Texas Real Estate Finance - Chapter 5
Mortgage REITs
A Hybrid RETI combines the investment strategies of both equity REITs and...? Commercial REITs Mortgage REITs Public REITs Residential REITs
Board of Directors
A REIT is managed by a...? Board of Directors Board of Partners Public Association Owner's Association
All of the above
A REIT may consist of which of the following...? Equity REIT Mortgage REIT Hybrid REIT All of the above
100 investors
A REIT must be owned by at least...? 500 investors 2 investors 1,000 investors 100 investors
Any of the above
A REIT must be structured as which of the following...? Corporation Association Trust Any of the above
REIT
A business trust which deals principally with interest in land, generally organized to conform to the IRS is known as a...? Bond Mutual fund Syndication REIT
Deed of trust
A legal document by which a borrower pledges certain real property or collateral as guarantee for the repayment of a loan is known as a/an...? Deed of trust Irrevocable trust Secure trust Open trust
Home equity loan
A loan in which the borrower uses the equity in their home as collateral is known as a...? Conventional loan Home equity loan Term loan Straight loan
Seller financing
A loan provided by the seller of a property or business to the purchaser is known as...? Seller financing Commercial financing Reverse financing Conforming financing
All of the above
A mortgage REIT primarily earns their income from which of the following...? Mortgage interest All of the above Fees associated with originating mortgages Selling mortgages
Services
A mortgage banker originates and ...........loans? Services Records Converts Implements
T (True)
A mortgage broker does NOT service loans...? T (True) F (False)
Irrevocable trust
A trust that cannot be modified or terminated without the permission of the beneficiary is known as a/an...? Closed trust Irrevocable trust Secure trust Revocable trust
Revocable trust
A trust which can be altered or canceled dependent on the grantor is known as a/an...? Irrevocable trust Secure trust Open trust Revocable trust
1970
Credit unions were created in what year...? 1931 1945 1970 2009
NCUA
Credit unions were created under the...? HUD FNMA NCUA FHFA
Trustor
In a deed of trust, the buyer serves as the...? Beneficiary Trustor Trustee Guardian
All of the above
Pension funds typically purchase which of the following...? All of the above Corporate stocks Government securities Mortgage backed securities
1960
REITs were legally allowed as of what year...? 1931 1960 1988 2001
Beneficiary
The lender on the security of a note and deed of trust is known as the...? Beneficiary Trustee Trustor Grantor
Equity
The value of an asset minus the debt equals the...? Equity Leverage Net value Assessed value
Mortgage REIT
This type of REIT purchases loans...? Private REIT Public REIT Mortgage REIT Equity REIT
Equity REIT
Which of the following REITs directly invests in properties and earns income from rents and sales...? Public REIT Private REIT Mortgage REIT Equity REIT
All of the above
Which of the following are primarily considered interim loans...? Construction loans Home improvement loans Manufactured housing loans All of the above
Mortgage broker
Which of the following earns a placement fee...? Mortgage banker Real estate broker Mortgage broker Underwriter
Mortgage banker
Which of the following works for a bank and originates loans...? Mortgage banker Mortgage broker Real estate broker Underwriter
