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Question 1 of 30
1. Question
How does a home equity line of credit differ from a second mortgage?
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Question 2 of 30
2. Question
What is the primary advantage of a biweekly mortgage?
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Question 3 of 30
3. Question
When a property is released from a mortgage because it has been paid off by the borrower, what document does the lender provide to prove this to be true?
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Question 4 of 30
4. Question
Which government entity was created to encourage low-income housing?
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Question 5 of 30
5. Question
A loan for a new house has an origination fee of one point. If the loan is for $275,000, what would the cost of that point be?
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Question 6 of 30
6. Question
What is the purpose of underwriting?
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Question 7 of 30
7. Question
If a borrower puts down 10% on their home loan, what is the loan-to-value ratio?
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Question 8 of 30
8. Question
A homeowner is buying a new home but hasn’t sold their old one. Which type of loan would they obtain in the short term and pay back as soon as their old house is sold?
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Question 9 of 30
9. Question
Which is not one of the “three c’s” of underwriting?
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Question 10 of 30
10. Question
Who is the typical reverse mortgage customer?
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Question 11 of 30
11. Question
A mortgage broker’s primary role is to
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Question 12 of 30
12. Question
Mortgage lenders make their money by
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Question 13 of 30
13. Question
Subprime loans are usually an option for
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Question 14 of 30
14. Question
Most Real Estate loans deal with simple interest, the formula for which is
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Question 15 of 30
15. Question
Which of these is a tool the Federal Reserve can use to control/influence monetary policy and supply?
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Question 16 of 30
16. Question
What financial instrument is given by a borrower to the lender as promise to repay a debt?
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Question 17 of 30
17. Question
A mortgage is a
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Question 18 of 30
18. Question
Gradual liquidation through periodic payments of principal and interest is called
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Question 19 of 30
19. Question
How does an ARM mortgage differ from a fixed rate mortgage?
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Question 20 of 30
20. Question
A foreclosure sale is
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Question 21 of 30
21. Question
A mortgage lien is placed on real estate by
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Question 22 of 30
22. Question
A promissory note must contain the following three things:
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Question 23 of 30
23. Question
A borrower in a title theory state repays his loan in full, and fulfills any other obligations of the loan. The lender now holds
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Question 24 of 30
24. Question
Under lien theory, the mortgagee receives
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Question 25 of 30
25. Question
A VA loan would most likely be used by
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Question 26 of 30
26. Question
What is the lowest possible down payment on an FHA loan?
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Question 27 of 30
27. Question
Amortization refers to the process by which
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Question 28 of 30
28. Question
Over the life of a fixed-rate, fully amortizing loan, the portion of each payment that goes toward principal will gradually
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Question 29 of 30
29. Question
A chattel loan would be used to purchase
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Question 30 of 30
30. Question
Fannie Mae is
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