TEXAS LAW OF CONTRACTS - UNIT 8 - FINANCING REAL ESTATE QUESTIONS WITH CORRECT ANSWERS

An up-front premium is charged on FHA loans used to purchase all of these EXCEPT CORRECT ANSWER condominium A mortgage broker is CORRECT ANSWER an intermediary In Texas, which does a purchaser receive at the foreclosure sale? CORRECT ANSWER Whatever title the borrower had A typical loan origination fee is CORRECT ANSWER 1% of the loan amount. Which type of property can be purchased under a land contract? CORRECT ANSWER Unimproved acreage and residential Which type of lien is the deed of trust on a property? CORRECT ANSWER Voluntary, specific One way a borrower can obtain a conventional loan with a lower down payment is by CORRECT ANSWER obtaining private mortgage insurance. Where must a mortgage document or deed of trust be recorded? CORRECT ANSWER The recorder's office of the county in which the real estate is located Under the federal ECOA, the borrower is entitled to a copy of the CORRECT ANSWER Appraisal report