12/15/24, 11:31 PM CALIFORNIA REAL ESTATE SALESPERSON EXAM 2024 ACTUAL EXAM 2 VERSIONS (VERSION A AND B) COMPLETE AC…
CALIFORNIA REAL ESTATE SALESPERSON
EXAM 2024 ACTUAL EXAM 2 VERSIONS
(VERSION A AND B) COMPLETE ACCURATE
EXAM QUESTIONS WITH DETAILED VERIFIED
ANSWERS
Practice questions for this set
Learn 1 /7 Study with Learn
secondary market
Choose matching term
If the taxes are __________, the end of the tax year, the property will be "sold to the
1 state by operation law" for delinquent taxes, but the property will not actually be
sold for 5 years.
The Federal National Mortgage Association(Fannie Mae) and the Federal Home
2 Loan Mortgage Corporation(Freddie Mac, are government sponsored
entities(gse's) that together provide a _________________ for residential mortgages.
https://quizlet.com/985682907/california-real-estate-salesperson-exam-2024-actual-exam-2-versions-version-a-and-b-complete-accurate-exam-quest… 1/31
,12/15/24, 11:31 PM CALIFORNIA REAL ESTATE SALESPERSON EXAM 2024 ACTUAL EXAM 2 VERSIONS (VERSION A AND B) COMPLETE AC…
If the loan is 10% LTV, then the lender is only protected if the value of the
3
property _______________.
In California the security instrument used is a _________________, in some other states a
4
traditional mortgage is used, which must be foreclosed in court.
Don't know?
Terms in this set (169)
The Federal National secondary market
Mortgage
Association(Fannie Mae)
and the Federal Home
Loan Mortgage
Corporation(Freddie
Mac, are government
sponsored entities(gse's)
that together provide a
_________________ for
residential mortgages.
The Federal Housing Administration (FHA)
_________________________provid
es insurance to
approved lenders
against losses on
residential mortgage
loans.
https://quizlet.com/985682907/california-real-estate-salesperson-exam-2024-actual-exam-2-versions-version-a-and-b-complete-accurate-exam-quest… 2/31
,12/15/24, 11:31 PM CALIFORNIA REAL ESTATE SALESPERSON EXAM 2024 ACTUAL EXAM 2 VERSIONS (VERSION A AND B) COMPLETE AC…
An ____ loan is more FHA Loan
expensive for the
borrower than a
conventional, VA, or
Cal-Vet loan.
The ____ guarantees part VA (US Dept. of Veterans Affairs)
of a loan made to a
veteran.
A ____ loan typically has VA (US Dept. of Veterans Affairs)
no down payment; FHA
and Cal-Vet loans do.
____________ loans can be FHA and VA
used to buy 1-4 family
residential properties,
but they must be owner
occupied (can be
rented later).
https://quizlet.com/985682907/california-real-estate-salesperson-exam-2024-actual-exam-2-versions-version-a-and-b-complete-accurate-exam-quest… 3/31
, 12/15/24, 11:31 PM CALIFORNIA REAL ESTATE SALESPERSON EXAM 2024 ACTUAL EXAM 2 VERSIONS (VERSION A AND B) COMPLETE AC…
A ________ loan is unique. It Cal-Vet (California Department of Veterans
purchases residential Affairs)
properties selected by
veterans that are then
sold to veterans on land
contracts(installment
sales contract) as the
security property. Legal
title is held by the
department until the
loan is paid off. the
program is financed by
the sale of tax free
bonds by the State of
California; Interest rates
are set by the
Legislature based on
the cost of funding.
_________ finances CalHFA (California Housing Finance Agency)
mortgage loans to low
and moderate income
first time homebuyers.
These loans are funded
by the sale of tax free
bonds and made
through approved
private lenders.
