REAL ESTATE FINANCE JUNE 24 (73)

Question 8 Suzy has lost her job and wasn't able to make last month's mortgage payment. How is her lender most likely to help Suzy stay in her home?

Agreeing to modify her loan $

Question 44 What information does Schedule A of a title commitment provide?

Basic facts related to the transaction and property, including a legal description $

Question 21 What is one way that the FHA has helped to stabilize and improve the mortgage market?

By requiring appraisers to be state licensed or certified to evaluate property for FHA-insured loans $

Question 49 Fatima is using a VA loan to purchase a home from Sue. Sue agrees to pay Fatima's closing costs. Which of the following statements is true?

Closing costs aren't considered a seller concession $

Question 13 Which of the following is a true statement about tranches?

Each tranche has specific rules for distributing income received from the collateral, and has differing balances, maturities, and risks. $

Question 60 Which of the following is a cooperative?

FHLB $ The Federal Home Loan Bank System is a cooperative comprised of member banks.

Question 29 The amount of the ______ a veteran must pay depends on factors such as military status, down payment amount, and whether the veteran's entitlement is being used for the first time or a subsequent time.

Funding fee $

Question 52 What's the acronym for the legislation that requires financial institutions to document and publicly disclose lending practices?

HMDA $ HMDA stands for Home Mortgage Disclosure Act.

Question 16 Which of the following approaches to value uses a capitalization rate

Income approach $

Question 47 Which act temporarily removed the requirement that taxpayers whose homes were sold as a result of a foreclosure had to include the loan write-off amount as taxable income?

Mortgage Forgiveness Debt Relief Act of 2007 $

Question 35 What does NCUA stand for?

National Credit Union Administration $

Question 57 What's the first step an appraiser will perform when conducting an appraisal?

State the problem. $

Question 3 When a veteran assumes a VA loan, the ______ agreement can restore the original buyer's level of entitlement as if the loan were repaid in full.

Substitution of entitlement $

Question 58 Which agency sets the guidelines for qualified mortgages?

The Consumer Financial Protection Bureau $

Question 9 Which act establishes general requirements that state agencies must follow when adopting rules or conducting contested cases?

The Texas Administrative Procedures Act $

Question 12 Which of the following describes the discount rate?

The rate at which a bank can obtain a loan from its Federal Reserve bank when using commercial paper as collateral $

Question 53 The Housing and Economic Recovery Act and the American Recovery and Reinvestment Act were enacted in response to ______.

The subprime mortgage crisis and economic meltdown of 2007-2008 $