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