CE Shop Level 4
Which of the following is an example of an inquiry initiated by a consumer that may appear on a credit report?
Application for a loan (Pre-approved credit)
Another term for a valuation is ______.
Formal Appraisal. This is a professional appraiser's unbiased opinion of value. (Assessment)
Normal wages are considered when a lender is evaluating an applicant's income. Which of the following must be true for overtime pay to be considered?
It must have been received regularly over the last three years. (It must have been received regularly in the last year)
Which of the following is the price a lender believes the property will bring at a foreclosure sale?
Mortgage value is based on what lenders would hope to recoup (Insured value)
Which appraisal approach is likely the best choice for appraising a movie theater?
The Cost approach is most often used for unique properties, such as a warehouse or theater. (All 3)
In order for earnings from a second or part-time job to be considered as part of a lender's income evaluation, what must be true?
The applicant must have been employed for at least two years, and the employment must be expected to continue. (The applicant must have been employed for at least one year)
Which of the following factors carries the least weight when calculating a credit score?
Types of accounts (Inquiries)