ASREB National Test A- TEST BANK EXAM QUESTIONS
2026/2027 COMPLETE & ACCURATE EXAM QUESTIONS
AND CORRECT VERIFIED ANSWERS WITH DETAILED
RATIONALES (100% CORRECT VERIFIED ANSWERS)
CURRENTLY UPDATED VERSION 2026 EDITION
|GUARANTEED PASS A+ |FULL REVISED EXAM
Which of the following listed below would not be considered a
"trigger clause" per Reg. Z?
7% interest
$985 month payment
Cash sale only
$50,000 down required
Cash sale only
A good faith estimate must be given to the borrower within:
Three days of loan application
Three days after closing
Three days after recordation
Seven days after loan application
Three days of loan application
What regulation places a limit on fees a lender can charge in escrow
for impound accounts?
Regulation Z
Fair Housing
RESPA
Statute of Fraud
RESPA
,When the note and security instrument are in one document, this is
best described as:
Purchase money mortgage
Wraparound
Land contract
Deed of trust
Land contract
When a loan is sold from one lender to another lender, it is:
Novation
Assumed
Assigned
Taken subject to
Assigned
In the sale of a mortgage document, what is the relationship of the
parties?
Grantor to Grantee
Assignor to Assignee
Vendor to Vendee
Payor to Payee
Assignor to Assignee
, Which of the following is not considered to be in the secondary
market?
Foreign Governments
FNMA
A local bank
GNMA
A local bank
When a wraparound is created, who is responsible for the
underlying loans?
Vendee
Vendor
Trustee
Beneficiary
Vendor
How are the rights of ownership under a land contract transferred
to a new buyer?
Assignment
Subordination
Subrogation
Assumption
Assignment
2026/2027 COMPLETE & ACCURATE EXAM QUESTIONS
AND CORRECT VERIFIED ANSWERS WITH DETAILED
RATIONALES (100% CORRECT VERIFIED ANSWERS)
CURRENTLY UPDATED VERSION 2026 EDITION
|GUARANTEED PASS A+ |FULL REVISED EXAM
Which of the following listed below would not be considered a
"trigger clause" per Reg. Z?
7% interest
$985 month payment
Cash sale only
$50,000 down required
Cash sale only
A good faith estimate must be given to the borrower within:
Three days of loan application
Three days after closing
Three days after recordation
Seven days after loan application
Three days of loan application
What regulation places a limit on fees a lender can charge in escrow
for impound accounts?
Regulation Z
Fair Housing
RESPA
Statute of Fraud
RESPA
,When the note and security instrument are in one document, this is
best described as:
Purchase money mortgage
Wraparound
Land contract
Deed of trust
Land contract
When a loan is sold from one lender to another lender, it is:
Novation
Assumed
Assigned
Taken subject to
Assigned
In the sale of a mortgage document, what is the relationship of the
parties?
Grantor to Grantee
Assignor to Assignee
Vendor to Vendee
Payor to Payee
Assignor to Assignee
, Which of the following is not considered to be in the secondary
market?
Foreign Governments
FNMA
A local bank
GNMA
A local bank
When a wraparound is created, who is responsible for the
underlying loans?
Vendee
Vendor
Trustee
Beneficiary
Vendor
How are the rights of ownership under a land contract transferred
to a new buyer?
Assignment
Subordination
Subrogation
Assumption
Assignment
