RE Finance
Under current tax law, what's the maximum tax-free gift an individual can give to another individual annually?
$15,000
A typical licensee can expect to pay approximately ______ each month in ongoing business expenses.
$200 to $1,000
Your client, Ray, wants to purchase a home listed for $200,000. The home is in a revitalization area, and Ray can purchase it under the Good Neighbor Program. How much will he have to pay for the home?
$200,000, less 50%, plus $100
Cheryl bought her home three years ago for $217,000. Assuming her home appreciated at the 3% rate typical of her current market, how much is her home worth now?
$237,121.76
You're researching information to estimate annual income and find that the average sales price of a home in the area you'll be working is $400,000. Your expected commission is 2.5%, your broker takes a 50% split, and you plan to make six transactions in the year. What will your estimated income for the year be?
$30,000
A seller wants to break even after the broker's commission of 5% and loan balance of $300,000 are paid. At what price must the house sell?
$315,789
A buyer is purchasing a property for $400,000. His lender's loan-to-value ratio is 80%. How much is the buyer financing?
$320,000
A buyer with a $350,000 loan has a monthly principal and interest payment of $2,102.36. If $1,801.23 is interest, what's the new principal balance after the first payment is applied?
$349,698.87
A buyer is purchasing a home appraised at $480,000. The buyer is obtaining a 90% loan, and the lender will charge an origination fee of 1% at closing. How much will the loan origination fee be?
$4,320
A buyer is purchasing a property for $500,000. His lender's loan-to-value ratio is 90%. How much is the buyer financing?
$450,000
You average one client from every 10 leads, and each client represents 85% of a closed transaction. Each transaction you close has an average dollar value of $6,000. Using the funnel, how much can you expect to earn from every 10 leads?
$5,100
Three months ago, Jamie started performing MLO activities, but she has yet to obtain an MLO endorsement. How much will she be penalized?
$50 per day for the first 30 days of the violation, $100 per day starting on the 31st day
A buyer is purchasing a property for $500,000. He has a down payment of $50,000 and is financing the rest. What's the amount of the loan origination fee if the lender charges one-and-a-half points?
$6,750
Backyard Bank charges a 2% loan origination fee. Mavis is buying a home for $500,000 and financing $400,000 of it. How much will Mavis pay as a loan origination fee?
$8,000
A buyer obtained a 30-year, $205,000 loan with a 5.0% interest rate. How much of the monthly payment is interest?
$854.17
Pattie is the widow of Oscar, a member of the Army who was killed in action. When she uses the VA loan to buy her first home, what percentage of her loan amount will be charged as a funding fee?
0%
Margo is purchasing a home for $520,000. The property appraised at $550,000 and Margo is financing $416,000. What's the loan-to-value ratio?
0.8
Generally, what's the common range for loan origination fees?
1% to 3%
In a judicial foreclosure, if a deficiency judgment won't be sought, how soon after the Notice of Levy is recorded can the Notice of Sale be issued?
120 days
A buyer with a 15-year, $250,000 loan at a 5.5% interest rate has a monthly principal and interest payment totaling $2,042.71. How many payments will the borrower make over the course of the loan?
180
Which of the following percentages is an allowable loan origination fee?
2%
In a judicial foreclosure, if a deficiency judgment will be sought, how soon after the Notice of Levy is recorded can the Notice of Sale be issued?
20 days
A buyer anticipates a house payment of $1,000 per month, with monthly homeowner association fees of $150. The buyer also has a car payment of $400 per month. If the buyer earns a monthly gross income of $5,000, what's the housing ratio?
23%
A qualified mortgage's loan term limit must be ______ or less.
30 years
A buyer anticipates a house payment of $1,000 per month, with monthly homeowner association fees of $150. The buyer also has a car payment of $400 per month. If the buyer earns a monthly gross income of $5,000, what is the total debt ratio?
31%
A buyer can obtain a qualified mortgage with a debt-to-income ratio of ______.
38%
Over how many years is a commercial property depreciated
39 years
John wants to do a 1031 tax exchange. He just sold his property. How many days does he have to identify a new property?
45
Interest rates that are more than ______ over the current market rate are considered predatory lending.
5%
The Covered Loan Law limits total fees and points paid by the borrower prior to closing to what amount?
6%
Which of the following describes loan-to-value ratio?
A calculation that describes the amount being borrowed compared to the value of a property
What is a collateralized mortgage obligation?
A debt security holder
What's depreciation?
A decrease in property value
What happens after a lien foreclosure sale if not enough money were made from the auctioning of the property to pay off the lien holders?
A deficiency judgment against the property owner for the outstanding balance to the lien holders is issued.
What is a loan origination fee?
A fee a lender charges for processing a loan
How's interest defined as it's related to a mortgage loan payment?
A fee paid to lenders for the use of their money
What is the HECM program?
A form of reverse mortgage insured by the FHA
By stabilizing and improving the mortgage market, the FHA helped to build ______.
A global market for mortgage-backed securities
Vantagestar Ltd. would like to construct a high-end condominium complex. Where will they likely go for financing this project?
A life insurance company
What's a participation certificate?
A mortgage-backed security issued by Freddie Mac
What is a government-sponsored enterprise?
A private company the U.S. Congress created to make certain borrowing easier and cheaper
You and your financial system will communicate through ______.
A recordkeeping system
What is a carryback loan?
A second loan financed by the seller
Which project would a life insurance company be most likely to finance?
A shopping mall
What is the Torrens system?
A title search method that goes back as far as the previous title search
Which of the following would be a receipt you should save for tax purposes?
A toll fee for a business trip
What is a seller carry back?
A type of financing
Which of the following may a lender request to verify an applicant's bank deposit information?
Account statement
Licensee Lynn has several accounts set up as part of her personal financial plan to help her manage cash flow. She's allocated 10% of each commission check to business expenses, 15% to taxes, 8% to her retirement fund, 12% to various savings goals, and the rest goes to her living expenses. When she receives a check, how does she direct the funds?
After depositing it in her business checking account, she puts 90% of it in her personal checking account to be distributed to the other savings accounts as appropriate.
Payment history, credit usage, inquiries, types of accounts, and _______ are factors considered in calculating a credit score.
Age of accounts
The _______ section contains the seller's existing mortgage loan payoff amount that must be paid to complete the transaction.
