Real Estate 87 Economics Final Exam 2023/2024 Questions and Answers Latest A+ Grade.

Real Estate 87 Economics Final Exam 2023/2024 Questions and Answers Latest A+ Grade. Real Estate 87 Economics Question 1 . Compared to a 30-year loan, a 15-year loan usually has: B. a lower interest rate and a larger monthly payment Question 2 What federal law requires lenders to disclose information that would help detect instances of redlining? C. Home Mortgage Disclosure Act Question 3 Which of these types of income is least likely to be counted as part of a loan applicant's stable monthly income? B. Unemployment compensation Question 4 A bridge loan, also called a swing or gap loan, is used to: C. provide funds to close the purchase of a new home before the buyer's old home has been sold Question 5 Which federal law applies to all credit transactions and prohibits discrimination against loan applicants? Correct! A. Equal Credit Opportunity Act Question 6 A biweekly mortgage: Correct! D. involves 26 half-sized payments per year instead of the 12 standard payments Question 7 The most common alternative private source of lending to buyers is: C. sellers Question 8 The lender issues a certificate of reduction to: A. acknowledge the transfer of title and waive the due-on-sale clause B. state the balance of the loan without changing the terms of the loan D. Both A and B Question 9 After Fannie Mae and Freddie Mac started buying _____ loans in the mid-2000s, this type of loan became much more popular, increasing from just a few percent of all new mortgage loans in 1994 to as much as 20% of new loans in 2006 (when the housing bubble began to burst). D. subprime Question 10 A one-year ARM has a 60-day lookback period. Up until the last month of the rate adjustment period, interest rates had risen 0.25%. During the last month of the adjustment period, rates rose 0.50%. How much may the lender raise the interest rate on the loan? Correct! D. 0.25% Question 11 In certain cases, if the proceeds of a sheriff's sale aren't sufficient to pay off the foreclosed mortgage, the lender may sue the borrower for the remainder owed. If the court rules in the lender's favor, it will grant the lender: C. a deficiency judgment.