Principles of Real Estate Chap 12 Exam With 100% Correct Answers 2024

Principles of Real Estate Chap 12 Exam With 100% Correct Answers 2024 1 of 11 - A growing equity mortgage: A. Is an adjustable rate loan. B. Allows quick repayment of the loan through accelerated payments. C. Includes a margin. D. Has a payment cap. - answerB. Allows quick repayment of the loan through accelerated payments. 2 of 11 - Which of these is also called a contract for deed? A. Purchase money mortgage B. Lease purchase C. Second mortgage D. Installment land sales contract - answerD. Installment land sales contract 3 of 11 - In which of the following types of loans is the payment allocated only to interest? A. Straight B. Balloon C. Amortized D. Adjustable rate - answerA. Straight 4 of 11 - Which statement is true? A. A borrower cannot qualify for a conventional loan unless he or she can make a 20% down payment. B. Private mortgage insurance is available for FHA loans. C. A borrower can request the cancellation of PMI payments when the equity reaches 20% of the appraised value. D. A lender can continue to collect PMI payments until the homeowner's equity reaches 25%. - answerC. A borrower can request the cancellation of PMI payments when the equity reaches 20% of the appraised va