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Florida Real Estate Class Exam for Sales Associates Pre-Lic 2021 > Unit 13: Types of Mortgages & Sources of Financing > Flashcards

Unit 13: Types of Mortgages & Sources of Financing Flashcards

1
Q

Qualifying Ratios

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2
Q

Calculate Total Obligations Ratio

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3
Q

Common Mortgage Types

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4
Q

Amortized Mortgage (level-payment plan) & relationship between principal and interest

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5
Q

Adjustable-rate mortgage (ARM)

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6
Q

FHA Mortgage

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7
Q

Minimum Cash Investment for FHA Loan

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8
Q

Calculate Housing Expense Ratio & recognize current threshold for HER ______%

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9
Q

VA Mortgage

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10
Q

Compare features of VA Loans to FHA Loans

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11
Q

Purpose Specific Mortgage Products

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12
Q

Partially-amortized mortgage

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13
Q

A partially amortized mortgage is also known as

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14
Q

Secondary Mortgage Market

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15
Q

How does Fannie Mae participate in the secondary mortgage market?

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16
Q

Which types of loans do Fannie Mae purchase?

17
Q

Features of Ginnie Mae

18
Q

Duty of the Federal Reserve

19
Q

Regulation B

20
Q

Protected Classes under the Equal Credit Opportunity Act

21
Q

TILA - Truth in Lending Act

22
Q

Triggering Terms for TILA

23
Q

Documents the TRID Rule requires borrowers to receive

Florida Real Estate Class Exam for Sales Associates Pre-Lic 2021 (19 decks)

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