Chapter 9 Flashcards
What does the highest bidder receive at the foreclosure sale of a mortgage?
Certificate of sale
A 22 acre parcel secured with a mortgage ended up in foreclosure. What period of time is allowed for redemption.
One year
A 14 acre parcel secured with a deed of trust ended up in foreclosure. What period of time is allowed for redemption.
None foreclosure secured with a deed of trust is final upon the sale
Once a notice of sale has been recorded what period of time is given for the owner to bring the delinquency current
115 days
What kind of deeds does the successful bidder receive upon foreclosure of a deed of trust?
Trustee’s deed
When is the borrower supposed to receive your home? Loan tool kit booklet
Within three days of loan application
A real estate agent gave a purchaser $5000 to assist with a down payment in the form of a private loan to be forgiven after the closing of a pending transaction. This could be considered as a what.
A double contract
An applicant must be reimbursed for a settlement charge violation within
30 days
Upon receiving a complete loan application, how long does a lender have to issue a loan estimate?
Three business days
How many days does a lender have to correct a violation found in a settlement statement
30 days
Settlement charges between the loan estimate and the closing disclosure cannot change by more than
10%
The FHA loan program is
Uninsured
Insured
Guaranteed
Secured
Insured
What residential financing program requires the borrower to be the owner/occupant
IHFA financing
A qualified mortgage loan can have maturity time. For not longer than.
30 years
What type of short-term loans are like likely to go away?
One – four year AFM’s loans
