CALIFORNIA REAL ESTATE SALESPERSON EXAM
2024 ACTUAL EXAM 2 VERSIONS (VERSION A
AND B) COMPLETE ACCURATE EXAM
QUESTIONS WITH DETAILED VERIFIED ANSWERS
Terms in this set (169)
The Federal National secondary market
Mortgage
Association(Fannie Mae)
and the Federal Home
Loan Mortgage
Corporation(Freddie Mac,
are government
sponsored entities(gse's)
that together provide a
_________________ for residential
mortgages.
The Federal Housing Administration (FHA)
_________________________provides
insurance to approved
lenders against losses on
residential mortgage
loans.
An ____ loan is more FHA Loan
expensive for the
borrower than a
conventional, VA, or Cal-
Vet loan.
,The ____ guarantees part of VA (US Dept. of Veterans Affairs)
a loan made to a veteran.
A ____ loan typically has no VA (US Dept. of Veterans Affairs)
down payment; FHA and
Cal-Vet loans do.
____________ loans can be FHA and VA
used to buy 1-4 family
residential properties, but
they must be owner
occupied (can be rented
later).
A ________ loan is unique. It Cal-Vet (California Department of Veterans Affairs)
purchases residential
properties selected by
veterans that are then sold
to veterans on land
contracts(installment sales
contract) as the security
property. Legal title is held
by the department until
the loan is paid off. the
program is financed by
the sale of tax free bonds
by the State of California;
Interest rates are set by
the Legislature based on
the cost of funding.
_________ finances mortgage CalHFA (California Housing Finance Agency)
loans to low and
moderate income first
time homebuyers. These
loans are funded by the
sale of tax free bonds and
made through approved
private lenders.
, A ___________ is the general mortgage
term for any loan on real
property.
To create a mortgage, the promissory note; security installment
borrower signs a
_________________ and a
___________________ that creates
a lien on the property.
In California the security deed of trust
instrument used is a
_________________, in some
other states a traditional
mortgage is used, which
must be foreclosed in
court.
A ________ is a failure to pay default
a debt, fulfill a duty or
promise, or an omission or
failure to perform some
required act.
When the loan is a secured loan
_____________, the lender has a
security interest in the
debtors property put up
as collateral for the loan.
A _________________ is a written promissory note
promise to pay money, the
actual evidence of the
debt.
2024 ACTUAL EXAM 2 VERSIONS (VERSION A
AND B) COMPLETE ACCURATE EXAM
QUESTIONS WITH DETAILED VERIFIED ANSWERS
Terms in this set (169)
The Federal National secondary market
Mortgage
Association(Fannie Mae)
and the Federal Home
Loan Mortgage
Corporation(Freddie Mac,
are government
sponsored entities(gse's)
that together provide a
_________________ for residential
mortgages.
The Federal Housing Administration (FHA)
_________________________provides
insurance to approved
lenders against losses on
residential mortgage
loans.
An ____ loan is more FHA Loan
expensive for the
borrower than a
conventional, VA, or Cal-
Vet loan.
,The ____ guarantees part of VA (US Dept. of Veterans Affairs)
a loan made to a veteran.
A ____ loan typically has no VA (US Dept. of Veterans Affairs)
down payment; FHA and
Cal-Vet loans do.
____________ loans can be FHA and VA
used to buy 1-4 family
residential properties, but
they must be owner
occupied (can be rented
later).
A ________ loan is unique. It Cal-Vet (California Department of Veterans Affairs)
purchases residential
properties selected by
veterans that are then sold
to veterans on land
contracts(installment sales
contract) as the security
property. Legal title is held
by the department until
the loan is paid off. the
program is financed by
the sale of tax free bonds
by the State of California;
Interest rates are set by
the Legislature based on
the cost of funding.
_________ finances mortgage CalHFA (California Housing Finance Agency)
loans to low and
moderate income first
time homebuyers. These
loans are funded by the
sale of tax free bonds and
made through approved
private lenders.
, A ___________ is the general mortgage
term for any loan on real
property.
To create a mortgage, the promissory note; security installment
borrower signs a
_________________ and a
___________________ that creates
a lien on the property.
In California the security deed of trust
instrument used is a
_________________, in some
other states a traditional
mortgage is used, which
must be foreclosed in
court.
A ________ is a failure to pay default
a debt, fulfill a duty or
promise, or an omission or
failure to perform some
required act.
When the loan is a secured loan
_____________, the lender has a
security interest in the
debtors property put up
as collateral for the loan.
A _________________ is a written promissory note
promise to pay money, the
actual evidence of the
debt.
