Mortgage (ARM)

A mortgage loan which bears interest at a rate subject to change during the term of the loan, predetermined or otherwise.

Insurance payments

A mortgage payment includes principal, interest, taxes, and...?

Term mortgage

A mortgage that requires the mortgagor to pay interest only during the mortgage term, with the principal due at the end of the term is referred to as what type of mortgage...?

Creditor

A person to whom a debt is owed is known as a...?

All of the above

A term loan is typically used for which of the following...? -Second mortgages -Home improvement loans -Investor loans -All of the above

Bond

A written notice of an obligation given by a corporation or government entity is known as a...?

50% (percent)

If an owner obtained a $100,000 loan on a $200,000 property, what LTV was provided by the lender...?

Flexible payment loan

In this type of loan, a borrower initially pays a reduced interest rate, which gradually increases to the market rate after a period of time...?

Uniform Residential Loan Application

The Fannie Mae form 1003 is also known as the...?

12

The Federal Reserve System is divided into how many geographical districts....?

All of the above

The Texas Department of Housing and Community Affairs offers which of the following mortgage and housing assistance programs...? -The Texas First-Time Homebuyers Program -The Texas Bootstrap Loan Program -Veterans Housing Assistance Program -All of the above

Loan origination fee

The financing charge that a lender requires is referred to as the...?

Yield

The interest earned by a bank on the money it has loaned is referred to as...?

S&L

The primary function of a .......... is to promote thrift and home ownership?

Negative amortization

This occurs when monthly installment payments are insufficient to pay the interest accruing on the principal balance, so that the unpaid interest must be added to the principal due...?

A balloon payment

What is required to fully satisfy a balloon mortgage...?

All of the above

Which of the followed is asked on a residential loan application...? -Employment history -Current monthly housing expenses -List of assets and liabilities -All of the above

Ginnie Mae

Which of the following is a U.S. government agency that purchases FHA and VA mortgages...? -HUD -Ginnie Mae -Department of Housing and Community Affairs -Department of Finance

Fannie Mae

Which of the following is a privately owned corporation that purchases FHA, VA, and conventional mortgages...? -Fannie Mae -Freddie Mac -Ginnie Mae -All of the above

All of the above

Which of the following is a source of real estate financing...? -Local banks -Mortgage banking companies -Credit unions -All of the above

Balloon mortgage

Which of the following is the riskiest loan for a residential borrower...?

Homebuyers who only intend to live in the property for a few years

Which of the following will most likely benefit from a balloon mortgage...?

$128,000

XYZ Bank is willing to offer a 80% LTV loan on a property. If the property was appraised at $160,000, and the contract price is $180,000, what will be the loan amount offered by XYZ Bank...?

Mortgage broker

A broker who arranges a mortgage loan between a lender and a borrower for a fee is referred to as a...?

Flexible payment loan

Negative amortization may occur in which of the following types of loans...?

Reserve requirements

The Federal Reserve regulates the flow of money and interest rates indirectly by controlling which of the following requirements for its member banks...? -Credit requirements -Reserve requirements -Minimum loan requirements -All of the above

Discount rate

The minimum interest rate set by the Federal Reserve for lending to other banks is known as the...?

Primary residence

A lender will most likely provide a higher LTV for which of the following property types...?

Construction loan

A loan made to finance the actual construction or improvement on land is referred to as a...?

Conventional loan

A mortgage securing a loan made by investors without governmental underwriting is referred to as a/an...?

Mortgage banker

A person whose principal business is the originating, financing, closing, selling and servicing of loans secured by the real property for institutional lenders on a contractual basis is referred to as a...?

Subsidy Buydown

Funds provided usually by the builder or seller to temporarily reduce the borrower's monthly principal and interest payment.

Private mortgage insurance

Mortgage guaranty insurance available to conventional lenders on the first, high risk portion of a loan is referred to as...?

Fully amortized

Most deed of trust loans are...?


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