"Due from Seller at Closing"
Danny and Wendy recently relocated to California. They are buying a three-bedroom home in an established neighborhood where they look forward to raising a family. Their real estate agent, Brunhilda, thinks that their income, which is on the low side, and the property could make them eligible for ______, which would offer reduced, fixed interest rates on a loan.
A CalHFA loan product
Limited buyer income, property location and price, and a home buying education course are all eligibility requirements for ______.
A CalHFA mortgage assistance program
The Farm Credit System is ______.
A government-sponsored enterprise
Which act, which was the first act passed to address the subprime mortgage crisis and was also known as "the stimulus package," sought to create new jobs and save existing ones, spur economic activity and invest in long-term growth, and foster new accountability and transparency in government spending?
American Recovery and Reinvestment Act of 2009 (ARRA)
Because the buyer traditionally pays for this, page three of the Loan Estimate includes information about a consumer's right to receive a copy of the ______ from the lender.
Appraisal
California's Seller Financing Disclosure Law requires the arranger of credit to provide both the buyer and seller with disclosures. What's the timing requirement for this disclosure?
As soon as possible before the execution of any note or security document
A short-term security issued by the Treasury that has a maturity term of one year or less is called a Treasury ______.
Bill
A long-term security issued by the Treasury that has a maturity of 30 years is called a Treasury ______.
Bond
How does Farmer Mac support agricultural producers?
By creating a secondary market for agricultural loans, making it possible for agricultural lenders to fund more loans
Conrad has purchased a home in California and, as a veteran, he's been able to take advantage of the CalVet home loan program. How does this loan program work?
CalVet holds the legal title to the property until the loan is paid off.
Under which section of the Loan Estimate will you find any credits provided by the seller?
Calculated Cash to Close
Jan is a real estate licensee with a mortgage loan originator (MLO) endorsement. When she acts as an MLO, what law limits the amount of commission and fees she can earn for negotiating a loan on behalf of her client?
California Real Property Loan Law
Althea is starting her own candle business. Her plan is to rent a space to sell her products for several years, with the hope of expanding. In this scenario, which facet represents supply?
Commercial space for lease
Which of the following is designed to make consumer financial products and services fair and transparent?
Consumer Financial Protection Bureau
Which of the following items directly increases the supply of real estate properties on the market?
Conversion of properties
Farmer Mac is an entity that ______ for agricultural property loans, rural utility loans, and certain loans guaranteed by the U. S. Department of Agriculture.
Creates a secondary market
As interest rates rise, the number of buyers in the market is likely to ______.
Decrease
Which of the following is part of the Consumer Financial Protection Bureau's mission of consumer protection?
Enforce consumer financial protection laws.
Natalie is a single mother of twins and receives government assistance to help make ends meet. She's been living with her mother for the last few years but really wants to buy her own home to gain some independence. She's got a little in savings and has good credit, but when a lender turns her away because she receives public assistance she worries that she'll never be able to get a loan. What act prevents automatic discriminatory practices by lenders and protects individuals like Natalie?
Equal Credit Opportunity Act
The ______ was enacted in 1974 as a response to discriminatory practices by lenders.
Equal Credit Opportunity Act
Which of these HUD programs is primarily responsible for providing mortgage insurance on home loans?
FHA
Licensees who stay current with ______ can better serve low- to moderate-income clients looking to purchase.
FHA financing requirements
The Farm Credit System is overseen by the ______, an agency of the federal government.
Farm Credit Administration
Farmer Mac is supervised by which entity?
Farm Credit Services Administration
The ______ is a government-sponsored enterprise that works through a cooperative system to provide agricultural and rural loans.
Farm Credit System
Farm and Country Bank provides credit to the farmers, ranchers, and other rural residents of its community. What government program helps the bank maintain enough capital to fund those loans?
Farmer Mac
Which entity provides disclosures and public information about the financial condition of FCS?
Federal Farm Credit Banks Funding Corporation
Which government entity oversees open-market operations?
Federal Open Market Committee
HUD's strategic plan outlines the ______ that support its mission.
Four goals
Which of the following is an acceptable ad based on Regulation Z?
Get a low interest rate of 4.75% (4.925% APR) with as little as 10% down payment and a 30-year fixed rate with no points.
Fred is an agricultural lender who helps the ranchers and farmers in his community by providing credit for purchasing land, making repairs to their buildings, and improving their agricultural property. He's able to do this in part because of the ______ offered by the USDA Farm Service Agency.
Guaranteed loans
Celia was obtaining a conventional loan, and she put $50,000 down as a down payment. Why might her lender also require her to obtain private mortgage insurance?
Her down payment of $50,000 isn't at least 20% of the purchase price.
Lee manages a rental property for her client, and is accepting applications for tenants. Applicants Damian and Maria are young, newly married, and have a baby on the way. They can't afford a typical rent on a clean, well-maintained two-bedroom home such as the one that Lee has available; but they are recipients of the ______, which Lee knows the property would also qualify for. Lee is glad to accept them as tenants.
Housing Choice Voucher program
Lenny the lender is reviewing mortgage applications. Applicant Catherine has a good credit history, but the property she wants to buy is in an area of town where home prices have been headed down, and neighborhoods are starting to look grim. Lenny denies Catherine's loan application. What California legislation makes Lenny's decision illegal?
Housing Financial Discrimination Act (Holden Act)
The ______ Act was legislation aimed primarily at addressing the effects of the subprime mortgage crisis.
Housing and Economic Recovery
Fred and Wilma are listing their home for sale with Carl, a licensee. They tell Carl that they're not interested in selling to people who won't "fit in with the neighborhood." Carl advises them about ______ that are developed and enforced within HUD.
Housing discrimination laws
As interest rates fall, the number of buyers in the market is likely to ______.
Increase
Which of the following could be different from the amount on the initial Loan Estimate and can impact the monthly payment?
Interest rate
Which of the following may cause the Loan Estimate to be revised?
Interest rate change, switch to fixed-rate loan, down payment amount change, and property appraisal reveals increase in value
Which type of support does the USDA Rural Development Program offer to its target audience of rural residents?
It offers direct loans, grants, and loan guarantees for housing and other rural needs, as well as advisor services to agricultural producers.
What's the purpose of the Community Reinvestment Act?
It requires that lenders invest in development and rehabilitation efforts that enable low- and moderate-income individuals and families to afford a home.