A ___________ is the general mortgage
term for any loan on
real property.
https://quizlet.com/985682907/california-real-estate-salesperson-exam-2024-actual-exam-2-versions-version-a-and-b-complete-accurate-exam-quest… 4/31
CALIFORNIA REAL ESTATE SALESPERSON
EXAM 2024 ACTUAL EXAM 2 VERSIONS
(VERSION A AND B) COMPLETE ACCURATE
EXAM QUESTIONS WITH DETAILED VERIFIED
ANSWERS
Practice questions for this set
Learn 1 /7 Study with Learn
secondary market
Choose matching term
If the taxes are __________, the end of the tax year, the property will be "sold to the
1 state by operation law" for delinquent taxes, but the property will not actually be
sold for 5 years.
The Federal National Mortgage Association(Fannie Mae) and the Federal Home
2 Loan Mortgage Corporation(Freddie Mac, are government sponsored
entities(gse's) that together provide a _________________ for residential mortgages.
https://quizlet.com/985682907/california-real-estate-salesperson-exam-2024-actual-exam-2-versions-version-a-and-b-complete-accurate-exam-quest… 1/31
,12/15/24, 11:31 PM CALIFORNIA REAL ESTATE SALESPERSON EXAM 2024 ACTUAL EXAM 2 VERSIONS (VERSION A AND B) COMPLETE AC…
If the loan is 10% LTV, then the lender is only protected if the value of the
3
property _______________.
In California the security instrument used is a _________________, in some other states a
4
traditional mortgage is used, which must be foreclosed in court.
Don't know?
Terms in this set (169)
The Federal National secondary market
Mortgage
Association(Fannie Mae)
and the Federal Home
Loan Mortgage
Corporation(Freddie
Mac, are government
sponsored entities(gse's)
that together provide a
_________________ for
residential mortgages.
The Federal Housing Administration (FHA)
_________________________provid
es insurance to
approved lenders
against losses on
residential mortgage
loans.
https://quizlet.com/985682907/california-real-estate-salesperson-exam-2024-actual-exam-2-versions-version-a-and-b-complete-accurate-exam-quest… 2/31
,12/15/24, 11:31 PM CALIFORNIA REAL ESTATE SALESPERSON EXAM 2024 ACTUAL EXAM 2 VERSIONS (VERSION A AND B) COMPLETE AC…
An ____ loan is more FHA Loan
expensive for the
borrower than a
conventional, VA, or
Cal-Vet loan.
The ____ guarantees part VA (US Dept. of Veterans Affairs)
of a loan made to a
veteran.
A ____ loan typically has VA (US Dept. of Veterans Affairs)
no down payment; FHA
and Cal-Vet loans do.
____________ loans can be FHA and VA
used to buy 1-4 family
residential properties,
but they must be owner
occupied (can be
rented later).
https://quizlet.com/985682907/california-real-estate-salesperson-exam-2024-actual-exam-2-versions-version-a-and-b-complete-accurate-exam-quest… 3/31
, 12/15/24, 11:31 PM CALIFORNIA REAL ESTATE SALESPERSON EXAM 2024 ACTUAL EXAM 2 VERSIONS (VERSION A AND B) COMPLETE AC…
A ________ loan is unique. It Cal-Vet (California Department of Veterans
purchases residential Affairs)
properties selected by
veterans that are then
sold to veterans on land
contracts(installment
sales contract) as the
security property. Legal
title is held by the
department until the
loan is paid off. the
program is financed by
the sale of tax free
bonds by the State of
California; Interest rates
are set by the
Legislature based on
the cost of funding.
_________ finances CalHFA (California Housing Finance Agency)
mortgage loans to low
and moderate income
first time homebuyers.
These loans are funded
by the sale of tax free
bonds and made
through approved
private lenders.
A ___________ is the general mortgage
term for any loan on
real property.
https://quizlet.com/985682907/california-real-estate-salesperson-exam-2024-actual-exam-2-versions-version-a-and-b-complete-accurate-exam-quest… 4/31
