KEY REALTY EXAM (ACTUAL 2025/2026) QUESTIONS AND
VERIFIED CORRECT ANSWERS
Which of the following organizations fund loans with their own
funds and then usually sells the loan on the secondary market:
mortgage banker
A conventional conforming lending program:
based on borrowers ability to repay
Which of the following lending programs requires a DD-214,
Certificate of Eligibility, and owner occupied:
VA loan
What is PMI?
What is PMI
An appraisal
Same as MIP
Same as Funding Fee
None of the above
,none of the above
Which of the following do lenders set:
interest rate
What is it called when mortgage bankers bundle loans and sell
to the secondary market:
intermediary funding?
GNMA, known as Ginnie Mae:
buys FHA and VA loans
Which program requires the real property to be owner
occupied and must carry a prepayment penalty:
FHA
A non-recourse loan states that:
a lender can foreclosure, but cannot hold borrower liable
, Mutual Savings Banks:
Have no stockholders and operate for the benefit of their
depositors
A $100,000 purchase with 20% down has an LTV of:
80%
Which of the following would be another word for a settlement
statement:
HUD-1
A note on a mortgage or trust deed assumption would be a:
credit to buyer
To payoff an existing mortgage, it would be placed in which
column on the settlement statement:
debit to seller
Any claim that might impair the title is called a:
cloud
VERIFIED CORRECT ANSWERS
Which of the following organizations fund loans with their own
funds and then usually sells the loan on the secondary market:
mortgage banker
A conventional conforming lending program:
based on borrowers ability to repay
Which of the following lending programs requires a DD-214,
Certificate of Eligibility, and owner occupied:
VA loan
What is PMI?
What is PMI
An appraisal
Same as MIP
Same as Funding Fee
None of the above
,none of the above
Which of the following do lenders set:
interest rate
What is it called when mortgage bankers bundle loans and sell
to the secondary market:
intermediary funding?
GNMA, known as Ginnie Mae:
buys FHA and VA loans
Which program requires the real property to be owner
occupied and must carry a prepayment penalty:
FHA
A non-recourse loan states that:
a lender can foreclosure, but cannot hold borrower liable
, Mutual Savings Banks:
Have no stockholders and operate for the benefit of their
depositors
A $100,000 purchase with 20% down has an LTV of:
80%
Which of the following would be another word for a settlement
statement:
HUD-1
A note on a mortgage or trust deed assumption would be a:
credit to buyer
To payoff an existing mortgage, it would be placed in which
column on the settlement statement:
debit to seller
Any claim that might impair the title is called a:
cloud
