Real Estate Final Exam #1 (150 Questions &
Ans) 2024-2025.
Under RESPA, a copy of Real Estate Settlement Costs and You must be given -
Answer: at the time of loan application, or within 3 days of application.
Which of the following is a closing expense paid by the seller? - Answer: The
broker's commission
An impound or reserve account MOST benefits whom? - Answer: The lender
What are impound or reserve accounts also known as? - Answer: Escrow accounts
The HUD-1 form is - Answer: a statement of actual charges and adjustments.
Page 1 of 28
,A VA loan may be granted for the purchase of a one-family to four-family property
if - Answer: the veteran agrees to live there.
Which of the following would usually occur in a sale-and-leaseback transaction? -
Answer: The property is sold on the condition that the new owner lease it back to
the seller at the time title passes.
A standardized yardstick expressing the true annual cost of borrowing is expressed
as the what? - Answer: APR
RESPA would prohibit which of the following acts? - Answer: A: paying of
kickbacks
Illumination:
RESPA concerns itself only with educating consumers about the true costs of
borrowing and standardizing lending practices. As such, referral "fees" are
prohibited.
In most states, by paying the debt after a foreclosure sale, the mortgagor has the
right to regain the property. What is this right called? - Answer: Statutory right of
redemption
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, The lender is required, under RESPA, to provide a detailed "Good Faith Estimate
(GFE)" statement at the time of loan application or within three business days to -
Answer: the buyer.
In which of the following markets may a lender sell a loan that a mortgage banker
has previously originated? - Answer: Secondary market
Though 30 year loans are more common, 15 year loans are considered standard,
conventional loans. - Answer: Yes.
Under an FHA graduated payment mortgage, which of the following fluctuates
over the term of the loan? - Answer: Monthly payments
Who are graduated payment mortgages aimed to> - Answer: Particularly at young
families who expect to see their earnings rise over the next five to ten years.
The maximum permissible "loan to value ratios" are - Answer: based on sale price
or appraised value, whichever is lower.
Are there any state-mandated qualifying requirements for conventional loans? -
Answer: No, Not only are guidelines not uniform, qualification standards can vary
enormously from lender to lender.
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Ans) 2024-2025.
Under RESPA, a copy of Real Estate Settlement Costs and You must be given -
Answer: at the time of loan application, or within 3 days of application.
Which of the following is a closing expense paid by the seller? - Answer: The
broker's commission
An impound or reserve account MOST benefits whom? - Answer: The lender
What are impound or reserve accounts also known as? - Answer: Escrow accounts
The HUD-1 form is - Answer: a statement of actual charges and adjustments.
Page 1 of 28
,A VA loan may be granted for the purchase of a one-family to four-family property
if - Answer: the veteran agrees to live there.
Which of the following would usually occur in a sale-and-leaseback transaction? -
Answer: The property is sold on the condition that the new owner lease it back to
the seller at the time title passes.
A standardized yardstick expressing the true annual cost of borrowing is expressed
as the what? - Answer: APR
RESPA would prohibit which of the following acts? - Answer: A: paying of
kickbacks
Illumination:
RESPA concerns itself only with educating consumers about the true costs of
borrowing and standardizing lending practices. As such, referral "fees" are
prohibited.
In most states, by paying the debt after a foreclosure sale, the mortgagor has the
right to regain the property. What is this right called? - Answer: Statutory right of
redemption
Page 2 of 28
, The lender is required, under RESPA, to provide a detailed "Good Faith Estimate
(GFE)" statement at the time of loan application or within three business days to -
Answer: the buyer.
In which of the following markets may a lender sell a loan that a mortgage banker
has previously originated? - Answer: Secondary market
Though 30 year loans are more common, 15 year loans are considered standard,
conventional loans. - Answer: Yes.
Under an FHA graduated payment mortgage, which of the following fluctuates
over the term of the loan? - Answer: Monthly payments
Who are graduated payment mortgages aimed to> - Answer: Particularly at young
families who expect to see their earnings rise over the next five to ten years.
The maximum permissible "loan to value ratios" are - Answer: based on sale price
or appraised value, whichever is lower.
Are there any state-mandated qualifying requirements for conventional loans? -
Answer: No, Not only are guidelines not uniform, qualification standards can vary
enormously from lender to lender.
Page 3 of 28
