REAL ESTATE FINANCE JUNE 23
Question 60 What is a government-sponsored enterprise?
A private company the U.S. Congress created to make certain borrowing easier and cheaper $
Question 56 Which event led to the establishment of the FDIC?
Bank failures during the Great Depression $
Question 4 When establishing guidelines for conforming loans, Fannie Mae and Freddie Mac use loan limits set by which entity?
Federal Home Financing Agency $
Question 1 Which of these is actually an amendment to the Truth in Lending Act (TILA)?
Home Ownership and Equity Protection Act $
Question 15 The house payment Tim and Vickie are considering would give them a housing ratio of 34% and a total debt obligation of 40%. Their credit score is 640. What do they need to change to meet the underwriting requirements for an FHA loan?
They should look for a home in a lower price range. $
Question 8 Which entity regulates government-sponsored enterprises?
Federal Housing Finance Agency $
Question 53 The acronym PITI is a reference to what real estate-related concept?
Mortgage payment $ PITI stands for principal, interest, taxes, and insurance—the four components of the mortgage payment. Remembering the acronym can help borrowers recall what makes up their payment.
Question 29 Where can a party reviewing a title commitment find requirements that must be met before a title insurance policy will be issued?
Schedule B-1 $ Schedule B-1 lists items the title insurance company requires to be addressed before it will issue the title insurance policy. This may include resolving liens or paying taxes that are due, among other items.
Question 52 When HUD pursues actions that are designed to restore the financial health of the Federal Housing Administration, which of its goals is it supporting?
Strengthen the housing market to bolster the economy and protect consumers $
Question 34 What is the purpose of the loan transfer disclosure?
To notify the borrower that the loan is being resold on the secondary market, and how and where to make future payments $