WI Real Estate Exam questions with correct answers

The seller of realty under a land contract. CORRECT ANSWER vendor Financing that does not give the lender the added security of a government guarantee or insurance. CORRECT ANSWER conventional financing Loan programs that are either insured or guaranteed by the federal government. CORRECT ANSWER government financing A loan program under the Department of Agriculture designed to meet the needs of low-income and moderate-income rural residents to purchase, construct, repair, or relocate a dwelling and related facilities. CORRECT ANSWER Rural Housing Service A certificate issued by the mortgagee when a mortgage is paid in full which removes the lien from public records. CORRECT ANSWER satisfaction of mortgage A borrower deeds the property to the lender in full or partial payment of the mortgage debt. The title to be transferred must be free of all encumbrances. CORRECT ANSWER deed in lieu of foreclosure Prepaid interest that is collected at closing. This money is used to buy down the interest rate of a mortgage. CORRECT ANSWER discount points