BARNEY FLETCHER FINAL EXAM NEWEST

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BARNEY FLETCHER FINAL EXAM NEWEST

2024-2025 ACTUAL EXAM COMPLETE 150

QUESTIONS AND CORRECT DETAILED

ANSWERS (VERIFIED ANSWERS) |ALREADY

GRADED A+

BARNEY FLETCHER FINAL

Which of the following ways of advertising would be allowed under the Federal Truth In Lending Laws (Regulation Z)?

• $10,000 assumable loan in a working man's neighborhood
• shady acres - $10,000 down
• shady acres - guaranteed to double in value in 5 years
• shady acres - payments less than rent - CORRECT

ANSWER-D. shady acres - payments less than rent

A son and daughter in law wanted to buy their parents house and assume the mortgage. The son and daughter in law had just gone through bankruptcy. Which of the following clauses in a mortgage would prevent this sale and assumption from taking place?

• acceleration clause 1 / 4

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• alienation clause
• subordination clause
• defeasance clause - CORRECT ANSWER -B. alienation

clause

Which non governmental organization has its greatest investment in first mortgages on single family residences?

• insurance companies
• commercial banks
• savings and loans
• federal housing administration - CORRECT ANSWER -C.

savings and loans

Which of the following loans gives a borrower the lowest monthly payment?

• 8% interest, 20 year term
• 8% interest, 25 year term
• 9% interest, 20 year term
• 9% interest, 25 year term - CORRECT ANSWER -B. 8%

interest, 25 year term 2 / 4

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Which of the following would be enforced by the Federal Trade Commission (FTC)?

• federal real estate settlement procedures act (RESPA)
• federal fair housing (title VIII)
• federal equal credit opportunity act (FECOA)
• federal truth in lending law (Reg Z) - CORRECT ANSWER -
• federal truth in lending law (Reg Z)

Under which of the following circumstances would one MOST likely see an estoppel certificate?

• a lender sells a loan and the new mortgagee wants to know

the existing balance

• a lender attempts to prevent a loan assumption to an

unqualified party

• a developer attempts to have a parcel released from under a

blanket mortgage

• a lender calls for full payment of a note - CORRECT

ANSWER-A. a lender sells a loan and the new mortgagee wants to know the existing balance

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A single parent who receives child support payments is applying for a loan to purchase a house. The parent MUST disclose the

child support to the lender if:

• applying for an FHA or VA loan
• gross income is less than $25,000 per year
• the child support exceeds 50% of income
• the child support will be considered as a basis for the

payments - CORRECT ANSWER -D. the child support will be considered as a basis for the payments

A ready, willing, and able buyer is one:

• who can meet the seller's terms and conditions
• with whom the seller is personally satisfied
• produces an offer with earnest money
• produces an offer with earnest money that is also signed and

dated - CORRECT ANSWER -A. who can meet the seller's terms and conditions

A broker listed a $75,000 property and the agreement read that the owner would NOT take more than a 25% cash offer. The broker produced a buyer who offered a full price 100% cash offer. Would the broker be due a commission?

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