Superior NC Real Estate Important Final Exam questions And Answers

transactions, transactions involving a "federally related" mortgage (conventional, FHA, VA) Which party's signature is required on a deed of trust? A. the trustee B. the beneficiary C. the trustor(s) D. the grantee(s) - correct answers--C. the trustor(s) The trustor is the borrower in a lending situation using a trust deed. The borrower is giving the lender security or collateral interests in the property. Because those rights and interests belong to the borrower and they are surrendering them, only the trustor (or borrower) must sign the trust deed. Under which of the following types of mortgage loans would a buyer have to produce a certificate of reasonable value? A. VA Guaranteed Loan B.VA Insured Loan C.FHA Insured Loan D.Conventional Loan - correct answers--A. VA Guaranteed Loan The certificate of reasonable value or CRV is the name for the appraisal in a VA loan. VA loans are guaranteed, FHA loans are insured. The appraisal in an FHA loan is called a Conditional Committment. Encapsulation refers to: - correct answers--The sealing away of friable asbestos