Học Thi Real Estate License ở California: Real Estate Lenders, FHA, VA, CALVET Loans, and the Secondary Mortgage Market

1. 

As to mortgage brokers and mortgage bankers, which of the following is true?

2. 

The government is actually the lender of:



3. 

A mortgage loan correspondent would be regulated primarily by:

4. 

Which of the following loans is not available for the purchase of a farm?



5. 

An advantage of FHA financing is not that it:



6. 

Which of the following is true?



7. 

Title I FHA loans:

8. 

The source of money for most home loans by institutional lenders is:



9. 

Rental housing loans are available through:



10. 

When are the premiums paid on the insurance for an FHA loan?

11. 

Which loan is available for registered domestic partners?

12. 

Mutual savings banks are located primarily in the __ part of the United States.

13. 

Which of the following is not a characteristic of VA loans?



14. 

Their loans are all variable rate. What agency is this?



15. 

A seller insists on $280,000 as a sales price. The buyer can obtain an FHA loan of $270,000 but has only $6,000 down. The broker should:



16. 

The lender's best protection would be:



17. 

A borrower has a gross monthly income of $3,400. The borrower wishes to obtain a loan in which the mortgage payment including taxes and insurance will be $950. The front-end ratio would be:



18. 

A broker aided a buyer in the preparation of fraudulent income statements in order to qualify for a bank loan. This would:



19. 

Which of the following is corect?



20. 

An insurance company is least likely to make a loan on a(n):



21. 

The major purpose for which the Federal National Mortgage Association (FNMA) was created was to:



22. 

In evaluating a man's income for a loan, the least weight would be given to:



23. 

A government agency that issues mortgage-backed securities would be:



24. 

A substantial down payment in real estate:

25. 

The highest interest rate is most likely to be charged by:



26. 

On a $45,000 loan, the VA guarantee would be:



27. 

Albert lost his job but his house payments were made for him because he had a:



28. 

The property is usually in close proximity; small loans and business loans are preferred; and the past record of the customer is important. What type of lender does the preceding description represent?

29. 

Who pays for Mutual Mortgage Insurance?

30. 

A prospective homebuyer is interested in a home that will have a PITI payment of $1,800. His gross monthly income is $7,600. What is his front-end ratio?



31. 

Which of the following is not a general characteristic of loan broker-arranged secondary financing?



32. 

FHA mortgage insured loans are made by:

33. 

A prospective homebuyer is interested in a home that will have a PITI payment of $1,800. His gross monthly income is $7,600. The buyer has long term debt payments of $1,420 per month. What is his back-end ratio?



34. 

A number of people wish to invest money only in a real estate project but wish to limit their liability. They would form a:



35. 

A CRV would be needed for a(n) ___ loan.



36. 

CALVET loans are made from:



37. 

Insurance companies, in givin real estate loans:

38. 

The function of Ginnie Mae do not include:



39. 

A borrower has a gross monthly income of $3,400. The borrower wishes to obtain a loan in which the mortgage payment including taxes and insurance will be $950. The borrower is making long term debt payments of $350 per month. The back-end ratio would be:



40. 

A lending institution might make a government-insured or goverment guaranteed loan rather than a conventional loan at higher interest because of:



41. 

A low loan to value ratio would be indicative of:

42. 

The amount of a VA loan is limited to:



43. 

A borrower obtained a haft-million dollar home purchase loan at a low rate without a down payment. He likely went to:



44. 

A construction loan would most likely be made by:



45. 

Life and disability insurance must be purchased by a borrower under a(n) ___ loan.

46. 

Disintermediation refers to:



47. 

The primary advantage that an FHA loan offers to an institutional lender over a conventional loan is:



48. 

A CALVET/VA loan differs from other CALVET loans in that it can be obtained:



49. 

A lender on a note signed by multiple borrowers would prefer that their liability be:



50. 

In considering the liquidity of its mortgage portfolio, a lender would be realating to:



51. 

A buyer was able to get down payment assistance as well as a below market rate of interest. Where did she obtain this loan?

52. 

An advantage of a government-insured loan compared with a conventional loan would not be a:



53. 

A lender who sells the loans it makes is likely:

54. 

Which of the following is not a description of FHA loans?



55. 

In buying a home for rental use, a borrower would not obtain:



56. 

Which of the following is true?

57. 

In California most of the real estate syndicates are:

58. 

FICO refers to:

59. 

"It is now operating under a conservatorship" describes:



60. 

An advantage of FHA financing to the buyer is:

61. 

A loan-t0-value ratio is best described as:

62. 

The term impounds refers to:



63. 

As to loan brokers, which of the following is true?

64. 

A veteran is purchasing a home under the California Veterans Farm and Home Purchase Program. Who would be designated the grantee in the grant deed given by the seller?



65. 

Which type of property has the highest loan-to-value ratio?



66. 

A borrower did not have a sufficient down payment for an FHA loan. The broker loaned the buyer $1,000 on a personal note in order for the buyer to complete this transaction. This loan:



67. 

Under federal law, a real estate trust must have:

68. 

With a monthly gross income of $3,800, loan payment (PITI) of $1,142, and long term monthly debt obligations of $340, the back end ratio would be:



69. 

William, whose credit is good, wants to buy a small business. He is a good customer of the bank where he heeps his account. The business he wants to buy is a reasonable one to make money. Who will most likely be the lender?



70. 

After a borrower pays off a CALVET loan by:



71. 

A buyer wishes to obtain a loan on a house and assume the bonded indebtedness. Which of the following would be true?



72. 

Both FHA and VA loans cover:

73. 

A veteran wishes to refinance her home with a VA loan. The lender is willing but insists on 31/2 points.



74. 

Which of the following is an open-end loan?



75. 

As a general rule, the difference between individual and institutional lenders is that individual lenders:



76. 

Title is held under a CALVET loan by:



77. 

If appraisal on a VA loan is less than the purchase-price agreement:



78. 

A broker should direct a buyer on an offer contingent on an FHA loan to:



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