Which professionals are most utilized by the buyer prior to closing?
Lenders, title companies, appraisers, and home inspectors
Lewis is reviewing his Loan Estimate and notices under "Other Costs" that there are items listed that don't include an amount. What does this mean?
Lewis should ask his lender about it.
Because of the Secure and Fair Enforcement for Mortgage Licensing Act, borrowers can determine if mortgage loan originator is ______.
Licensed and registered
During which phase of the real estate cycle do residents engage with local amenities and services?
Living
Licensing by the California Residential Mortgage Lending Act allows a mortgage banker to ______.
Make and service any federally related mortgage loan
Which of the following is the best example of the economic principal of leveraging, as it applies to a real estate transaction?
Making a down payment
Store of value, unit of account, and what other factor define money?
Medium of exchange
What does it mean if the Fed decreases reserve requirements?
Member banks can keep fewer assets on deposit at the reserve bank.
What does it mean if the Fed increases reserve requirements?
Member banks must keep more assets on deposit at the reserve bank.
When the CFPB designed the Loan Estimate, it included space for the ______ of the lender and loan officer, which the consumer can use to confirm that the institution and individual are reputable.
Nationwide Mortgage Licensing System IDs
What would likely happen to the real estate market if there were no lenders?
New construction and home purchases would greatly decrease.
The construction of ______ is one of the largest indicators on the country's economy.
New homes
Which is one of the benefits of the USDA loan program?
No down payment is required.
An intermediate-term security issued by the Treasury that has a maturity term of between two and 10 years is called a Treasury ______.
Note
On the Loan Estimate under "Loan Costs," the points, application fee, and underwriting fee are considered ______.
Origination charges
In which phase of the real estate market would you expect to see properties selling for more than they're worth, many buyers in the market, and lots of new construction?
Over supply
Several different phases make up the real estate cycle. What are they?
Over supply, Recession, Expansion, Recovery
Wendy has been approved for her first mortgage. The lender advertised a 4.6% interest rate. She's nervous about the terms and fees. What information is the lender required to provide?
Payment schedule, APR, finance charges, pre-payment penalties, late penalties, and total financed amount
Which of the following best describes the state of the market during the over supply phase of the real estate cycle?
Properties selling for more than their appraised value, many buyers in the market, and lots of new construction
In what phase of the real estate cycle do foreclosures rise and home prices fall?
Recession
In which phase of the real estate market cycle would you expect to see property under valued and a large supply of homes on the market?
Recovery
The intent of the Consumer Credit Protection Act, which includes the Truth in Lending Act, is to safeguard the consumer by ______.
Requiring full disclosure of the terms and conditions in any offers of credit
The CFPB promotes consumer protection in the credit market through a number of strategies, including ______.
Responding to and investigating consumer complaints regarding financial services
Hugh works as a loan officer at a bank. Because of the ______, he must be registered with the Nationwide Mortgage Licensing System.
SAFE Act
Long- and short-term debt instruments are called ______.
Securities
What term is used to describe the housing inventory in default or foreclosure?
Shadow inventory
Which of the following would the FDIC most likely not insure?
Stock certificates
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.
What is one of the ways the U.S. Treasury promotes economic growth and stability?
Supervises national banks and financial institutions.
What's the acronym for the legislation that requires lenders to make full disclosure of the terms and conditions of credit?
TILA
What is TRID?
TILA-RESPA Integrated Disclosures
Dawn and Steve are planning to purchase a home, but are wary of the commitment of a mortgage. However, they have no other way to make home ownership a reality, so they decide to educate themselves on the process for obtaining a mortgage loan. Where would you recommend they go for clear, consumer-oriented education on this topic?
The CFPB website
Which agency regulates FHLBanks?
The Federal Housing Finance Authority
What agency receives paper currency prior to its distribution but after it's printed?
The Federal Reserve
What is the most likely effect when the Fed buys securities on the open market?
The economy may grow due to an increased money supply.
Borrowers Ava and Liam are expecting their first child and want to be sure they're both comfortable with the monthly payments they'll be responsible for in the new house. Under the "Projected Payments" section of their Loan Estimate, Ava and Liam can review ______.
The estimated breakdown of each monthly mortgage payment, including any items that will be included in escrow
Which was NOT part of the Fed's program quantitative easing?
The funds available to consumers froze.
Joyce and Danny purchased a home in 2009 for $280,000. They received a homebuyer credit of $8,000. Their friends Margie and Scott purchased a home in 2010 for $320,000. Margie and Scott didn't receive a homebuyer credit. Why not?
The homebuyer credit was part of the stimulus package enacted in 2009 and was only effective between January and December of 2009.
Which of the following describes the prime rate?
The rate at which a bank or lender may loan money to its most creditworthy borrowers
When a lender has a lien on a property via a mortgage, what rights does the lender hold?
The right to foreclose
Page four of the Closing Disclosure includes consumer education about ______.
The use of an escrow account
When Stacy's clients ask her if she can recommend a mortgage broker, she promptly gives them the name of the best mortgage broker she knows, Gary Jones. Later, she always receives a check from Gary as payment for the referral. Is this legal or illegal under the Real Estate Settlement Procedures Act?
This is illegal under RESPA because it's considered a kickback between settlement service providers.
The purpose of the Seller Financing Disclosure Law is ______.
To ensure that all parties are educated about loan terms and about who will be compensated for arranging credit
Why does the federal government have agricultural lending programs?
To ensure that credit is available to agricultural producers, who often can't meet conventional underwriting standards due to the nature of their work
One of HUD's goals reflects a response to financial issues experienced in the housing market during the 2007 economic crisis. The goal is ______ to bolster the economy and protect consumers.
To strengthen the housing market
Regulation Z codifies the rules of the ______.
Truth in Lending Act
Which of the following statements is true about the Federal Reserve?
Twelve district banks comprise the Fed.
Which agency is responsible for the production of coins?
U.S. Mint
The ______ can offer direct loans to farmers and ranchers. The loans are funded by congressional appropriation.
USDA Farm Service Agency
Which government program assists rural Americans by offering loans, grants, and loan guarantees for housing?
USDA Rural Development
Sylvia is a single mother living in a small town surrounded by ranch and farm land. She would like to buy a house there, but her income level and her status as an independent contractor makes it hard for her to qualify for a conventional loan. What government program might provide her with a direct loan to purchase a home?
