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