1
REE 3043 EXAM 2 QUESTIONS WITH
SOLUTIONS
When a buyer of a property with an existing mortgage loan acquires the property
and signs the note for an existing loan, the buyer is acquiring the property: -
correct-answer - by assumption.
Which of these points in a mortgage loan would be addressed in the mortgage
(possibly in the note as well)? - correct-answer - Escrows
The Real Estate Settlement Procedures Act does which of these: - correct-answer -
All of these statements are correct.
( Requires that the borrower be able to inspect the closing statement a day before
the actual closing. Prohibits kickbacks between vendors of closing-related services
and lenders. Requires that a borrower receive a good faith estimate of closing
, 2
costs shortly after a loan application.Requires the use of a standard settlement
statement for a mortgage loan closing.)
A type of loan that has grown in volume in recent years, which has raised
concerns about predatory lending practices, is the: - correct-answer - sub-prime
mortgage.
What are the rules that guide the appraisal industry and are maintained by The
Appraisal Foundation? - correct-answer - USPAP
You find two properties that have sold twice within the past two years as follows:
Property
Date of previous sale
Price of previous sale (SP1)
Price today (SP2)
REE 3043 EXAM 2 QUESTIONS WITH
SOLUTIONS
When a buyer of a property with an existing mortgage loan acquires the property
and signs the note for an existing loan, the buyer is acquiring the property: -
correct-answer - by assumption.
Which of these points in a mortgage loan would be addressed in the mortgage
(possibly in the note as well)? - correct-answer - Escrows
The Real Estate Settlement Procedures Act does which of these: - correct-answer -
All of these statements are correct.
( Requires that the borrower be able to inspect the closing statement a day before
the actual closing. Prohibits kickbacks between vendors of closing-related services
and lenders. Requires that a borrower receive a good faith estimate of closing
, 2
costs shortly after a loan application.Requires the use of a standard settlement
statement for a mortgage loan closing.)
A type of loan that has grown in volume in recent years, which has raised
concerns about predatory lending practices, is the: - correct-answer - sub-prime
mortgage.
What are the rules that guide the appraisal industry and are maintained by The
Appraisal Foundation? - correct-answer - USPAP
You find two properties that have sold twice within the past two years as follows:
Property
Date of previous sale
Price of previous sale (SP1)
Price today (SP2)