USDA Rural Development Single Family Housing Program
To be eligible for a ______, an applicant must have participated in farm or ranch management for at least three years.
USDA loan through the Farm Service Agency
Which of the following best describes the state of the market during the recession phase of the real estate cycle?
Unemployment increasing, prices falling, and foreclosures on the rise
Store of value, medium of exchange, and what other factor define money?
Unit of value
When HUD pursues actions that are designed to end homelessness and promote the health and housing stability of vulnerable populations, which of its goals is it supporting?
Use housing as a platform for improving quality of life.
A Treasury bill is a Treasury security ______.
With a maturity term of one year or less
In addition to itemizing all borrower-paid and seller-paid closing costs, page two of the Closing Disclosure also tells the borrower when each amount is paid by listing it under ______.
"At closing" or "before closing"
Fannie Mae's multi-state note includes a due-on-sale clause, also known as a(n) ______ clause.
Alienation
Under the "Summaries of Transaction" section on page three of the Closing Disclosure, amounts listed for the borrower's transaction are calculated to result in ______.
An amount due from the borrower, which will match the cash to close amount
When a buyer takes over the seller's original loan with the lender's permission, this is called ______.
An assumption
Which of these are essential elements of a personal financial responsibility?
An emergency fund and a retirement plan
What's the definition of appreciation?
An increase in property value
A CMA or a BPO is an example of ______.
An informal estimate of market value
Which of these would most likely be found in the "accounts in good standing" section of a credit report?
An open car loan that has never been late
For which of these properties would gross income multiplier be calculated?
Apartment building with 50 units
The Federal Housing Administration's qualifying standards for a mortgage loan ______, but the mortgage insurance the FHA provides balances the risk for the lender.
Are somewhat less stringent than standards for conventional loans
What type of value is of interest to taxing authorities?
Assessed value
When a borrower is completing a loan application, items of value the borrower owns are listed in the ______ section.
Assets
Which of the following net worth examples may a lender view most favorably?
Assets exceed liabilities
How much should the emergency fund hold, according to the recommendation for creating a responsible financial plan for personal finances?
At least six months
By when must a borrower be provided with a closing disclosure?
At least three days prior to closing
Ava is borrowing money to buy some commercial property for her business. The loan agreement she signs includes a lock-in clause. What does that mean?
Ava will not be allowed to pre-pay the loan prior to the date specific in the loan agreement.
Which generation are children of the Silent Generation and products of the U.S. population explosion after World War II?
Baby Boomers
Alternatives to foreclosure include deed in lieu of foreclosure, short sale, or ______.
Bankruptcy
This is a legal process borrowers may go through to either discharge or restructure all of their debt.
Bankruptcy
What information does Schedule A of a title commitment provide?
Basic facts related to the transaction and property, including a legal description
Remy's mortgage payment is $1,256.28. His annual property taxes are $809, and his annual insurance premium is $712. How much of his payment goes toward the principal and interest?
$1,129.53
What is the maximum penalty a licensee can be assessed for MLO-related violations?
$10,000
As part of a deficiency judgment sought by a lender, a ______ may be placed on any current and future property the borrower owns until the lender recovers all losses.
Blanket lien
Who is responsible for paying the underwriting fee in a financed real estate transaction?
Borrower
Who's the mortgagor in a mortgage?
Borrower
Which of the following situations would make a borrower ineligible for a loan modification?
Borrower has filed for bankruptcy
In which U.S. market(s) do foreign lenders participate?
Both the primary and secondary mortgage markets
Who is responsible for paying the loan-related closing costs in a financed real estate transaction?
Buyer
How can a foreclosure process be temporarily stalled?
By filing for Chapter 7 bankruptcy
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
Marion has been a licensee for four years and earns a relatively steady income. Which of the following is a good way for Marion to estimate her monthly business expenses?
Calculating monthly expenses based on her expense history from the past year
Biff is completing a residential loan application. Which of the following would he include in the liabilities section?
Car loan
Mutual savings banks have limitations on their lending activities, as specified in their ______.
Charter
Which of these items is a demand deposit?
Checking account
Georgette and Elise are buying a home together, and have taken out a loan with a private loan company. They'll pay a bit more interest, and larger fees, but they feel it's worth it to have the home they've always dreamed of. What else might the private loan company require?
Collateral
Private loan companies may charge higher interest, larger fees, and could require ______ to secure a loan.
Collateral
Victor is a buyer reviewing the Closing Disclosure he received from his lender. On the last page of the form, he sees a signature line. By signing the form, Victor has ______.
Confirmed receipt of the Closing Disclosure
Commercial banks offer interim financing in the form of ______ loans.
Construction
Cassie is helping her buyer client, Gus. As they discuss preparations for closing, she cautions Gus, "Make sure you review the Closing Disclosure as soon as you receive it and ______."
Contact your lender immediately if you find errors or have any questions
A vendor and vendee are the parties involved when the finance instrument is a ______.
Contract for deed
The three types of finance instruments that can be used when financing a real estate purchase are the note with mortgage, note with deed of trust, and ______.
Contract for deed
When a buyer obtains an FHA loan, the seller may ______.
Contribute up to 6% of the sales price (or appraisal, if that's lower) to the buyer's closing costs
Which of the following is a true statement about an IRA?
Contributions to a SEP IRA are pre-tax contributions.
Freddie Mac targets which type of loans to purchase?
Conventional
Secured corporate bonds use ______ as collateral.
Corporate assets
Memoryjet, Inc has developed a new technology for high-volume jump drives. In order to manufacture their new devices they will need to gear up a new production line, which will cost about $85 million. What kind of bond instrument could they use to help secure the funds they need for their new line?
Corporate bond
Which appraisal approach is likely the best choice for appraising a movie theater?
Cost
In 2001, California legislators enacted the ______ to combat predatory lending practices.
Covered Loan Law
Kelly is reviewing Steve's loan application. She wants to verify that he has a solid history of paying obligations on time. What should she request to do this?
Credit report
What acronym can be used to remember factors that influence real property value?
DUST
Mario lives in a state that requires an abstract of title for property conveyance. The chain of title is broken approximately 50 years prior to the current date. Which of these properly identifies the status of Mario's title?
Depending on his state's laws, Mario may have marketable title.
