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