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