CRU EXAM 3 LATEST
Which of the following is NOT included in the definition of a
manufactured home? - ANSWERS-Factory-constructed materials that
are shipped to the site for assembly
Following Freddie Mac guidelines, which of the following are ineligible
on loans secured by manufactured housing? - ANSWERS-Balloon
mortgage
On a manufactured home purchase evaluated through Fannie Mae's
Desktop Underwriter (DU), the current appraised value of the land
should be entered in the DU Details of Transaction when: - ANSWERS-
1. The land was acquired through an inheritance
2. The borrower purchased the land more than 12 months prior to the
loan application
3. The land was acquired as a gift from an eligible source
Freddie Mac does NOT require a detailed cost approach with an
appraisal for a manufactured home. - ANSWERS-False
For Fannie Mae, a multi-wide manufactured home unit can be located: -
ANSWERS-1. On an individual lot
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PAGE
1
, CRU EXAM 3 LATEST
2. In a condominium project or PUD
3. In a cooperative project
A manufactured home is factory built. - ANSWERS-True
If a loan is originally entered into Loan Product Advisor as a condo and
is updated to manufactured housing after submission, Freddie Mac will
require the loan to be resubmitted to LPA. - ANSWERS-True
According to Freddie Mac guidelines for loans secured by a multi-wide
manufactured home, the land on which the home is situated may be any
of the following EXCEPT which one? - ANSWERS-an individual lot on
a leasehold estate
If a borrower uses land equity as a source of down payment in a
transaction secured by manufactured housing, and the land was
purchased less than 12 months ago, Freddie Mac determines market
value of the land based on: - ANSWERS-Lesser of current appraised
value or sales price
Who developed restrictions in 1976 requiring manufactured housing to
be permanently affixed? - ANSWERS-HUD
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PAGE
2
, CRU EXAM 3 LATEST
On a loan evaluated through LLoan Product Advisor (LPA) and
delivered to Freddie Mac, all of the following apply to cash-out
refinances EXCEPT: - ANSWERS-
Select all that apply. Which of the following statements are true
regarding private water supplies? - ANSWERS-1. Depending on
program, lender's often require a well certification
2. Appraisers are not required to determine whether a private water
source is safe.
The appraisal should indicate the existence of a visible infestation of
termites or damage in the Improvements section of the URAR. -
ANSWERS-True
Which of the following is the most common hazardous material found in
residential buildings? - ANSWERS-Asbestos
Select all that apply. What are some indicators that the home's
foundation might be settling? - ANSWERS-
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PAGE
3
, CRU EXAM 3 LATEST
Select all that apply. Which of the following eligibility requirements
apply to mixed-use loans purchased by Fannie Mae? - ANSWERS-1.
The dwelling may not be modified in a manner that has an adverse
impact on its marketability as a residential property.
2. The borrower must be the owner and operator of the business.
3. The property must be a one-unit dwelling that the borrower occupies
as a principal residence.
If a property is located in a Special Flood Hazard Zone A, flood
insurance is needed. - ANSWERS-True
Select all that apply. Which of the following household products and
building materials encourage mold growth? - ANSWERS-1. Wood
2. Carpet
3 Paints
Select two. Which of the following describe S corporations? -
ANSWERS-1. Stockholders pay taxes at individual rates based on share
of income/loss.
2. They are state-chartered legal entities with a limited number of
stockholders (not more than 100) that elect to be taxed as a partnership.
END OF
PAGE
4
Which of the following is NOT included in the definition of a
manufactured home? - ANSWERS-Factory-constructed materials that
are shipped to the site for assembly
Following Freddie Mac guidelines, which of the following are ineligible
on loans secured by manufactured housing? - ANSWERS-Balloon
mortgage
On a manufactured home purchase evaluated through Fannie Mae's
Desktop Underwriter (DU), the current appraised value of the land
should be entered in the DU Details of Transaction when: - ANSWERS-
1. The land was acquired through an inheritance
2. The borrower purchased the land more than 12 months prior to the
loan application
3. The land was acquired as a gift from an eligible source
Freddie Mac does NOT require a detailed cost approach with an
appraisal for a manufactured home. - ANSWERS-False
For Fannie Mae, a multi-wide manufactured home unit can be located: -
ANSWERS-1. On an individual lot
END OF
PAGE
1
, CRU EXAM 3 LATEST
2. In a condominium project or PUD
3. In a cooperative project
A manufactured home is factory built. - ANSWERS-True
If a loan is originally entered into Loan Product Advisor as a condo and
is updated to manufactured housing after submission, Freddie Mac will
require the loan to be resubmitted to LPA. - ANSWERS-True
According to Freddie Mac guidelines for loans secured by a multi-wide
manufactured home, the land on which the home is situated may be any
of the following EXCEPT which one? - ANSWERS-an individual lot on
a leasehold estate
If a borrower uses land equity as a source of down payment in a
transaction secured by manufactured housing, and the land was
purchased less than 12 months ago, Freddie Mac determines market
value of the land based on: - ANSWERS-Lesser of current appraised
value or sales price
Who developed restrictions in 1976 requiring manufactured housing to
be permanently affixed? - ANSWERS-HUD
END OF
PAGE
2
, CRU EXAM 3 LATEST
On a loan evaluated through LLoan Product Advisor (LPA) and
delivered to Freddie Mac, all of the following apply to cash-out
refinances EXCEPT: - ANSWERS-
Select all that apply. Which of the following statements are true
regarding private water supplies? - ANSWERS-1. Depending on
program, lender's often require a well certification
2. Appraisers are not required to determine whether a private water
source is safe.
The appraisal should indicate the existence of a visible infestation of
termites or damage in the Improvements section of the URAR. -
ANSWERS-True
Which of the following is the most common hazardous material found in
residential buildings? - ANSWERS-Asbestos
Select all that apply. What are some indicators that the home's
foundation might be settling? - ANSWERS-
END OF
PAGE
3
, CRU EXAM 3 LATEST
Select all that apply. Which of the following eligibility requirements
apply to mixed-use loans purchased by Fannie Mae? - ANSWERS-1.
The dwelling may not be modified in a manner that has an adverse
impact on its marketability as a residential property.
2. The borrower must be the owner and operator of the business.
3. The property must be a one-unit dwelling that the borrower occupies
as a principal residence.
If a property is located in a Special Flood Hazard Zone A, flood
insurance is needed. - ANSWERS-True
Select all that apply. Which of the following household products and
building materials encourage mold growth? - ANSWERS-1. Wood
2. Carpet
3 Paints
Select two. Which of the following describe S corporations? -
ANSWERS-1. Stockholders pay taxes at individual rates based on share
of income/loss.
2. They are state-chartered legal entities with a limited number of
stockholders (not more than 100) that elect to be taxed as a partnership.
END OF
PAGE
4
