REAL ESTATE FINANCE NEWEST 2024 ACTUAL EXAM COMPLETE 300 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+

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REAL ESTATE FINANCE NEWEST 2024 ACTUAL

EXAM COMPLETE 300 QUESTIONS AND CORRECT

DETAILED ANSWERS (VERIFIED ANSWERS)

|ALREADY GRADED A+

A father needed money to send his son to college. He borrowed enough

money from the bank to pay off his existing loan and have enough for

his son's college. Later, he sold his home subject to the first trust deed

and took a second trust deed as part of the purchase price. In the event of

default on both trust deeds, which of the following is true?

The bank could obtain a deficiency judgment against the purchaser of

the home

The bank could obtain a deficiency judgment against the father

The father could get a deficiency judgment against the purchaser on the

second trust deed

None of the above - ANSWER- The bank could obtain a deficiency

judgment against the father

How many points is a buyer/borrower limited to paying on FHA Loans?

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One

Two

Four

No limitation - ANSWER- No limitation

JoAnn, a licensed real estate broker, decides to stop selling real estate

and start brokering real estate loans. What kind of a license does she

need?

A MLO license endorsement

A real property securities dealer's license

A lender's license

No license other than the real estate broker's license she already has -

ANSWER- A MLO license endorsement

The person who loans money secured by a mortgage on a parcel of real

property is called a:

mortgagee.

trustee.

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mortgagor.

trustor. - ANSWER- mortgagee.

Which of the following would distinguish between a first and second

deed of trust?

Date of recording

County recorder's permission

Term of each loan

Amount of each loan - ANSWER- Date of recording

Under TILA-RESPA, consummation of the loan occurs when the:

borrower becomes contractually obligated to the lender on the loan.

borrower becomes contractually obligated to a seller on a real estate

transaction.

buyer and seller sign a purchase agreement.

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seller becomes contractually obligated to the lender on the loan. -

ANSWER- borrower becomes contractually obligated to the lender on

the loan.

Under the provisions of FHA the borrower is required to pay the nonrecurring closing costs unless the seller agrees to pay part or all of them.

Which of the following are not considered non-recurring closing costs?

Credit information costs and loan points (fees)

Structural, pest control fees, and FHA appraisal fees

Drawing and escrow fees; title search and title insurance

Currently due property taxes and hazard insurance on property -

ANSWER- Currently due property taxes and hazard insurance on

property

A lender or mortgage broker must provide the new Integrated

Disclosures for real estate transactions:

immediately.

beginning January 1, 2015.

on or after October 3. 2015.

involving properties built after October 3, 2015. - ANSWER- on or

after October 3. 2015.

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