Học Thi Real Estate License ở California: Real Estate Lenders, FHA, VA, CALVET Loans, and the Secondary Mortgage Market 1. A lender on a note signed by multiple borrowers would prefer that their liability be: several joint and several joint individual None Hint 2. The source of money for most home loans by institutional lenders is: bond issues federal funds individual and family savings business profits None Hint 3. After a borrower pays off a CALVET loan by: a grant deed a deed of reconveyance a satisfaction none of these None Hint 4. A lending institution might make a government-insured or goverment guaranteed loan rather than a conventional loan at higher interest because of: easier foreclosure all of these lower risk longer loans None Hint 5. As to mortgage brokers and mortgage bankers, which of the following is true? both a and b are true neither deal in the primary mortgage market mortgage bankers use their own funds, while mortgage brokers seldom do so neither a nor is true None 6. The highest interest rate is most likely to be charged by: savings and loan associations insurance companies individual lenders of cash banks None Hint 7. An insurance company is least likely to make a loan on a(n): apartment complex shopping center older home factory building None Hint 8. Under federal law, a real estate trust must have: under 100 investors none of these a corporate charter 100 or more investors None 9. Their loans are all variable rate. What agency is this? CALHFA Freddie Mac FHA CALVET None Hint 10. An advantage of FHA financing to the buyer is: minimum property requirements (MPR) all of these inclusion of local taxes in the monthly payments elimination of short-term financing None 11. FICO refers to: blind pool front-end ratio credit score mortgage insurance None 12. Insurance companies, in givin real estate loans: can lend only within 100 miles of their headquarters are concerned primarily with secondary financing generally make only small loans to spread the risk make large loans None 13. 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? the California Department of Veterans Affairs the title company the veteran buyer the Veterans Administration None Hint 14. Both FHA and VA loans cover: business and home loans renter and owner occupied premises none of these farm and home loans None 15. On a $45,000 loan, the VA guarantee would be: 90 percent $46,000 100 percent $22,500 None Hint 16. 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: 35.7 percent 24 percent 26.7 percent 28 percent None Hint 17. 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? a state savings and loan bank a mortgage loan company a federal savings and loan association his bank None Hint 18. A construction loan would most likely be made by: an insurance company FNMA the Veterans Administration a bank None Hint 19. A number of people wish to invest money only in a real estate project but wish to limit their liability. They would form a: any of these limited partnership real estate investment trust corporate syndicate None Hint 20. A veteran wishes to refinance her home with a VA loan. The lender is willing but insists on 31/2 points. the veteran can refinance with a VA loan providing there are no points VA loans are available for purchase, not refinancing the veteran can be required to pay a maximum of 1 point as an origination fee the veteran may pay the points None Hint 21. The major purpose for which the Federal National Mortgage Association (FNMA) was created was to: provide uniformity as to construction standards make secondary financing more readily available encourage lenders to make home loans provide public housing for low-income people None Hint 22. In considering the liquidity of its mortgage portfolio, a lender would be realating to: the average holding period before loans are refinanced the ratio of performing and nonperforming loans secondary market sales the average loan-to-value ratio of the portfolio None Hint 23. Which loan is available for registered domestic partners? FHA VA HUD CALVET None 24. Which of the following is true? the primary mortgage market is where first trust deeds are sold mortgage loan correspondents deal primarily in the secondary mortgage market secondary financing is normally handled through the secondary mortgage market a firm is licensed to deal either in the primary or in the secondary mortgage market but not both None Hint 25. A CALVET/VA loan differs from other CALVET loans in that it can be obtained: for rental property with no loan costs without a down payment without an appraisal None Hint 26. Mutual savings banks are located primarily in the __ part of the United States. southwestern southeastern northwestern northeastern None 27. The function of Ginnie Mae do not include: insuring housing loans management and liquidation functions the Tandem Plan for special assistance guarantees for mortgage-backed securities None Hint 28. Which of the following is corect? the VA prepayment penalty is one percent the California Department of Veterans Affairs charges a one-percent penalty for loans prepaid within two years none of these is correct the FHA prepayment penalty is six percent None Hint 29. 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: 41 percent 39 percent 38 percent 40 percent None Hint 30. An advantage of FHA financing is not that it: provides for a low down payment provides long-term loans and thus lower payments protects the buyer with FHA insurance provides loans for people for whom other loans are not possible None Hint 31. Which of the following loans is not available for the purchase of a farm? FHA VA conventional CALVET None Hint 32. Title I FHA loans: may be used to purchases of multiple units none of these are only for purchases of homes are property improvement loans None 33. A buyer was able to get down payment assistance as well as a below market rate of interest. Where did she obtain this loan? CALHFA VA CALVET FHA None 34. A lender who sells the loans it makes is likely: a mortgage company CALHFA a life insurance company CALVET None 35. As to loan brokers, which of the following is true? none of these is true commissions are regulated for all broker loans credit life insurance can be required balloon payments are not allowed None 36. Which of the following is not a general characteristic of loan broker-arranged secondary financing? short term amortized noninstitutional lender high interest None Hint 37. As a general rule, the difference between individual and institutional