Chapter 3 - Real Estate Financing
Principles Exam Questions and Answers
(Most Recent Version, Complete Study
Material)
Mortgage Banker - Correct Answers ✅A person whose
principal business in the originating, financing, closing, selling
and servicing of loans secured by the real property for
institutional lenders on a contractual basis.
Mortgage Broker - Correct Answers ✅A broker who
arranges a mortgage loan between a lender and a borrower
for a fee.
A person whose principal business is the originating,
financing, closing, selling and servicing of loans secured by
the real property for institutional lenders on a contractual
basis is referred to as a...?
Mortgage banker
Mortgage broker
Real estate broker
Loan originator - Correct Answers ✅Mortgage banker
A broker who arranges a mortgage loan between a lender
and a borrower for a fee is referred to as a...?
Mortgage banker
Mortgage broker
Real estate broker
,Chapter 3 - Real Estate Financing
Principles Exam Questions and Answers
(Most Recent Version, Complete Study
Material)
Loan originator - Correct Answers ✅Mortgage broker
The primary function of a .......... is to promote thrift and
home ownership?
Credit Union
Savings bank
Commercial bank
S&L - Correct Answers ✅S&L
Which of the following is a source of real estate financing...?
Local banks
Mortgage banking companies
Credit unions
All of the above - Correct Answers ✅All of the above
The Fannie Mae form 1003 is also known as the...?
Primary Loan Application
HUD-1 Form
Uniform Residential Loan Application
Credit Loan Application - Correct Answers ✅Uniform
Residential Loan Application
, Chapter 3 - Real Estate Financing
Principles Exam Questions and Answers
(Most Recent Version, Complete Study
Material)
A lender will most likely provide a higher LTV for which of the
following property types...?
Primary residence
Investment property
Secondary residence
Vacation home - Correct Answers ✅Primary Residence
Which of the followed is asked on a residential loan
application...?
Employment history
Current monthly housing expenses
List of assets and liabilities
All of the above - Correct Answers ✅All of the above
Balloon Mortgage - Correct Answers ✅A mortgage in which
the scheduled payment will not amortize the loan over the
mortgage term; therefore, for the debt to be fully satisfied, a
final payment called a balloon payment, larger than the
uniform payments, is required.
Principles Exam Questions and Answers
(Most Recent Version, Complete Study
Material)
Mortgage Banker - Correct Answers ✅A person whose
principal business in the originating, financing, closing, selling
and servicing of loans secured by the real property for
institutional lenders on a contractual basis.
Mortgage Broker - Correct Answers ✅A broker who
arranges a mortgage loan between a lender and a borrower
for a fee.
A person whose principal business is the originating,
financing, closing, selling and servicing of loans secured by
the real property for institutional lenders on a contractual
basis is referred to as a...?
Mortgage banker
Mortgage broker
Real estate broker
Loan originator - Correct Answers ✅Mortgage banker
A broker who arranges a mortgage loan between a lender
and a borrower for a fee is referred to as a...?
Mortgage banker
Mortgage broker
Real estate broker
,Chapter 3 - Real Estate Financing
Principles Exam Questions and Answers
(Most Recent Version, Complete Study
Material)
Loan originator - Correct Answers ✅Mortgage broker
The primary function of a .......... is to promote thrift and
home ownership?
Credit Union
Savings bank
Commercial bank
S&L - Correct Answers ✅S&L
Which of the following is a source of real estate financing...?
Local banks
Mortgage banking companies
Credit unions
All of the above - Correct Answers ✅All of the above
The Fannie Mae form 1003 is also known as the...?
Primary Loan Application
HUD-1 Form
Uniform Residential Loan Application
Credit Loan Application - Correct Answers ✅Uniform
Residential Loan Application
, Chapter 3 - Real Estate Financing
Principles Exam Questions and Answers
(Most Recent Version, Complete Study
Material)
A lender will most likely provide a higher LTV for which of the
following property types...?
Primary residence
Investment property
Secondary residence
Vacation home - Correct Answers ✅Primary Residence
Which of the followed is asked on a residential loan
application...?
Employment history
Current monthly housing expenses
List of assets and liabilities
All of the above - Correct Answers ✅All of the above
Balloon Mortgage - Correct Answers ✅A mortgage in which
the scheduled payment will not amortize the loan over the
mortgage term; therefore, for the debt to be fully satisfied, a
final payment called a balloon payment, larger than the
uniform payments, is required.
