GOLD COAST REAL ESTATE - ACTUAL EXAM
COMPLETE QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS)
|ALREADY GRADED A+||BRAND NEW!!
Which legal instrument evidences the debt and states the interest rate, term,
payment requirement, and other information related to the loan?
(a) Promissory note
(b) Contract
(c) Lien
(d) Mortgage - (a) Promissory note
What is the function of a mortgage?
(a) It conveys title to real property.
(b) It secures the repayment of the debt.
(c) It creates a personal pledge to repay a loan.
,(d) It creates a lien on the mortgagee's property. - (b) It secures the
repayment of the debt.
When financing the purchase of real estate, what is the role of the mortgagor?
(a) The mortgagor gives a mortgage to a mortgagee.
(b) The mortgagor takes a mortgage from a mortgagee.
(c) The mortgagor gives a mortgage to a borrower.
(d) The mortgagor takes a mortgage from a lender. - (a) The mortgagor
gives a mortgage to a mortgagee.
Which clause in a mortgage requires the lender to acknowledge performance by
the borrower?
(a) Estoppel
(b) Acceleration
(c) Defeasance
(d) Release - (c) Defeasance
, In order to qualify for an FHA 203b insured mortgage loan, an applicant's housing
expense ratio cannot exceed what percentage?
(a) 25%
(b) 28%
(c) 31%
(d) 43% - (c) 31%
Which statement best describes a short sale?
(a) A real estate transaction that closes in under 30 days
(b) A settlement agreement where the lender agrees to a sales price that is below
the outstanding loan balance
(c) A real estate transaction where the seller agrees to assist the buyer by taking a
second mortgage
(d) A transaction that does not close due to a buyer's shortage of funds at closing
- (b) A settlement agreement where the lender agrees to a sales price that
is below the outstanding loan balance
What is the purpose of a receivership clause in a mortgage?
(a) It is used to protect the value of property during the foreclosure process.
COMPLETE QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS)
|ALREADY GRADED A+||BRAND NEW!!
Which legal instrument evidences the debt and states the interest rate, term,
payment requirement, and other information related to the loan?
(a) Promissory note
(b) Contract
(c) Lien
(d) Mortgage - (a) Promissory note
What is the function of a mortgage?
(a) It conveys title to real property.
(b) It secures the repayment of the debt.
(c) It creates a personal pledge to repay a loan.
,(d) It creates a lien on the mortgagee's property. - (b) It secures the
repayment of the debt.
When financing the purchase of real estate, what is the role of the mortgagor?
(a) The mortgagor gives a mortgage to a mortgagee.
(b) The mortgagor takes a mortgage from a mortgagee.
(c) The mortgagor gives a mortgage to a borrower.
(d) The mortgagor takes a mortgage from a lender. - (a) The mortgagor
gives a mortgage to a mortgagee.
Which clause in a mortgage requires the lender to acknowledge performance by
the borrower?
(a) Estoppel
(b) Acceleration
(c) Defeasance
(d) Release - (c) Defeasance
, In order to qualify for an FHA 203b insured mortgage loan, an applicant's housing
expense ratio cannot exceed what percentage?
(a) 25%
(b) 28%
(c) 31%
(d) 43% - (c) 31%
Which statement best describes a short sale?
(a) A real estate transaction that closes in under 30 days
(b) A settlement agreement where the lender agrees to a sales price that is below
the outstanding loan balance
(c) A real estate transaction where the seller agrees to assist the buyer by taking a
second mortgage
(d) A transaction that does not close due to a buyer's shortage of funds at closing
- (b) A settlement agreement where the lender agrees to a sales price that
is below the outstanding loan balance
What is the purpose of a receivership clause in a mortgage?
(a) It is used to protect the value of property during the foreclosure process.
