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9 Cards in this Set
- Front
- Back
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A buyer wishes to buy an older home in a low-income area. This home is in need of rehabilitation but has a good future due to a growing economy. Which of the following loans would best suit the buyer's needs?
a. FHA 203K b. Reverse annuity c. Variable rate d. Joint venture |
a. FHA 203K
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Which of the following loan would have PMI?
a. FHA b. VA c. Package Mortgage d. Conventional |
d. Conventional
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Who pays the discount points on a VA loan?
a. Buyer b. Seller c. Agreement of parties d. Broker |
c. Agreement of parties
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What charge would be paid at closing on a high-risk conventional loan?
a. MIP b. Funding fee c. Bring down fee d. PMI |
d. PMI
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When a borrower is qualifying for a VA guaranteed loan, which of the following would not apply:
a. Funding fee b. Certificate of reasonable value c. Private mortgage insurance d. Certificate of eligibility |
c. Private mortgage insurance
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WHen a buyer obtains a new VA loan, who pays for the document preparation fee.
a. Broker b. Buyer c. Seller d. Buyer or Seller |
c. Seller
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When a new VA loan is created, who pays for the Tax Service Fee?
a. Broker b. Seller c. Buyer d. Seller or Buyer |
b. Seller
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Money made by lenders on loans can be called:
a. Origination fee b. Discount points c. Discount rate d. Mortgage insurance premium |
a. Origination fee
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Interest paid on an amortized real estate mortgage is:
a. Paid in arrears b. Paid in advance c. Compound interest d. Add on interest |
a. Paid in arears
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