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75 Cards in this Set

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  • Back
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A-5 A property is sold but the legal title remains in the seller's name. What type of instrument was used to complete the sale?
A-5 Agreement for sale
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 Seller does not give title to the buyer, but the buyer has use of the land. Title will be delivered when the debt is paid in full. This is called:
A-5 Land contract
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 Purpose of RESPA
A-5 Full disclosure of all closing costs
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 Which of the following is exempt from regulation Z?
A-5 Commercial building
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 Which of the following would govern residential close of escrow disclosures?
A-5 Real Estate Settlement Procedures Act
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 Which of the following listed below would not be considered a "trigger clause: per Reg. Z?
A-5 Cash sale only
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 a good faith estimate must be given to the borrower within:
A-5 The days of the loan application
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 What regulation places a limit on fees a lender can charge in escrow for impound accounts?
A-5 RESPA
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 The loan APR rate is best compared to which of the following?
A-5 Effective rate
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 When the note and security instrument are in one document, this is best described as:
A-5 Land contract
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 When a loan is sold from one lender to another lender, it is:
A-5 Assigned
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 In the sale of a mortgage document, what is the relationship of the parties?
A-5 Assignor to Assignee
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 Which of the following is not considered to be in the secondary market?
A-5 A local bank
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 when a wraparound is created, who is responsible for the underlying loans?
A-5 Vendor
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 How are the rights of ownership under a land contract transferred to a new buyer?
A-5 Assignment
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 A non-distubance clause would most likely benefit which of the following parties?
A-5 Lessee
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 After a Foreclosure of a mortgage,excess funds would be given to the:
A-5 Mortgagor
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 Low income loans are usually purchased by:
A-5 GNMA
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 Which of the following is not in the secondary market?
A-5 FHA
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 The right of the mortgagor to regain title is called:
A-5 Redemption
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 Which of the following liens are paid first after a foreclosure?
A-5 Property Taxes
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 When a borrower stops making payments in a mortgage, what clause is activated?
A-5 Acceleration
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 Who buys in the secondary market?
A-5 Fannie Mae
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 A property is being foreclosed, and the entire blance is due. This is called:
A-5 Acceleration
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 Which of the following regulations requires the lender to show the true interest rate?
A-5 Reg Z
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 RESPA would not cover which of the following?
A-5 Loan assumptions
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 According to Reg Z and R.E.S.P.A., which of the following are not prorated in escrow?
A-5 Title insurance
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 Regulation Z would disclose
A-5 Loan origination fees and points.
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 RESPA would cover which of the following loans?
A-5 1-4 plex residential
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 When a mortgage banker borrows on existing loans held by the banker, this is called:
A-5 Warehousing
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 By definition how does a mortgage banker differ from a mortgage broker
A-5 A mortgage banker can service loans after a closing
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 When a loan is sold and discounted, which of the parties below discounts the loan:
A-5 Mortgagee
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 The buyer has an investment that has a feature of "a pass-through certificate", this investment is most likely a:
A-5 Ginnie Mae security
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 RESPA would provide for all of the following except:
A-5 A limit on loan points
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 When a deed in lieu of foreclosure is given to a lender, which of the following is true:
Time and cost are less
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 When a lender requires an impound account, what is the maximum tax reserves a lender may demand according to RESPA:
A-5 2 months
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 Which of the following transactions would not be subject to regulation Z
A-5 Business loan
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 B buys land from W using a deed of trust as security for the carryback. B makes all the payments except the final three and is now in default. W does nothing and decides not to foreclose until later. by doing this W is excercising his right of:
A-5 Forebearance
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 Which of the transactions would not be covered by regulation Z?
A-5 Seller Carryback finacing
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 When a lender gives a good faith estimate as prescribed by RESPA which of the following agencies oversee the comliance?
A-5 HUD
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 Why is the APR higher than the advertised interest rate?
A-5 APR includes all othe costs to obtain the loan
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 A commercial building is sold in a foreclosure for $100,000 lles than the balance due the lender. which of the following is true?
A-5 The lender can obtain a deficiency judgement against the borrower
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 Who is responsible to deliver the RESPA information to the buyer?
A-5 Lender
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 Which of the agencies listed below guarantees loans?
A-5 GNMA
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 A buyer pays 20%down and obtains a real estate mortgage. the buyer makes no firther payments. what clause would the lender now exercise?
A-5 Acceleration
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 A loan which is surbordinate to other loans, but includes the amount of the other loans is called:
A-5 Wrap around
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 A seasoned loan refers to:
A-5 Good payment history
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 Which of the following costs would not be part of REG. Z?
A-5 Attorney's fees
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 RESPA mandates the lender to provide the borrower all of the following EXCEPT
A-5 Three-day right of rescission
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 A three-day right-to-rescind originates from:
A-5 Regulation Z.
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 A HUD book must be given to a borrower within:
A-5 Three days of loan application
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 Which of the following would not violate RESPA?
A-5 Giving the buyer the names of lenders
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 Who has title on a land contract
A-5 Vendor
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 What would discourage a buyer to take a bank wrap-around mortgage
A-5 Seller's loan had a alienation clasue
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 What must show on a settlement sheet accoding to RESPA?
A-5 Origination Fee
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 What is a lender required to give a borrower under RESPA
A-5 Good Faith estimate and HUD book
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 APR is regulated by which of the following
A-5 Reg Z
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 After satisfying a first lien, what posistion is the second lien now in :
A-5 First posistion
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 A property has both a first and second lien. both are in default. Which of the following statements are true?
A-5 The second would be terminated if the first goes through successful
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5FNMA is
A-5 Government sponsored, private agency
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 Land contract is another name for
A-5 Aggreement for sale
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 When an estoppel certificate is used by a lender, he is primarily woking in the:
A-5 Secondary market
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 Which of the following would not apply to a mortgage?
A-5 Deed recordation
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 which of the following applies to the federal national mortgage association?
A-5 Government related private agency
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 After a mortgage foreclosure, if the sale amount was unsufficent to cover the debt, the lender may ask for:
A-5 Defiency judgement
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 a vendor would be which of the following parties?
A-5 Seller in a agreement sale
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 The Vendee is the:
A-5 Buyer in an agreement for sale
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 What is it called whn the federal reserve loans money to commercial banks
A-5 Discount rate
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 after a trustees ssale the excess proceeds go to the:
A-5 Trustor
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5 what would violate truth lending REG Z?
A-5 Monthly payment PITI $1425 month
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5
A-5
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5
A-5
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5
A-5
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5
A-5
A-5 Foreclosures, Carrybacks, Documents and Financing
A-5
A-5
A-5 Foreclosures, Carrybacks, Documents and Financing