To determine debt coverage ratio, ______.
Divide net income by debt service
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.
Jackson holds a real estate broker license with an MLO endorsement. How many hours of continuing education must he complete each year to renew this endorsement?
Eight hours
Which of these would be considered a variable, essential expense?
Electric bill
Percy is buying a home with an FHA loan. He uses the ______ to borrow enough money to cover the cost of replacing most of the windows in the home, which will improve its energy usage by 15%.
Energy Efficient Mortgage
If your client's attorney contacts you, saying you were negligent in providing your client with service, which insurance coverage do you desperately hope you have?
Errors and omissions
Sasha wants to ensure a successful start to her real estate business, so she includes ___________ when calculating her start-up costs.
Errors and omissions insurance
The ______ clause protects the borrower's assets that aren't part of the voluntary lien from a deficiency judgment in case of foreclosure.
Exculpatory
Which of the following is a cooperative?
FHLB
Mike's been friends with Tim since college. They often work together: Mike flips houses and Tim's an appraiser that he uses frequently. It works out great for both friends and Mike definitely gets a better appraised value on the flips Tim handles. For every appraisal Tim handles for him, Mike gives him a $100 gift card. In what illegal practice does it sound like they're engaging?
Falsely inflating appraisals
Of the institutions listed, which of these is viewed only as a secondary mortgage market player?
Fannie Mae
Which institution was created as the Federal National Mortgage Association in 1938?
Fannie Mae
Which of the following entities buys primarily conventional loans from large commercial banks?
Fannie Mae
Which of the following is an example of a government-sponsored enterprise (GSE)?
Fannie Mae
Which of the following is regulated by the Federal Housing Finance Agency?
Fannie Mae
In 2008, as a response to the 2007 financial crisis, the Federal Housing Finance Agency began acting as conservator over which institutions?
Fannie Mae and Freddie Mac
When establishing guidelines for conforming loans, Fannie Mae and Freddie Mac use loan limits set by which entity?
Federal Home Financing Agency
Federal Home Loan Bank is regulated by what agency?
Federal Housing Finance Agency
Which entity regulates government-sponsored enterprises?
Federal Housing Finance Agency
After purchasing a property, what can Jeremiah do to clear a possible future claim on the property's title?
File a suit to quiet title.
MLO applicants give permission for a credit report to be pulled so the NMLS can evaluate whether the applicant demonstrates ______.
Financial responsibility
To qualify for a mortgage loan originator endorsement, applicants must meet education, examination, credit report, and ______ requirements.
Fingerprint
The Homeownership Voucher Assistance program is available to ______ to help pay monthly homeownership expenses.
First-time homeowners
Which of these agencies is a government-sponsored enterprise?
Freddie Mac
______ is regulated by the Federal Housing Finance Agency.
Freddie Mac
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
Kobi, an appraiser, is appraising a single-family home used for a rental. If he wants to use the income approach, he will likely use ______.
GRM
Cindy is buying an older home. It's in reasonably good shape, but she figures she can reduce her energy bills by replacing some of the windows. If she applies for the FHA Energy Efficient Mortgage, what step must she take to receive approval?
Give her lender a report of the cost estimate and energy savings from an energy consultant.
The interest rate on an FHA Section 251 adjustable rate mortgage will ______.
Go up or down, but can't change more than a maximum number of points allowed by the FHA over the life of the loan
An investor is analyzing a three-unit property by looking at its ability to produce future income. Which of the following would most likely be used to determine this value
Gross rent multiplier
Veterans who use the VA's Specially Adapted Housing grant must ______.
Have permanent and total service-connected disability
Harvey had a living trust, but when he died, some of his assets had to go through probate. What is the likely reason?
He neglected to put those assets in the trust.
Jarod has obtained an FHA loan for which he pays an annual mortgage insurance premium. How will he likely make this payment?
He will pay 1/12 of it monthly with his mortgage payment.
Bindy received a loan based on the amount of equity she had in her house. She used this lump sum to fund her daughter's college education. What type of loan did she get?
Home equity
What's another name for California's Foreclosure Reduction Act?
Homeowner Bill of Rights
A calculation that looks at a borrower's monthly housing obligation—including principal, interest, taxes, and insurance, as well as any homeowners or condo association fees, as a percentage of their monthly gross income—is called ______ ratio.
Housing
Which type of real estate investment trust derives its income from the rent or sale of property and interest dividends?
Hybrid REIT
Morris still owes his lender for the financing obtained in purchasing his home. Several years later, Morris took out a home equity line of credit. This means that ______.
If Morris is foreclosed on, the home equity line of credit won't be paid until Morris's first loan is paid off
What makes the HECM program safer for borrowers than a traditional reverse mortgage?
If more equity is paid out than remains, the homeowner doesn't have to make up the difference.
Which of the following approaches to value uses a capitalization rate?
Income approach
How do VA loan programs compute "residual income"?
Income minus shelter expenses and debts
The Federal Housing Administration's loan program ______.
Insures lenders against loss from borrower default
Veterans using the ______ program aren't required to submit a COE, get a new appraisal, or verify income.
Interest Rate Reduction Refinance
To find a factor on an amortization chart, you need to know the length of the loan and the ______.
Interest rate
Construction loans are a type of ______ financing.
Interim
Max has a dog that bit his neighbor. The neighbor sued Max, which resulted in a judgment against him. Max refused to pay the neighbor according to the judgment. The neighbor placed a lien against Max. How is this lien classified
Involuntary, general
What primary benefit does a living trust have over a will?
It avoids probate.
Why must independent contractors pay self-employment tax?
It covers Medicare and Social Security benefits that would otherwise be covered by an employer.
What is the purpose of the Loan Estimate?
It gives buyers an idea of loan costs so they'll be able to make an informed decision about the loan.
Which of the following best describes a blanket lien?
It gives lenders the ability to recover losses due to a foreclosure sale from any current or future property the borrower owns.
Lucas would like to be a homeowner, but his low credit score makes lenders unwilling to give him a mortgage. What makes the 203(b) loan a more likely option for Lucas to qualify for a mortgage?
It has less stringent qualifying requirements than a conventional loan.
Why should licensees maintain a business account separately from any personal accounts?
It makes it easier to recognize when the business is profitable.
Which of the following describes a wrap-around mortgage?
It often involves seller financing.
What are the effects on a property if it includes an encumbrance?
