AYPO Real Estate - Real Estate Finance Final Exam Review Questions & Answers Solved 100% Correct!!

A "COE" generally IS NOT available to - Dishonorably discharged persons A "COE" generally IS NOT available to: - Dishonorably discharged persons A "direct endorsement" lender has the authority to: - Perform underwriting of the loan on their own a $20,000 5-year loan with 5% simple interest will add how much to the loan each year - $1,000 A contract deed is also called a: - Land Contract A conventional rate and term refinance generally DOES NOT offer an opportunity to: - Take out cash A homeowner with a home valued at $225,000 and a $185,000 mortgage balance (and no other debts against it) has an equity of: - $40,000 A loan that is determined to not fully meet the FHA standards is referred to as: - Non-compliant A major cause of the 2000's housing market crash was - Subprime and predatory lending A mutual agreement by the parties is for the borrower to voluntarily deed the property back to the lender is called a: - Deed in Lieu of Foreclosure A Participation Agreement generally DOES NOT provide which of the following information? - A guarantee against borrower defaultA pre-approval letter generally states that the lender has reviewed the buyer's: - 1. Available cash to close 2. Income requirement 3. Credit report A title search might reveal any of these information except: - Seller Credit History Adjustable rate loans include all of these, except: - Fixed-rate mortgages Agricultural loans make up approximately ___ of all bank loans - 1% Agricultural loans make up approximately ___ of all bank loans. - 1% Although some financial markets are very small with little activity, some financial markets are including the New York Stock Exchange and the forex markets trade _____ of dollars of securitits daily - Trillions An abstract of title: - Involves a search tracing ownership and and potential claims against a property title An amortized loan is best described by which of the following? - One that is paid off with a fixed schedule in regular installments over time. An equity line of credit would be considered _________ to a first mortgage. - Junior An income property valued at $240,000 and producing $16,800 annual net income has a capitalization rate of: - 7%As an alternative to the Verification of Employment, some lenders might accept one of these except: - 1. Recent pay stubs 2. Income tax returns and a business license in the case of self-employed borrowers As an alternative to the verification of employment, some lenders might accept which of these? - Recent pay stubs for an employee A business license in the case of self-employed borrowers Income tax returns in the case of self-employed borrowers As an alternative to Verification of Deposit, some lenders may accept: - The most recent three months worth of bank statements As and alternative to Verification of Deposit, some lenders may accept: - The most recent three months worth of bank statements CFPB stands for: - Consumer Financial Protection Bureau Changes in the mortgage market of the past several years brought an influx of foreign capital into the U. S., much of it in the form of: - Real estate equity capital Different ways that the Rate and Term Conventional refinance can be used include: - 1. Lowering the loan interest rate 2. Shortening the term of the loan Fannie Mae requires which of the following appraisal approaches? - Sales Comparison Approach FHA is funded almost exclusively by: - Mortgage insurance on FHA-backed loans FHA Title I loans generally are for: - Manufactured homes