1 of 39
Term
A professional who gives an estimate of a property's fair market value
based on the sales of comparable homes in the area and on the
property's features. This estimate is generally required by a lender
before loan approval to ensure that the mortgage loan amount is not
more than the value of the property.
Give this one a try later!
, Home Inspector Appraiser
Assessor Lender
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2 of 39
Term
A certain mortgage company encourages all its clients to use a
specific appraiser. The appraisers give the mortgage company $100 for
every one of its clients who comes to them. If the mortgage company
does not tell clients about the payment it receives for referrals, this is a
breach of which regulation?
A. ECOA
B. RESPA
C. TILA
D. HOEPA
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A. Appraiser B. FHA 203k Loan
B. RESPA C. Loan Estimate
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, 3 of 39
Term
Would a credit report showing two tax liens on the property be a
qualifier or a disqualifier for a client interested in home improvement
financing?
A. Qualifier
B. Disqualifier
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B. Disqualified
-Lenders are not likely to approve a client for financing if the client's loan-to-value
ratio exceeds 80%.
A. Qualify
-Lenders will typically approve a loan if the client's debt-to-income ratio is less than
36% and other factors are favorable.
B. Disqualifier
-Lenders are not likely to approve a client for financing if the client's credit
report shows a low credit score, collections, judgments, or liens.
A. The seller should disclose the property's repair history.
-Disclosing the property's repair history is a best practice for home sellers and in
some states is also a legal obligation.
Don't know?
, 4 of 39
Term
A _______________ determines the fair market value of a property by
comparing the house the buyer wants to purchase with houses like it
that have sold recently in the same area. They are normally employed
by a third party vendor and are randomly selected to determine the
fair market value and condition of a property before the lender makes
a mortgage loan.
A. Appraiser
B. Surveyor
C. Home Inspector
D. Real Estate Agent
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D. Loan Originator A. Appraiser
D. Home Inspector B. Property Insurance Agent
Don't know?
5 of 39
Term
A ______________ checks the structure and mechanical parts of a property
and prepares a written report describing major problems.
Term
A professional who gives an estimate of a property's fair market value
based on the sales of comparable homes in the area and on the
property's features. This estimate is generally required by a lender
before loan approval to ensure that the mortgage loan amount is not
more than the value of the property.
Give this one a try later!
, Home Inspector Appraiser
Assessor Lender
Don't know?
2 of 39
Term
A certain mortgage company encourages all its clients to use a
specific appraiser. The appraisers give the mortgage company $100 for
every one of its clients who comes to them. If the mortgage company
does not tell clients about the payment it receives for referrals, this is a
breach of which regulation?
A. ECOA
B. RESPA
C. TILA
D. HOEPA
Give this one a try later!
A. Appraiser B. FHA 203k Loan
B. RESPA C. Loan Estimate
Don't know?
, 3 of 39
Term
Would a credit report showing two tax liens on the property be a
qualifier or a disqualifier for a client interested in home improvement
financing?
A. Qualifier
B. Disqualifier
Give this one a try later!
B. Disqualified
-Lenders are not likely to approve a client for financing if the client's loan-to-value
ratio exceeds 80%.
A. Qualify
-Lenders will typically approve a loan if the client's debt-to-income ratio is less than
36% and other factors are favorable.
B. Disqualifier
-Lenders are not likely to approve a client for financing if the client's credit
report shows a low credit score, collections, judgments, or liens.
A. The seller should disclose the property's repair history.
-Disclosing the property's repair history is a best practice for home sellers and in
some states is also a legal obligation.
Don't know?
, 4 of 39
Term
A _______________ determines the fair market value of a property by
comparing the house the buyer wants to purchase with houses like it
that have sold recently in the same area. They are normally employed
by a third party vendor and are randomly selected to determine the
fair market value and condition of a property before the lender makes
a mortgage loan.
A. Appraiser
B. Surveyor
C. Home Inspector
D. Real Estate Agent
Give this one a try later!
D. Loan Originator A. Appraiser
D. Home Inspector B. Property Insurance Agent
Don't know?
5 of 39
Term
A ______________ checks the structure and mechanical parts of a property
and prepares a written report describing major problems.
