CHAPTER 15-1

Question 1

FEDERAL LAW THAT REQUIRES DISCLOSURE REGARDING LOAN CLOSING COSTS AND PROHIBITS KICKBACK OR REFERRAL FEES

Answer 1

R.E.S.P.A

Question 2

DESIGNED TO IMPLEMENT T-I-L REQUIRING DISCLOSURE TO BORROWERS OF THE COSTS TO OBTAIN A LOAN

Answer 2

REGULATION Z

Question 3

A TRANSACTION WHERE THE SELLER RENTS BACK THE PROPERTY FROM THE BUYER

Answer 3

SALE & LEASEBACK

Question 4

THE MARKET WHERE EXISTING LOANS ARE BOUGHT AND SOLD, PROVIDING NEW FUNDS FOR THE PRIMARY MORTGAGE MARKET

Answer 4

SECONDARY MORTGAGE MARKET

Question 5

WHERE ONLY INTEREST PAYMENT ARE MADE AND THE FULL PRINCIPLE BALANCE IS DUE AT THE END

Answer 5

STRAIGHT LOAN

Question 6

A FEDERAL LAW INTENDED TO PROTECT CONSUMERS AND REQUIRE LENDERS TO ADVERTISE LOAN COSTS TRUTHFULLY

Answer 6

TRUTH IN LENDING

Question 7

A LOAN BY AN APPROVED LENDER GUARANTEED BY THE DEPARTMENT OF VETERAN AFFAIRS

Answer 7

VA LOAN

Question 8

CERTIFICATE OF REASONABLE VALUE

Answer 8

A VA APPRAISAL

Question 9

SOMETIMES CALLED BUILDERS TRADE BREAKDOWN OR THE COMPONENT METHOD OF ESTIMATING COST BY TRADES OR INDIVIDUAL BUILDING COMPONENTS

Answer 9

UNIT IN PLACE