파트4. 문제풀이

With what type of clause does the entire balance of the loan become due and payable when an owner is selling, transferring, or assigning a property?

The practice of purchasing real estate using a small amount of your own money and a large portion of borrowed funds is known as:

Moneys collected in advance from borrowers to assure the payment of recurring costs are known as:

Another term for the “trustee” is:

A clause in a financial instrument that allows a lender to demand immediate payment of the entire note balance is known as a(n):

What document does a trustee record after being notified by the lender of the trustor’s nonpayment?

What do we call a borrower who secures a loan through a trust deed?

What type of loan allows the interest rate to “fluctuate” depending on money market conditions?

Should the trustor default, the trustee may have to sell the property for the:

Which of the following is NOT a party to a trust deed?

The trustor is also known as the:

The trustee issues a “reconveyance deed” when the promissory note is:

A person who takes a negotiable instrument from another with no knowledge of defect is called a(n):

Which of the following is FALSE concerning the Annual Percentage Rate (APR)?

The “nominal interest rate” is:

The basic instrument used to evidence an obligation or debt is a:

The 1% loan fee on FHA loans is usually paid by the:

A lender charges an origination fee, which includes points. One “point” is equal to:

The greatest source of shopping center financing is:

The measure of the total value of production (goods and services) in the U.S. is called the:

Which lenders usually lend their own money so they can originate, finance, and close first trust deeds or mortgages secured by real Estate?

Which of the following is considered an institutional lender?

Of the following government-backed loans, which is insured?

When the general level of prices decreases:

In addition to a broker’s license, what type of endorsement must a broker have to sell promissory notes or sales contracts?

What term refers to the amount left after deducting what is owed on a property from the market value of the property?

Banks in California are insured by the:

In addition to the FHA, a mortgage loan may be insured by:

The percentage of the appraised value that the lender will loan the borrower to purchase a property is called:

FHA backed loans are protected by:

Which of the following requires NO down payment on loans up to $679,650 in some areas of California?

In a seller’s market, decreased supply and increased demand causes:

How much time, after the buyer signs the loan application, does the lender have to provide a good faith estimate of closing costs (RESPA requirement)?

The lower the loan-to-value ratio, the greater the:

When applying for a loan, what is a fixed rate?

What is the financial document that contains a written promise to fulfill a certain payment?

What is the term used to describe the act of replacing an existing mortgage with another?

What is the name given to the rate earned for borrowing or an investment per year?

What is the name of the mortgage that is transferred by the seller to the buyer?

Which of the following is a party of a trust deed?

In the state of California, a loan is officially in default around day _________.

Which organization is the largest purchaser of home loans in the secondary market and serves to stimulate homeownership?

What is the purpose of the U.S. Department of Housing and Urban Development (HUD)?

A liability that consists of smaller payments of interest and principal and a balloon payment on the loan maturity date is a _________.

When a real estate license is responsible for maintaining a client’s property and maximizing the return on investment, the licensee is acting as a _______.

What is the purpose of the Real Estate Settlement and Procedures Act?

Based on their contract, a lender declares the entire balance of the loan due immediately due to default by the borrower. How is this possible?

What type of payment plan allows a borrower to make smaller payments in the early years of a mortgage with payments increasing over time?

Chris borrows money to purchase a new home and gives the mortgage to the lender as security. What term can be used to refer to Chris?

What is the name given to a mortgage whose interest rate does not change throughout the payment period?

What is the process of attempting to recover a loan from a borrower that has stopped making payments?

What is another term that can be used to refer to the lender?

What is another term used to describe ownership?

What is the notice filed against a borrower on missing the repayment deadline?

What is the term used to refer to a situation where the amount of funds required to meet an obligation are not available?

What is the mortgage clause that allows a lender the right to demand immediate payment of a mortgage?

What is the term used to describe a situation where a mortgage balance decreases due to periodic installments that pay down the principal and interest?

What is the name given to a situation where an individual uses borrowed money to purchase a property?

This organization buys, owns, and operates real estate for investors.

Which statement is true about foreclosures in the state of California?

What is the value of a point on a mortgage?

What law requires full disclosure of all credit terms for consumer loans under the Truth in Lending Act?

What is the lender required to do once a borrower is unable to clear a mortgage?

Which law was passed to regulate credit bureaus?

What is the name given to the breakdown of an individual’s credit history?

What are the rights of a borrower who falls two months behind in making his or her trust deed payments?

It would be to the advantage of lending institutions to waive prepayment penalties when which of the following is occurring?