It restricts the owner's use or decreases the value.
Tina is purchasing a home that appraised for $10,000 more than the sales price. On which figure will the lender base the loan-to-value ratio?
It will be based on the sales price.
Which of the following describes a "buy and hold" investment strategy?
It's a more conservative investment method than a fix and flip.
A lender is pursuing a deficiency judgment against a borrower in California. Which foreclosure process is being used?
Judicial
Which method of foreclosure involves the court and a sheriff's sale?
Judicial
How much should you keep in your tax savings account in order to be prepared to pay your quarterly estimated tax?
Just over what you expect to owe
What type of provision is standard with either the mortgage or the deed of trust, but is included in the promissory note rather than the security instrument?
Late charge
Which of the following clauses is included in Fannie Mae's multi-state note?
Late charge
The number of ______ you put into a funnel will determine the amount of income you can make.
Leads
In which situation will sellers apply a portion of the rent toward the purchase price to entice the buyers to close more quickly?
Lease with option to buy
Which party to the loan approval process is responsible for providing the Loan Estimate?
Lender
Payment history, age of accounts, credit usage rate, inquiries, and _______ are factors considered in calculating a credit score.
Length of credit history
Which of the following is part of the Other Disclosures section?
Liability After Foreclosure
Private loan companies may place a ______ on the property for which the loan is being taken.
Lien
Which of these would most likely be found in the "potentially negative items" section of a credit report?
Lien
Nicole is a young licensee just starting her business and doesn't have any income yet. She decides to purchase insurance as soon as she has the money. Which of the following can she likely skip for now?
Life
The Federal Housing Finance Agency established percentage targets and ______ for loans made to low- to moderate-income borrowers.
Limits for conforming loans
Closing costs are itemized on page two of the Closing Disclosure, and all amounts are ______.
Listed according to who paid them: the borrower, seller, or other
With a ______, no probate is required for assets named within it.
Living trust
Zara is reviewing the "Calculating Cash to Close" table on page three of the Closing Disclosure to see what has changed from her Loan Estimate. She found this extremely helpful and easy to understand because the table explicitly lists _______.
Loan estimate and final amounts side-by-side
Conforming loan limits vary based on the number of units being purchased with the property and ______.
Location
Brianna is a new licensee who spent $480 on her business to get started. How does this compare to the typical licensee's start-up costs?
Lower than average
Jack is eager to start his career as a licensee, and one of the expenses he includes in his calculation of start-up fees is the ____________ fee.
MLS
Maggie has a neighbor, Jim, who is facing foreclosure. She likes Jim and wants to help him out, so they agree to do a "subject to" purchase. What does this mean?
Maggie will take over Jim's loan payments without telling his lender she's doing so.
The Morris family home went into foreclosure December 15, 2016, and sold January 1, 2017. Their contractor had begun work on May 15, 2015, and was not paid, and finally filed a mechanic's lien on October 1, 2016. What date will be used for lien priority for the mechanic's lien?
May 15, 2015
Arnold has gotten behind on his mortgage payments. His lender agrees to temporarily suspend payments to help Arnold catch up. What is this an example of?
Moratorium (or forbearance)
How much of a mutual savings bank's assets come from savings accounts?
More than 70%
Life insurance companies participate in real estate in the ______ arena.
Mortgage blocks from secondary mortgage market
The acronym PITI is a reference to what real estate-related concept?
Mortgage payment
Which type of bond is used to pay for community improvements?
Municipal bond
Which organization manages and charters credit unions?
NCUA
Samantha is an assistant to Matt, a real estate licensee with an MLO endorsement. She performs administrative tasks on his behalf. Does she need an MLO endorsement?
No, she doesn't need an MLO endorsement because she is only performing administrative tasks.
Maria is a borrower reviewing her Closing Disclosure. She notices a section under "Other Costs" with a number of fees that were not shown on her Loan Estimate, such as the commissions to the real estate brokers and the home inspection fee. Should Maria contact her lender about this issue?
No, these are costs that are part of the total cost to close but aren't part of obtaining the loan, so they weren't required to be on the Loan Estimate.
Chris and Nick hope to qualify for an FHA loan. Their lender calculates their housing ratio as 33% and their total debt obligation as 43%. Their credit score is 620. Do they qualify under FHA underwriting guidelines?
No, they don't meet the housing ratio requirement.
You want to make $50,000 in a year from your real estate business. You know that about 15% of the leads you get turn into clients. You earn an average of $8,000 on every closed transaction. Is this everything you need to know to use a funnel to determine how many leads you need to generate to get your $50,000?
No, you also need to know the percentage of clients who turn into closed transactions.
Carl is trying to trim his expenses, so he first looks at cutting some of his _________ costs in his budget.
Non-essential
Which method of foreclosure does not involve the court, but includes a trustee's sale?
Non-judicial
Which of the following is NOT a benefit government-sponsored enterprises receive?
Non-profit status
What percentage of closing costs can be included in a VA loan?
None
To qualify for the FHA Streamline Refinance program, a homeowner must ______.
Not be delinquent on mortgage payments
A beneficiary, trustor, and trustee are the parties involved when the finance instrument is a ______.
Note with deed of trust
Conforming loan limits vary based on location and ______.
Number of units being purchased with the property
Borrowers must list their liabilities when completing a residential loan application. What are liabilities?
Obligations a borrower owes
Bobby is completing a residential loan application. On the application, he lists his liabilities. What are liabilities?
Obligations the borrower owes
When does PMI end?
Once the loan-to-value ratio reaches 78% of the original value.
What is a wrap-around mortgage?
One that may involve seller financing
A qualified mortgage is ______.
One that meets certain lending standards
Chanel is buying a brand new home with a VA loan. She's obtained a certificate of reasonable value. For how long is that CRV valid?
One year
How long is an MLO endorsement valid?
One year
In a judicial foreclosure, if the sheriff's sale wasn't enough to pay off the borrower's debt plus foreclosure costs, how long does the borrower's redemption period last?
One year
A foreclosure consultant was found guilty of violating the Mortgage Foreclosure Consultant Law. As a result, the consultant could face fines up to $10,000, up to ______, or both.
One year in prison
Which of the following is a true statement about retirement accounts?
Only self-employed individuals can use SEP IRAs
While Fannie Mae considers total and housing debt-to-income ratios in its underwriting process, Freddie Mac considers ______.
