REE 3043 Exam 2 / Comprehensive Update Actual
Questions & Answers (A+ Guide Solution)
Terms in this set (42)
When a buyer of a property by assumption.
with an existing mortgage
loan acquires the property
and signs the note for an
existing loan, the buyer is
acquiring the property:
Which of these points in a Escrows
mortgage loan would be
addressed in the mortgage
(possibly in the note as well)?
The Real Estate All of these statements are correct.
Settlement Procedures ( Requires that the borrower be able to inspect the closing
Act does which of these: statement a day before the actual closing. Prohibits kickbacks
between vendors of closingrelated services and lenders.
Requires that a borrower receive a good faith estimate of
closing costs shortly after a loan application.Requires the use
of a standard settlement statement for a mortgage loan
closing.)
sub-prime mortgage.
A type of loan that has grown
in volume in recent years,
which has raised concerns
about predatory lending
practices, is the:
, With what type of loan Deed of trust.
security arrangement is the
deed held by a neutral party
and returned upon payment
of the mortgage in full?
Bob lost his job and has been demand clause.
consistently late paying his
bills. The bank recognizes a
deterioration in Bob's credit
score and has notified him
that he must pay his home
equity line of credit in full.
The mortgage clause that
makes this possible is the:
The two elements of a The note which describes the exact terms of the financial
mortgage loan include: obligation and the mortgage which pledges the property as
security for the note.
Which of the following is
Homeowners can obtain credit on lesser terms than
least correct regarding the
consumer debt (home equity credit lines which are taxed
benefits of mortgage
unfavorably, shorter term and at a higher interest rate).
finance?
Questions & Answers (A+ Guide Solution)
Terms in this set (42)
When a buyer of a property by assumption.
with an existing mortgage
loan acquires the property
and signs the note for an
existing loan, the buyer is
acquiring the property:
Which of these points in a Escrows
mortgage loan would be
addressed in the mortgage
(possibly in the note as well)?
The Real Estate All of these statements are correct.
Settlement Procedures ( Requires that the borrower be able to inspect the closing
Act does which of these: statement a day before the actual closing. Prohibits kickbacks
between vendors of closingrelated services and lenders.
Requires that a borrower receive a good faith estimate of
closing costs shortly after a loan application.Requires the use
of a standard settlement statement for a mortgage loan
closing.)
sub-prime mortgage.
A type of loan that has grown
in volume in recent years,
which has raised concerns
about predatory lending
practices, is the:
, With what type of loan Deed of trust.
security arrangement is the
deed held by a neutral party
and returned upon payment
of the mortgage in full?
Bob lost his job and has been demand clause.
consistently late paying his
bills. The bank recognizes a
deterioration in Bob's credit
score and has notified him
that he must pay his home
equity line of credit in full.
The mortgage clause that
makes this possible is the:
The two elements of a The note which describes the exact terms of the financial
mortgage loan include: obligation and the mortgage which pledges the property as
security for the note.
Which of the following is
Homeowners can obtain credit on lesser terms than
least correct regarding the
consumer debt (home equity credit lines which are taxed
benefits of mortgage
unfavorably, shorter term and at a higher interest rate).
finance?