Under Federal Truth-in-Lending Law, the cost of credit on certain loans is expressed as:

Sarah purchased an apartment building for $200,000 with a $50,000 down payment and a $150,000 mortgage. One year later, the apartment building is worth $220,000. Which term best describes the increase in value?

When purchasing with FHA financing, a new buyer would normally do each of the following, except:

According to the Truth-in-Lending Act, consumers must be informed of credit terms by:

Who is the recipient of the mortgage insurance payment on an FHA insured loan?

What is the court order called directing the sheriff to sell real property to satisfy a judgment?

The Equal Credit Opportunity Act makes it illegal for lenders to refuse credit to or otherwise discriminate against

Mortgage bankers typically:

A real estate investor who wishes to operate by using the principle of leverage would:

Discount points are considered to be:

If a borrower must pay $6,000 for points on a $150,000 loan, how many points is the lender charging for this loan?

Which would be the least difficult for a buyer to obtain financing?

Of the following, which is the best definition of a balloon payment?

On FHA loans, which of the following would the buyer not be required to do?

A lender’s title insurance policy terminates when which of the following occurs?

A borrower takes out a mortgage loan that requires monthly payments of $875.70 for 20 years and a final payment of $24,095. This is what type of loan?

If an individual gives his property as security for a debt, but does not give up possession, he has:

The finance charges recorded on the Truth in Lending statements would include all of the following EXCEPT:

The lender is required, under TRID, to provide a detailed “Loan Estimate” statement at the time of loan application or within three business days to:

The monthly payment on a mortgage loan is, by statute, considered late when received by the lender:

Which of the following statements is correct concerning the relationship between an effective interest rate and a nominal interest rate?

Which of these federal laws requires that finance charges be stated as an annual percentage rate?

The purpose of “Truth-in-Lending” (Regulation Z ) is to

A Trustee’s Sale is conducted by the:

With certain restrictions, the federal tax laws permit deductions for mortgage interest on which of the following property types?

A late payment penalty is included as a provision in many real estate loans in order to

The owner of an apartment building borrowed $75,000 to install a pool on the property. One year later, the property’s value increased by $30,000 due to the improvement. This is an example of:

Which of the following loans would be exempt from compliance with the Federal Truth-In-Lending Act based on the type of loan itself?

A trustor defaults on his loans and refuses to reinstate the deed of trust. The most expedient thing for the beneficiary to do is to institute a:

David sold his home and agreed to take back a note and trust deed as part of the purchase price. He wanted to have the note become due and payable if the property was resold. To accomplish this, which of the following clauses should be in the note or trust deed?

Which of the following is true concerning promissory notes?

Which of the following statements is most accurate concerning mortgage bankers:

Which of the following is not a characteristic of a conventional loan?

Why would a beneficiary have an appraisal on the property?

A VA loan may be granted for the purchase of a one-family to four-family property if:

The document which is used to convey the title to real property from the trustee to the trustor when the trust deed is terminated:

In Financing, the “secondary market” refers to the place where:

If advertised alone, which of the following would violate Truth In Lending (TILA) laws?

On a $50,000 loan the borrower is required to pay two points. How much does the borrower have to pay the lender?

A lender that invests a major portion of its assets in long-term real estate loans, prefers large loans on commercial properties, and does not like to service its own loans is a:

Which of the following actions of the Federal Reserve Board would relieve a tight money market?

What is the name given to the estimate amount on a mortgage?

What is the name given to an amount of money borrowed to facilitate the purchase of a property?

What type of mortgage loan is made available through the United States Department of Veterans Affairs?

What is the value obtained by deducting applied payments from original amortization?

What is the penalty charge for paying back a loan ahead of the scheduled payment plan?

What is an insurance premium paid by the buyer to the lender in order to protect the lender from default on a mortgage?

What is the name given to a party that acts in conjunction with a lender to originate a loan?

Which act was enacted to ensure parties involved in a real estate transaction receive complete settlement cost disclosure?

What mortgage type allows the mortgagor to make payments only on the interest accrued?

This type of loan is banned in 25 states and increases the principal balance of a loan because of a failure to make payments to the loan that covers the interest due?

Which law requires lenders to disclose all loan costs to the borrower?

Which of the following affects real estate supply?

A property owner defaults on his mortgage payment, because of this the lender states that all principal installments are due immediately. What is the lender doing?

Equalizing the monthly mortgage payment over the life of the loan through the adjustment of the proportion of interest and principal is called __________.

What is the purpose of the Cal-Vet program?

Which type of mortgage uses personal property to secure a note?

How does a Cal-Vet loan work?