Unit 9 Quiz
Which of the following documents is used with a CalVet loan? a. Grant deed b. Land contract c. Trust deed d. Sheriff's deed
Land contract
Which of the following generally does NOT require a down payment? a. CalVet 97 loan b. VA-guarenteed loan c. FHA-insured loan d. Loan rom a conventional lender
VA-guarenteed loan
RESPA requirements do NOT apply to a. federally-related loans b. VA-guarenteed loans c. commercial loans d. FHA-insured loans
commercial loans
An installment sales contract is also called a a. temporary contract b. land contract c. voidable contract d. terminable contract
land contract
On default of a VA-guarenteed loan, the VA will pay the a. down payment b. property's market value c. remaining mortgage balance d. lender's loss on the amount guaranteed
lender's loss on the amount guaranteed
The Federal Housing Administration insures payment of a. a discount b. loan principal c. loan points for the lender d. a broker's commission
loan principal
The interest rate on CalVet loans a. never changes b. may change annually c. changes monthly d. depends on the CPI
may change annually
A payment to FHA at closing is the a. loan interest rate b. mortgage insurance premium c. escrow fee d. recording fee
mortgage insurance premium
The credit extend by seller to buyer is a a. mechanic's lien b. secondary market loan c. purchase money mortgage d. conventional loan
purchase money mortgage
The transfer of existing mortgages between investors is the a. primary mortgage market b. growing equity program c. secondary mortgage market d. extended credit program
secondary mortgage market