CHAMPIONS REAL ESTATE FINANCE
2024 EXAM COMPLETE 200
QUESTIONS WITH 100% CORRECT
SIMPLIFIED AND VERIFIED ANSWERS
BRAND NEW EXAM ALREADY
GRADED A+
If Mr. and Mrs. Wu are pre-approved for a mortgage,
what form will they receive? - ....ANSWER...Form B
Conditional approval letter
Default can lead to a number of negative consequences for
the defaulting party, including
_____. - ....ANSWER...Damage to credit score,
foreclosure, Default-related fees
A ______ cannot be accepted from borrowers who can
financially afford their mortgage payments. -
....ANSWER...Deed in lieu
The type of foreclosure that involves the lender filing a
lawsuit on the homeowner that has defaulted is known as
_____. - ....ANSWER...Strict foreclosure
1
,Which agency oversees the Home Affordable
Modification Program (HAMP)? - ....ANSWER...HUD
and the Department of the Treasury
All types of foreclosure require _____ to be issued,
and all parties to be notified regarding the proceedings. -
....ANSWER...Public notices
Functions as a middleman between the borrower and the
lender, negotiating, selling or arranging loans to be
delivered to large investors -
....ANSWER...mortgage Broker
Provide their own funds for the purpose of providing
mortgage financing - ....ANSWER...Mortgage Banker
Smaller in scale then mortgage bankers or brokers, these
lenders typically extended loans with their own funds at
their own risk -
....ANSWER...Correspondent Lender
The process of creating a new mortgage loan -
....ANSWER...Origination
2
,Detailed process of evaluating a borrowers loan
application to determine the risk involved for the
lender - ....ANSWER...Underwriting
Consummation of a contractual real estate transaction in
which all appropriate documents are signed and the
proceeds of the mortgage loan are
then distributed by the lender -
....ANSWER...Closing/Settlement
The process of transferring funds into a title or escrow
company for disbursement -
....ANSWER...Funding
Designed to assist with recovery and revitalization of
America's residential housing market -
....ANSWER...Housing and Economic Recovery Act of
2008 (HERA)
Sets a minimum standard for licensing and registering
mortgage loan originators. -
....ANSWER...SAFE Act (Secure & Fair Enforement of
Mortgage Licensing Act)
3
, Sum of currency held by the public and transaction
deposits at depository institutions - ....ANSWER...M1
M1 plus savings accounts, certificates of deposit, and
other liquid assets - ....ANSWER...M2
Maintenance of a stable money supply that provides for
growth in the economy while keeping inflation in check.
Federal reserve is responsible for monetary policy -
....ANSWER...monetary policy
Federal government spending. - ....ANSWER...fiscal
policy
The central banking system of the United States -
....ANSWER...The Federal Reserve
Excess of money supply in the market -
....ANSWER...Monetary inflation
Interest rate a Reserve Bank charges eligible financial
institutions to borrow funds on a short term basis. -
....ANSWER...discount rate
Is the rate that the federal reserve charges banks for
unsecured loans most of which are for a very short term
4
2024 EXAM COMPLETE 200
QUESTIONS WITH 100% CORRECT
SIMPLIFIED AND VERIFIED ANSWERS
BRAND NEW EXAM ALREADY
GRADED A+
If Mr. and Mrs. Wu are pre-approved for a mortgage,
what form will they receive? - ....ANSWER...Form B
Conditional approval letter
Default can lead to a number of negative consequences for
the defaulting party, including
_____. - ....ANSWER...Damage to credit score,
foreclosure, Default-related fees
A ______ cannot be accepted from borrowers who can
financially afford their mortgage payments. -
....ANSWER...Deed in lieu
The type of foreclosure that involves the lender filing a
lawsuit on the homeowner that has defaulted is known as
_____. - ....ANSWER...Strict foreclosure
1
,Which agency oversees the Home Affordable
Modification Program (HAMP)? - ....ANSWER...HUD
and the Department of the Treasury
All types of foreclosure require _____ to be issued,
and all parties to be notified regarding the proceedings. -
....ANSWER...Public notices
Functions as a middleman between the borrower and the
lender, negotiating, selling or arranging loans to be
delivered to large investors -
....ANSWER...mortgage Broker
Provide their own funds for the purpose of providing
mortgage financing - ....ANSWER...Mortgage Banker
Smaller in scale then mortgage bankers or brokers, these
lenders typically extended loans with their own funds at
their own risk -
....ANSWER...Correspondent Lender
The process of creating a new mortgage loan -
....ANSWER...Origination
2
,Detailed process of evaluating a borrowers loan
application to determine the risk involved for the
lender - ....ANSWER...Underwriting
Consummation of a contractual real estate transaction in
which all appropriate documents are signed and the
proceeds of the mortgage loan are
then distributed by the lender -
....ANSWER...Closing/Settlement
The process of transferring funds into a title or escrow
company for disbursement -
....ANSWER...Funding
Designed to assist with recovery and revitalization of
America's residential housing market -
....ANSWER...Housing and Economic Recovery Act of
2008 (HERA)
Sets a minimum standard for licensing and registering
mortgage loan originators. -
....ANSWER...SAFE Act (Secure & Fair Enforement of
Mortgage Licensing Act)
3
, Sum of currency held by the public and transaction
deposits at depository institutions - ....ANSWER...M1
M1 plus savings accounts, certificates of deposit, and
other liquid assets - ....ANSWER...M2
Maintenance of a stable money supply that provides for
growth in the economy while keeping inflation in check.
Federal reserve is responsible for monetary policy -
....ANSWER...monetary policy
Federal government spending. - ....ANSWER...fiscal
policy
The central banking system of the United States -
....ANSWER...The Federal Reserve
Excess of money supply in the market -
....ANSWER...Monetary inflation
Interest rate a Reserve Bank charges eligible financial
institutions to borrow funds on a short term basis. -
....ANSWER...discount rate
Is the rate that the federal reserve charges banks for
unsecured loans most of which are for a very short term
4
