finance

Question 1

Who is NOT a party to a trust deed

Answer 1

An executor

Question 2

Loans that are neither insured nor guaranteed by an agency of the government are termed:

Answer 2

Conventional loans

Question 3

In addition to the amount financed, the annual percentage rate (APR) includes:
A. interest rates
B. points
C loan fees
D. All of the above

Answer 3

All of the above

Question 4

Which of the following shop for a lender for a borrower and earn a fee for putting the lender and borrower together?

Answer 4

Mortgage broker

Question 5

Which type of loan is repaid in equal monthly payments for the life of the loan?

Answer 5

Fixed Rate

Question 6

A drawback of the graduated payment mortgage is its.

Answer 6

negative amortization

Question 7

When allowing a buyer to assume the seller’s existing loan(s), the seller should:

Answer 7

Get a full release from the lender(s)

Question 8

Taking title “subject to” existing loans…

Answer 8

Can trigger an alienation (due on sale) clause

Question 9

The SAFE Act requires

Answer 9

All real estate licensees performing duties as MLO’s to have a DRE endorsement to their license.

Question 10

The SAFE Act is administrated by the:

Answer 10

NMLS&R