Real Estate 87 Economics Final Exam 2023/2024 Questions and Answers Latest A+ Grade.

Real Estate 87 Economics Final Exam 2023/2024 Questions and Answers Latest A+ Grade. Real Estate 87 Economics Question 1 . Compared to a 30-year loan, a 15-year loan usually has: B. a lower interest rate and a larger monthly payment Question 2 What federal law requires lenders to disclose information that would help detect instances of redlining? C. Home Mortgage Disclosure Act Question 3 Which of these types of income is least likely to be counted as part of a loan applicant's stable monthly income? B. Unemployment compensation Question 4 A bridge loan, also called a swing or gap loan, is used to: C. provide funds to close the purchase of a new home before the buyer's old home has been sold Question 5 Which federal law applies to all credit transactions and prohibits discrimination against loan applicants? Correct! A. Equal Credit Opportunity Act Question 6 A biweekly mortgage: Correct! D. involves 26 half-sized payments per year instead of the 12 standard payments Question 7 The most common alternative private source of lending to buyers is: C. sellers Question 8 The lender issues a certificate of reduction to: A. acknowledge the transfer of title and waive the due-on-sale clause B. state the balance of the loan without changing the terms of the loan D. Both A and B Question 9 After Fannie Mae and Freddie Mac started buying _____ loans in the mid-2000s, this type of loan became much more popular, increasing from just a few percent of all new mortgage loans in 1994 to as much as 20% of new loans in 2006 (when the housing bubble began to burst). D. subprime Question 10 A one-year ARM has a 60-day lookback period. Up until the last month of the rate adjustment period, interest rates had risen 0.25%. During the last month of the adjustment period, rates rose 0.50%. How much may the lender raise the interest rate on the loan? Correct! D. 0.25% .