CHAMPIONS REAL ESTATE FINANCE QUESTIONS
AND ANSWERS SURE A+
✔✔US Treasury - ✔✔primary responsible for raising funds to finance the operations of
the U.S. government.
✔✔Mortgage Revenue bonds - ✔✔Are sold to raise funds for lending to first-time
homebuyers or low income homebuyers.
✔✔Foreclosure - ✔✔A legal procedure by which secured property may be sold to
satisfy an unpaid note.
✔✔Default - ✔✔Breach or non performance of the terms of a note or covenants of a
mortgage
✔✔The sale of mortgage loans as investments - ✔✔The secondary mortgage market
was designed to provide greater liquidity to the residential real estate market, primarily
by
✔✔Closed-End Mortgage - ✔✔This loan includes a specific dollar amount and does not
allow for additional borrowing on the same note and mortgage.
✔✔Seller Financing - ✔✔Any financing arrangement where a seller takes a note and
mortgage from the buyer for all or part of the purchase price of the property.
✔✔In order to qualify for exemption from capital gains, the property must have been the
primary residence for two of the previous (blank) years - ✔✔5
✔✔Refinancing options that Harp offers - ✔✔Change from an adjustable to a fixed-rate
mortgage.
Lower interest rates
, Shorter term loans
✔✔SML - ✔✔Responsible for the chartering, regulation and supervision of Texas' thrift
industry.
✔✔PENSIL Application - ✔✔Property Address, Estimated Value, Name of the borrower,
SSN, Income, Loan Amount
✔✔SAFE Act - ✔✔Designed to enhance consumer protection and reduce fraud.
✔✔RMLO - ✔✔The industry term for residential loan originators, as mandated by the
SAFE Act.
✔✔The Community Reinvestment Act enacted in (blank) ensures that banks serve the
needs of the community in which they where charted. - ✔✔1977
✔✔The entire term of the loan - ✔✔A fixed rated mortgage remains fixed for ?
✔✔The size of a loan a veteran may receive determine by this service - ✔✔Entitlement
✔✔Service Readjustment Act, 1944 - ✔✔commonly known as GI Bill of Rights
✔✔D.U.S.T - ✔✔Demand
Utility
Scarcity
Transferability
✔✔Index - ✔✔is what the lender uses as an instrument for measuring changes in
interest rates
✔✔In title theory states - ✔✔States where a mortgagee holds actual title to property
until the loan is repaid. Compare to Lien Theory States.
✔✔In a lien theory state - ✔✔a state where the mortgage lender has a lien on the
property and the borrower has title. I own the title of my house.
✔✔Intermediary theory states - ✔✔the third party trustee holding title to the property in
trust has the right to foreclose once the buyer defaults. If the borrower doesn't make the
payment we don't take them to court the forecloser starts.
✔✔Borrower, Lender, Trustee - ✔✔A deed of trust is a three-party instrument who's
parties include:
AND ANSWERS SURE A+
✔✔US Treasury - ✔✔primary responsible for raising funds to finance the operations of
the U.S. government.
✔✔Mortgage Revenue bonds - ✔✔Are sold to raise funds for lending to first-time
homebuyers or low income homebuyers.
✔✔Foreclosure - ✔✔A legal procedure by which secured property may be sold to
satisfy an unpaid note.
✔✔Default - ✔✔Breach or non performance of the terms of a note or covenants of a
mortgage
✔✔The sale of mortgage loans as investments - ✔✔The secondary mortgage market
was designed to provide greater liquidity to the residential real estate market, primarily
by
✔✔Closed-End Mortgage - ✔✔This loan includes a specific dollar amount and does not
allow for additional borrowing on the same note and mortgage.
✔✔Seller Financing - ✔✔Any financing arrangement where a seller takes a note and
mortgage from the buyer for all or part of the purchase price of the property.
✔✔In order to qualify for exemption from capital gains, the property must have been the
primary residence for two of the previous (blank) years - ✔✔5
✔✔Refinancing options that Harp offers - ✔✔Change from an adjustable to a fixed-rate
mortgage.
Lower interest rates
, Shorter term loans
✔✔SML - ✔✔Responsible for the chartering, regulation and supervision of Texas' thrift
industry.
✔✔PENSIL Application - ✔✔Property Address, Estimated Value, Name of the borrower,
SSN, Income, Loan Amount
✔✔SAFE Act - ✔✔Designed to enhance consumer protection and reduce fraud.
✔✔RMLO - ✔✔The industry term for residential loan originators, as mandated by the
SAFE Act.
✔✔The Community Reinvestment Act enacted in (blank) ensures that banks serve the
needs of the community in which they where charted. - ✔✔1977
✔✔The entire term of the loan - ✔✔A fixed rated mortgage remains fixed for ?
✔✔The size of a loan a veteran may receive determine by this service - ✔✔Entitlement
✔✔Service Readjustment Act, 1944 - ✔✔commonly known as GI Bill of Rights
✔✔D.U.S.T - ✔✔Demand
Utility
Scarcity
Transferability
✔✔Index - ✔✔is what the lender uses as an instrument for measuring changes in
interest rates
✔✔In title theory states - ✔✔States where a mortgagee holds actual title to property
until the loan is repaid. Compare to Lien Theory States.
✔✔In a lien theory state - ✔✔a state where the mortgage lender has a lien on the
property and the borrower has title. I own the title of my house.
✔✔Intermediary theory states - ✔✔the third party trustee holding title to the property in
trust has the right to foreclose once the buyer defaults. If the borrower doesn't make the
payment we don't take them to court the forecloser starts.
✔✔Borrower, Lender, Trustee - ✔✔A deed of trust is a three-party instrument who's
parties include:
