Exam 8: Part I: Real Estate Lenders

A Seller's Financial Disclosure Statement must be signed by the:

The maximum FHA insured loan under the 203b program for a condo with an acquisition cost of $150,000 is:

A person who buys a note in good faith and obtains superior rights:

Private mortgage insurance (PMI):

A real estate promissory note reads "$887.50 per month for 239 payments, then a final monthly payment of $3,011.19." This is an example of a/an:

A mortgage broker negotiated a loan for $10,000, secured by a second trust deed to be paid in 30 monthly payments. The maximum commission the broker is permitted to charge is:

For an REIT to avoid double taxation, it must distribute what percentage of its income each year to the shareholders/investors?

The VA will guarantee loans on the following properties:

Who does not lend their money, but instead earns a fee for bringing a borrower and lender together?

Real Estate Investment Trusts (also known as REIT):

A loan made by a lender who intends to keep the loan until paid:

The major source for junior loans (2nds, 3rds, etc.) is:

A secondary mortgage market is where:

Insurance companies are one of the major sources for conventional loans. Insurance companies:

Which of the following best defines a purchase money mortgage?

Which of the following types of loans are made only to individuals who are intending to occupy the property as a personal residence?

Under the Trustee's Sale procedure, after a Notice of Default has been recorded, a borrower has how long to reinstate by making up past payments, penalties, late charges, and trustee expenses?

An enforceable due-on-sale clause is correctly called a/an:

Under the Real Property Loan Law, the maximum amount a borrower can pay for closing costs, excluding commission, regardless of the size of the loan, is:

The ultimate source of all loan funds is: