CramX Logo
RegisterLog in
Real Estate Finance Champions Practice Exam With Answers (61 Solved Questions) - Document preview page 1

Real Estate Finance Champions Practice Exam With Answers (61 Solved Questions) - Page 1

Document preview content for Real Estate Finance Champions Practice Exam With Answers (61 Solved Questions)

Real Estate Finance Champions Practice Exam With Answers (61 Solved Questions)

Real Estate Finance Champions Practice Exam With Answers is designed to sharpen your test-taking abilities with authentic past exams.

Eva Reed
Contributor
4.7
0
12 months ago
Preview (6 of 19 Pages)
100%
Log in to unlock
Page 1 of 6
Real Estate Finance Champions Practice Exam With Answers (61 Solved Questions) - Page 1 preview imageReal Estate Finance I-CHAMPIONS ExamQuestions with correct AnswersPeriodic payment amounts such as principal & interest, estimated escrow, estimatedmonthly payment, and __________ must be disclosed in the Projected Payments section ofthe Loan Estimate form.(a) Mortgage Insurance(b) Homeowner's insurance(c) Property value(d) Estimated inspection cost - A___________ relates to Federal Government spending.(a) Monetary policy(b) Legislative policy(c) Reserve requirement(d) Fiscal policy - DThe minimum downpayment on a VA loan is:(a) 2% of the sales price(b) 0% of the sales price(c) 3.75% of the sales price
Page 2 of 6
Real Estate Finance Champions Practice Exam With Answers (61 Solved Questions) - Page 2 preview image
Page 3 of 6
Real Estate Finance Champions Practice Exam With Answers (61 Solved Questions) - Page 3 preview image(d) 1% of the sales price - B_________ is the process of creating a new mortgage loan.(a) Origination(b) Funding(c) Underwriting(d) Servicing - AA veteran can have more than one VA loan:(a) If the prior VA loan was paid in full and the property disposed of(b) The prior VA loan was assumed by an eligible veteran who substituted their entitlement(c) A or B(d) Under no circumstances - a VA loan is a "once in a lifetime" benefit - C_________ are not-for-profit organizations that exist to serve their members.(a) Mortgage companies(b) Credit unions(c) Insurance companies(d) One that cannot be financed - B
Page 4 of 6
Real Estate Finance Champions Practice Exam With Answers (61 Solved Questions) - Page 4 preview imageA qualifying ratio that compares the borrower's proposed house payment to their grossmonthly income is the __________.(a) Back ratio(b) Appraisal ratio(c) Front ratio(d) Loan to value ratio - CIn the Closing Disclosure, prepaids include homeowner's and mortgage insurance premiums,prepaid interest, property taxes, and a maximum of __________ additional items.(a) 13(b) 3(c) 7(d) 9 - BWhen calculating the monthly payment, the lender will add an amount equal to:(a) Twelve months insurance and six months taxes(b) 1/12 of the annual taxes and insurance(c) 1/12 of the annual loan amortization(d) An amount sufficient to create the escrow account - BWhich of the following is true regarding FHA loans?
Page 5 of 6
Real Estate Finance Champions Practice Exam With Answers (61 Solved Questions) - Page 5 preview image(a) An FHA loan requires a CRV(b) Ratios may be exceeded with compensating factors(c) FHA loans require a minimum 5% down payment(d) FHA loans are for low income borrowers only - BThe age of a property based upon the appraiser's assessment of the property's maintenanceand upgrades is its __________.(a) Useful life(b) Market age(c) Chronological age(d) Effective age - DIn an ARM, the index:(a) Is controlled by the lender(b) Is controlled by the borrower(c) Varies with fluctuations in financial markets(d) Is chosen by the lender on the adjustment date - CThe loan to value ratio is:(a) The minimum down payment
Page 6 of 6
Real Estate Finance Champions Practice Exam With Answers (61 Solved Questions) - Page 6 preview image(b) The percentage of value that a lender is willing to finance(c) Set by HUD on all loans(d) Based upon the assessed value of the property - BAn amortizing loan is:(a) A loan whose payment includes both principal and interest(b) A straight loan requiring interest only payments(c) A wraparound loan(d) A loan that includes both real and personal property - AEscrow of taxes and insurance is required for FHA loans:(a) With a LTV of 90% or greater(b) Made to borrowers with a credit score under 600(c) Always - all FHA loans require escrow of taxes and insurance(d) Unless the borrower agrees to pay an escrow waiver fee - CA claim, lien, charge, or liability attached to and binding real property is a(n) __________.(a) Clause(b) Easement(c) Encumbrance
Preview Mode

This document has 19 pages. Sign in to access the full document!

Study Now!

X-Copilot AI
Unlimited Access
Secure Payment
Instant Access
24/7 Support
Document Chat

Document Details

Subject
Other Exams & Certifications

Related Documents

View all
Certification Guides

SAP S/4HANA Sales Certification Guide: Application Associate Exam (2021)

4.5
00
Certification Guides

SAP HANA 2.0 Certification Guide: Technology Associate Exam (2021)

4.4
00
Certification Guides

SAP S/4HANA Business Process Integration Certification Guide: Application Associate Exam (2021)

4.7
00
Certification Guides

SAP S/4HANA Production Planning and Manufacturing Certification Guide: Application Associate Exam (2022)

4.1
00
Past Exams

2023 CMY2601 Crime Risk Perspectives Practice Exam with Answers (130 Solved Questions)

4.2
00
Past Exams

LETRS Unit 4 Assessment with Answers (15 Solved Questions)

4.3
00
Past Exams

NCC EFM Exam Breakdown and Study Guide with Answers (72 Solved Questions)

4.3
00
Past Exams

2023 AVID Media Composer 101 Certification Practice Exam with Answers (233 Solved Questions)

4.5
00
Past Exams

Indiana For Hire Endorsement Practice Exam with Answers (34 Solved Questions)

4.8
00
Past Exams

State of Colorado Question and Verified Answers with Answers (40 Solved Questions)

5.0
00