lenders is that individual lenders: charge lower interest give loans for shorter periods are more likely to giv amortized loans make larger loans than institutional lenders None Hint 38. In California most of the real estate syndicates are: real estate investment trusts general partnerships corporations limited partnerships None 39. A low loan to value ratio would be indicative of: a government insured loan low buyer equity a large down payment CALVET financing None 40. A broker aided a buyer in the preparation of fraudulent income statements in order to qualify for a bank loan. This would: neither a nor b both a and b be a federal crime place the broker's license in jeopardy None Hint 41. Life and disability insurance must be purchased by a borrower under a(n) ___ loan. conventional VA FHA CALVET None 42. Who pays for Mutual Mortgage Insurance? all of these the purchaser under a VA loan the purchaser under a CALVET loan the purchaser under an FHA loan None 43. The primary advantage that an FHA loan offers to an institutional lender over a conventional loan is: shorter processing time a higher yield FHA insurance a shorter maturity date None Hint 44. 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: arrange secondary financing suggest to the seller that he take a second trust deed from the buyer forget the deal take a second trust deed for her commission None Hint 45. The lender's best protection would be: the credit of the borrower the value of the property the income of the borrower a term insurance policy on the life of the borrower None Hint 46. Which of the following is true? FNMA is a private corporation under government conservatorship Ginnie Mae is involved in federally assisted housing projects and guarantees FNMA securities all of these Fannie Mae provides a secondary mortgage market for FHA and VA loans None 47. Rental housing loans are available through: CALHFA VA FHA CALVET None Hint 48. In buying a home for rental use, a borrower would not obtain: a CALVET loan an FHA loan a VA loan either b or c None Hint 49. In evaluating a man's income for a loan, the least weight would be given to: his overtime earnings his earnings from a part-time job his investment earnings his wife's income None Hint 50. 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? 38% 36.1% 44.6% 42.3% None Hint 51. 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: both a and b neither a nor b has subjected the broker to criminal penalties has placed the broker's license in jeopardy None Hint 52. A CRV would be needed for a(n) ___ loan. VA FHA conventional all of these None Hint 53. A mortgage loan correspondent would be regulated primarily by: the Federal Trade Commission state laws and regulations city ordinance federal regulations None 54. When are the premiums paid on the insurance for an FHA loan? with payments up front both a and b neither a nor b None 55. FHA mortgage insured loans are made by: HUD either a or b Fannie Mae mortgage companies and banks None 56. 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: 36 percent 34 percent 40 percent 38 percent None Hint 57. Which type of property has the highest loan-to-value ratio? unimproved residential lots industrial property commercial property improved residential property None Hint 58. The government is actually the lender of: all of these a VA loan a CALVET loan an FHA loan None Hint 59. An advantage of a government-insured loan compared with a conventional loan would not be a: lower interest rate shorter processing time higher loan to value ratio longer term and lower monthly payment None Hint 60. "It is now operating under a conservatorship" describes: Fannie Mae HUD CALHFA CALVET None Hint 61. Title is held under a CALVET loan by: the buyer the trustor the State of California the Veterans Administration None Hint 62. CALVET loans are made from: federal grants money received from bonds federal loans to the state state surplus funds None Hint 63. A substantial down payment in real estate: results in better loan terms results in less danger of default all of these normally ensures that the property will be well maintained None 64. The amount of a VA loan is limited to: no limit $22,500 $36,000 $60,000 None Hint 65. Which of the following is not a description of FHA loans? guaranteed housing only high loan to value ratio amortized None Hint 66. If appraisal on a VA loan is less than the purchase-price agreement: the seller must lower the price the buyer must increase the down payment the buyer may rescind both a and b are true None Hint 67. 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? 28% 36% 23.6% 12.1% None Hint 68. A borrower obtained a haft-million dollar home purchase loan at a low rate without a down payment. He likely went to: CALVET a mortgage broker an insurance company FHA None Hint 69. Disintermediation refers to: a course of logical appraisal a snap decision not based on fact a buildup of funds in savings as people cut spending a sudden withdrawal of savings from lending institutions by depositors None Hint 70. A buyer wishes to obtain a loan on a house and assume the bonded indebtedness. Which of the following would be true? the existence of the bond would have no effect on the loan the maximum loan would be less than if there were no bond the maximum loan would be increased because of the bond the bond indebtedness could not be assumed None Hint 71. A government agency that issues mortgage-backed securities would be: Fannie Mae all of the above Freddie Mac Ginnie Mae None Hint 72. Which of the following is not a characteristic of VA loans? housing or farm property guaranteed lower interest rates than conventional loans rental units allowed None Hint 73. A broker should direct a buyer on an offer contingent on an FHA loan to: the FHA Fannie Mae Ginnie Mae a HUD-approved lender None Hint 74. Albert lost his job but his house payments were made for him because he had a: CALVET loan FHA loan VA loan CALHFA loan None Hint 75. Which of the following is an open-end loan? FHA none of these VA CALVET None Hint 76. A loan-t0-value ratio is best described as: the ratio of the loan to the sale price the ratio of the loan amount to its selling price on teh secondary mortgage market none of these the ratio of the loan to the appraisal None 77. The term impounds refers to: late fees prepayment penalties reserves title insurance None Hint 78. 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? insurance company bank savings and loan mortgage company None