Only total debt-to-income
Analyzing spending habits allows you to evaluate the impact of a purchase in terms of ______.
Opportunity cost
With this type of loan, personal property is included with the real property in the sale. It's commonly seen in commercial real estate, but you may also see this in the sale of furnished condominiums.
Package mortgage
Several actions take place on the secondary mortgage market. Which of these is a common activity?
Packaging loans into mortgage-backed securities
Life insurance companies sometimes like to insure their investment in commercial projects by insisting on an equity position. This is known as ______ financing.
Participation
Which type of participation agreement involves more than one mortgagee as owner of the finance instrument in which each receives an equal share of the mortgage payment?
Partnership among mortgagees
In which type of partnership is there is more than one mortgagor as owner?
Partnership among mortgagors
In which type of partnership do participants have shared responsibility for a single mortgage?
Partnership between mortgagors
In order for the spousal support Kayla receives to be considered in the lender's income evaluation when Kayla applies for a home loan, what must be true?
Payments must have been received for at least one year, and must be expected to continue for at least three more years.
Which of the following is an MLO violation?
Performing MLO activities before notifying the Bureau of Real Estate
Which of the following best describes foreclosure by writ of entry?
Petition for legal ownership, opportunity to redeem property, notice of eviction if property is not redeemed
Jody is concerned about the ______ encumbrance that doesn't allow her to start her gardening greenhouse because it sits next to a nature conservancy.
Physical
The ______ clause in a deed of trust allows the lender to foreclose non-judicially.
Power of sale
Which clause is standard in a deed of trust and affects the foreclosure process that can be used if the borrower defaults?
Power of sale
Which of the following is an example of an inquiry initiated by a creditor (without the consumer's permission) that may appear on a credit report?
Pre-approved credit
If Jeff is healthy and always has excellent check-ups, which of the following would likely be the most important factor in his insurance selection?
Premiums
Your client, Skip, is an investor who's just opened a thriving new sporting goods store in a location outside the city. What principle of value indicates that his thriving business will attract others to engage in similar activity in the same area, driving down his profits?
Principle of competition
A property has just been foreclosed on. Which of the following describes the rules regarding lien priority?
Property tax liens take priority, with all others following a "first in time" rule.
A borrower sued a foreclosure consultant for violating the Mortgage Foreclosure Consultant Law. The borrower may receive actual damages, legal fees, and, in severe cases ______.
Punitive damages up to three times the borrower's actual damages
Which of the following actions is completed by the secondary mortgage market?
Purchases loans from lending institutions.
How often must self-employed individuals pay estimated taxes?
Quarterly
Which of the following lending regulations apply to mortgage loans and settlement services?
Real Estate Settlement Procedures Act
A goal written according to the SMART criteria is ______.
Realistic
Bob just sold his investment property. Which taxes will apply?
Recaptured depreciation and capital gains
Which clause in the deed of trust is the equivalent of the defeasance clause in the mortgage?
Reconveyance
FHA-insured loan programs cover all of the following EXCEPT ______.
Recreational vehicles
Annual MIP can be removed from an FHA loan by ______.
Refinancing to a conventional loan
What is it called when borrowers pay back all of the amounts owed and become current (no longer in default) on their loan?
Reinstatement
Jackson holds a real estate broker license with an MLO endorsement. When he renews his MLO endorsement, what does he need to submit to the NMLS?
Renewal fee
Violet purchased a house from Nick, and assumed the existing loan. Nick wants to make sure he isn't liable if Violet ever defaults. What can he do to remove his name from the loan agreement?
Request a novation
Natasha is a new licensee who needs to estimate her business expenses. Which of these is a recommended way for Natasha to do this?
Research typical expenses for a licensee through the Internet and by asking colleagues.
A loan that will be used for personal, family, or household purposes and is secured by a mortgage, deed of trust, or equivalent instrument to residential real property is called a(n) ______.
Residential mortgage loan
Loans to purchase a residential property, refinance an existing residential real property loan, or a home equity line of credit are considered ______.
Residential mortgage loans
The ______ account is a recommended component of a personal financial plan that should be started as early as possible and contributed to throughout your working life.
Retirement
When interest rates increase, what is the impact on mortgage-backed security investors?
Returns on investments increase.
Monty retired 10 years ago and would like to see the world, but his retirement account won't support his desire to travel. Monty heard of a loan that would allow him to take advantage of the equity in his home by getting monthly payments from the bank by using his house as collateral. What is this type of loan called?
Reverse annuity mortgage (RAM)
Margaret isn't ready to buy Jill's property, but she pays Jill a fee that guarantees she'll be notified if another buyer appears. If another buyer does make an offer, Margaret has the opportunity to purchase at the price and terms of the offer. Margaret has a(n) ______ on Jill's property.
Right of first refusal
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
Institutions that purchase loans, package them into mortgage-backed securities, then sell these to investors may commonly be referred to as ______.
Secondary market players
The ______ sets requirements for mortgage loan originators.
Secure and Fair Enforcement for Mortgage Licensing Act
If a cloud on a title is discovered, which party is generally responsible for clearing the cloud?
Seller
The ______ table discloses the amounts associated with the transaction that the seller will pay and receive, usually resulting in a total cash to seller.
Seller's Transaction
What is the most common structure for a CMO?
Sequential pay
The Federal Housing Administration has a mission which includes ______ through the establishment of lending standards and by insuring mortgages.
Stabilizing the mortgage market
Samuel and Yoshi have worked at the same firm for a few months and get along well. Samuel mentions he has a credit score in the low 800s. Yoshi, who's just starting out, persuades Samuel to sign for a loan to help Yoshi buy a property, since his credit isn't good enough. Yoshi promises to make the mortgage payments, but two months after the deal closes, Yoshi moves across the country. Samuel's now stuck with a $400,000 mortgage. What type of scheme is this?
Straw buyer
The FHA ______ program allows a borrower to refinance an FHA loan without verifying income or assets.
Streamline Refinance
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
A lender wants to ensure that the legal description of a property is accurate, and determine whether any improvements, encroachments, or lot size changes have been made. What may the lender request to determine this?
Survey
Some countries have banks that issue loans for U.S. real estate purchases. What are the main countries that participate?
Taiwan, the U.K., and Canada
What does the "T" in PITI stand for?
