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REAL ESTATE FINANCE NEWEST 2024 ACTUAL
EXAM COMPLETE 300 QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS )
|ALREADY GRADED A+
A father needed money to send his son to college. He borrowed enough money from the bank to pay off his existing loan and have enough for his son's college. Later, he sold his home subject to the first trust deed and took a second trust deed as part of the purchase price. In the event of default on both trust deeds, which of the following is true?
The bank could obtain a deficiency judgment against the purchaser of the home
The bank could obtain a deficiency judgment against the father
The father could get a deficiency judgment against the purchaser on the second trust deed
None of the above - ANSWER- The bank could obtain a deficiency judgment against the father
How many points is a buyer/borrower limited to paying on FHA Loans? 1 / 4
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One Two Four No limitation - ANSWER- No limitation
JoAnn, a licensed real estate broker, decides to stop selling real estate and start brokering real estate loans. What kind of a license does she need?
A MLO license endorsement A real property securities dealer's license A lender's license No license other than the real estate broker's license she already has - ANSWER- A MLO license endorsement
The person who loans money secured by a mortgage on a parcel of real
property is called a:
mortgagee.trustee. 2 / 4
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mortgagor.trustor. - ANSWER- mortgagee.
Which of the following would distinguish between a first and second deed of trust?
Date of recording County recorder's permission Term of each loan Amount of each loan - ANSWER- Date of recording
Under TILA-RESPA, consummation of the loan occurs when the:
borrower becomes contractually obligated to the lender on the loan.
borrower becomes contractually obligated to a seller on a real estate transaction.
buyer and seller sign a purchase agreement.
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seller becomes contractually obligated to the lender on the loan. - ANSWER- borrower becomes contractually obligated to the lender on the loan.
Under the provisions of FHA the borrower is required to pay the non- recurring closing costs unless the seller agrees to pay part or all of them.Which of the following are not considered non-recurring closing costs?
Credit information costs and loan points (fees) Structural, pest control fees, and FHA appraisal fees Drawing and escrow fees; title search and title insurance Currently due property taxes and hazard insurance on property - ANSWER- Currently due property taxes and hazard insurance on property
A lender or mortgage broker must provide the new Integrated
Disclosures for real estate transactions:
immediately.beginning January 1, 2015.on or after October 3. 2015.involving properties built after October 3, 2015. - ANSWER- on or after October 3. 2015.
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