HUD Exam Homeownership (Latest
Update) Questions and Verified Answers | 100%
Correct | Grade A+
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Terms in this set (39)
Which factor is best for housing D. Options A, B, and C
counselors to use when
determining how much a client can
afford to spend on purchasing a
home?
A. Debt to-income ratios
B. Annual gross income
C. Savings
D. Options A, B, C
E. None of the above
A person or company that makes Lender
loans for real estate purchases.
"Loan officer" is a related term that
refers to a representative of a
lending or mortgage company who
is responsible for soliciting
homebuyers and for qualifying and
processing loans.
A government official responsible Assessor
for determining the value of a
property for taxation purpose.
,A professional who conducts an Home Inspector
inspection of the home's structure
and mechanical systems to
determine quality, soundness, and
safety. S/he makes the potential
homebuyer aware of any repairs
that may be necessary.
A lender's representative who Underwriter
analyzes a loan application, the
potential borrower's credit history,
and a judgement of the property
value to determine the amount of
risk involved in making the loan.
A professional who gives an Appraiser
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.
, Which statement most accurately D. A home inspector is generally paid by the
describes a member of the buyer
homebuying team?
A. a real estate agent or broker is
typically an attorney or works for an
escrow company. S/he oversees
the final transaction in property
purchase, at which time the title is
transferred from the seller to the
buyer.
B. The lender requires an
assessment of the home by a home
inspector before loan approval
C. An insurance agent is also know
as a settlement agent.
D. a home inspector is generally
paid by the buyer.
Which piece of advice would you B. Have all potential lenders pull credit within a
give to clients as they begin the 30-day window.
process of obtaining financing?
A. Never speak with lenders before
settling on a home.
B. Have all potential lenders pull
credit within a 30-day window.
C. Mortgages with adjustable rates
are always best.
D. Choose whichever lender is most
prompt in returning your phone
calls.
Update) Questions and Verified Answers | 100%
Correct | Grade A+
Save
Terms in this set (39)
Which factor is best for housing D. Options A, B, and C
counselors to use when
determining how much a client can
afford to spend on purchasing a
home?
A. Debt to-income ratios
B. Annual gross income
C. Savings
D. Options A, B, C
E. None of the above
A person or company that makes Lender
loans for real estate purchases.
"Loan officer" is a related term that
refers to a representative of a
lending or mortgage company who
is responsible for soliciting
homebuyers and for qualifying and
processing loans.
A government official responsible Assessor
for determining the value of a
property for taxation purpose.
,A professional who conducts an Home Inspector
inspection of the home's structure
and mechanical systems to
determine quality, soundness, and
safety. S/he makes the potential
homebuyer aware of any repairs
that may be necessary.
A lender's representative who Underwriter
analyzes a loan application, the
potential borrower's credit history,
and a judgement of the property
value to determine the amount of
risk involved in making the loan.
A professional who gives an Appraiser
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.
, Which statement most accurately D. A home inspector is generally paid by the
describes a member of the buyer
homebuying team?
A. a real estate agent or broker is
typically an attorney or works for an
escrow company. S/he oversees
the final transaction in property
purchase, at which time the title is
transferred from the seller to the
buyer.
B. The lender requires an
assessment of the home by a home
inspector before loan approval
C. An insurance agent is also know
as a settlement agent.
D. a home inspector is generally
paid by the buyer.
Which piece of advice would you B. Have all potential lenders pull credit within a
give to clients as they begin the 30-day window.
process of obtaining financing?
A. Never speak with lenders before
settling on a home.
B. Have all potential lenders pull
credit within a 30-day window.
C. Mortgages with adjustable rates
are always best.
D. Choose whichever lender is most
prompt in returning your phone
calls.