Taxes
Cassie is helping her buyer client, Gus, prepare for closing. What should she encourage him to verify as soon as he receives the form?
That the borrower and seller names, the property address, and the sales price are accurate and spelled correctly
Which agency sets the guidelines for qualified mortgages?
The Consumer Financial Protection Bureau
Kendra has applied for a loan from Acme Savings and Loan, but when she compares the Loan Estimate the loan officer gave her with the one from Best Bank, where she also applied for a loan, she decides she'd rather go with the loan from Best Bank. Which of the following is a true statement about this situation?
The Loan Estimate expires in 10 business days if Kendra doesn't tell Acme Savings and Loan that she wants to move forward with it.
Bart is selling his home and has accepted an offer from a buyer, who's obtaining a VA loan. The sale price is agreed upon and is in the purchase contract. Then Bart receives a call from his agent, explaining that the buyer is hoping that Bart will lower the sale price because ______, and there is a risk the buyer will not be able to get the VA loan as a result.
The VA appraiser completed the CRV and it is less than the sale price
Tom's CRV came in low and he's decided to make up the difference in cash. What else will be required?
The VA may require Tom to prove the source of his funds.
Borrower Max is reviewing his Closing Disclosure to check the amount of prepaid mortgage insurance, taxes, and interest. In addition to itemizing what his borrower-paid closing costs are, the prepaid section includes ______ for each item.
The applicable time period
The upfront MIP on an FHA loan is calculated on ______.
The base loan amount
Which of the following features is shared by the mortgage and the deed of trust?
The borrower is required to maintain the property and pay property taxes and insurance.
What is a short sale?
The borrower sells their property, but for less than the amount owed on their property
Which of these best describes a home equity loan?
The funds are often used for home renovations or to fund a college education.
From a lender's perspective, the lower the credit score, _______.
The higher the risk
Carla and Sven have a previous foreclosure, but now they are a few years away from that. They make good money with their jobs, and have about $30,000 available to use for a down payment and closing costs. Why might they consider an FHA 203(b) loan, even if they have sufficient down payment for a conventional loan?
The lender can consider compensating factors, even if their credit history isn't great.
Jasmine has a mortgage on her property, but allows her homeowner's insurance to lapse. Which of these is a possible consequence of this action?
The lender can put Jasmine's loan in default.
Which of the following real estate transactions is subject to recaptured depreciation?
The sale of an investment property
Which of the following is a reason a seller might consider selling his property through an installment contract rather than a traditional sale?
The seller may pay less in capital gains taxes if he receives the proceeds from the sale over time rather than in a lump sum.
Jacqueline found a ready, willing, and able buyer for her client's condo, with a sales price of $20,000 more than the asking price. However, the appraisal came in just under the asking price. Which number will the lender use to calculate the loan-to-value ratio?
The smaller number
Who distributes the trust assets of a person who died?
The successor trustee
What may happen to a transaction if a cloud on the title is discovered?
The transaction comes to a standstill until the cloud is cleared.
When a borrower has paid off the loan, how is the release handled if the security instrument is a deed of trust?
The trustee executes and records a deed of reconveyance and the lender returns the note to the borrower.
Page four of the Closing Disclosure lists specific disclosures about the loan, such as the penalty for late payments, whether a demand feature applies, whether the loan can be assumed, and ______.
The use of an escrow account
When does the mortgage insurance requirement end for a borrower with a VA loan?
There is no mortgage insurance requirement for a VA loan.
Tina is applying for a home loan. In order for child support payments she receives to be considered in the income evaluation by her lender, what must be true?
There must be a consistent track record of payment or the payments must be the result of a court order.
Which of the following statements is true about government loans?
They're insured or guaranteed by a government agency.
Which statement is true regarding most government loans?
They're insured or guaranteed by the government.
How soon after the Notice of Default is filed can a trustee's sale occur?
Three months and 20 days
How is title usually conveyed to the buyer during a foreclosure process?
Through a referee's deed
What's the purpose of the fixed/adjustable rate note?
To convert the interest rate from fixed to adjustable
What is the purpose behind Appraiser Independence Requirements?
To protect appraisers' ability to assess an accurate value for a property by avoiding outside pressure or influence
What is the purpose of the California Foreclosure Reduction Act?
To regulate lenders so that borrowers have a better chance to avoid foreclosure
Why might a homebuyer use an FHA 203(k) loan instead of the standard 203(b) loan?
To roll the cost of rehabilitating the purchased home into the mortgage
A calculation that looks at all recurring (or installment) debt—such as monthly mortgage, car, credit, and loan payments—as a percentage of the borrower's monthly gross income, is called ______ ratio.
Total debt
How long does the borrower have to pay private mortgage insurance?
Until the borrower reaches a 22% equity position
Which of the following is considered an ineligible property type for which a loan to purchase or refinance wouldn't be purchased by Fannie Mae?
Vacant lot
A lender and a borrower sign a mortgage agreement, placing a(n) ______ lien against the borrower's home.
Voluntary and specific
Rich wants to add a room to his house, so he takes out a home equity loan. This creates a(n) ______ lien.
Voluntary and specific
With this alternative to foreclosure, a borrower hands over the property to the lender rather than face foreclosure proceedings.
Voluntary conveyance of deed
Select the choice that best translates this clause into plain English. "Upon payment of all sums secured by this Mortgage, Mortgagee shall discharge this Mortgage without cost to Mortgagor. Mortgagor shall pay all costs of recordation, if any."
When the borrower has fully paid off the loan, the lender will record that the note is satisfied.
Page four of the Closing Disclosure lists specific disclosures about the loan, such as the penalty for late payments, whether a demand feature applies, whether the loan can be assumed, and ______.
Whether partial payments are accepted
When should a licensee begin setting money aside for quarterly estimates?
With the first commission check
Greg is selling his home to a veteran who's using a VA loan. When the transaction starts to stall, Greg tries to motivate the buyer by including his giant flat screen TV, valued at $1,200, as a gift. Is Greg allowed to do this?
Yes, this is considered an allowable seller concession
You attend a business-related conference that includes an overnight stay away from home. Can you deduct the cost of your meals during the conference?
Yes, you can deduct 50% of the cost of your meals
In which of the following situations is a catastrophic health insurance plan the most reasonable choice?
You have excellent health and get regular check-ups
