The amount of a loan as a percentage of the value of the collateral offered as security is known as what?
Loan to Value Ratio
Negative Amortization
Interest Rate
Estoppel Value
What does the Acronym TRID stand for?
Truthful Rates of Interest Document
The Reasonable Interest Disclosure
TILA-RESPA Integrated Disclosure
The Real Interest Disclosure
Which of the following is the basic difference between a FHA and a VA loan?
VA guarantees loans; FHA insures them
FHA guarantees loans; VA insures them
There is no down payment on FHA loans, VA requires 5%
They are the same but VA loans have no down payment
What kind of loan would be fully paid out over the lifetime of the loan?
Fully Amortized
Wrap Around Mortgage
A Purchase Money Mortgage
Partially Amortized Loan
A man had a loan for $60,000 and he had to pay 2.5 points. How much would he have to pay in cash?
$1,500 (Dollars)
$6,000 (Dollars)
$3,000 (Dollars)
$2,500 (Dollars)
Who would most likely obtain a Blanket Mortgage?
A Hospital
A Theme Park
A developer building an assisted living facility
A developer for a sub-division
If a loan is $230,000 at 10% interest over 30 years with a payment of $2225.30 (Principle and Interest) per month what is the principal balance after one month?
$219,774.70 (Dollars)
$229,691.37 (Dollars)
$226,199.73 (Dollars)
$228,083.33 (Dollars)
RESPA is administered by which Agency?
CFPB – Consumer Financial Protection Bureau
CFCB – Consumer Federal Credit Bureau
CBFP – Consumer Bureau of Federal Protection
CFBC – Consumer Finance Bureau Control
Where can a borrower obtain an FHA mortgage?
FHA
RESPA
Any Qualified Lending Institution
TRID
Which of these is part of the VA Loan application requirement for a veteran?
Driver’s License
Certificate of Occupancy
Certificate of Service
Certificate of Eligibility
14ch-REU-PL-Qonly-quiz
Sue and John buy house for $285,000 and they obtain a 75% loan how much is their loan and how does I appear on the closing statement?
$71,250 (Dollars) Credit to Seller
$213,750 (Dollars) Credit to Buyer
$71,250 (Dollars) Credit to Buyer
$213,750 (Dollars) Credit to Seller
A Property was listed at $127,000 and sold for $125,000, how would the price appear on the settlement statement?
Credit the Buyer $125,000 and Debit the Seller $125,000
Credit the Seller $125,000 and Debit the Buyer $125,000
Credit the Seller $127,000 and Debit the Buyer $125,000
Credit the Buyer $127,000 and Debit the Seller $125,000
Alex bought a lot for $7,500 and sold it 5 years later for $11,000 what was his percentage gain?
33.4% (Percent)
23.8% (Percent)
55.3% (Percent)
46.7% (Percent)
Property Taxes of $2400 are due in arrears on a home that is due to close on March 22. Day of Closing belongs to buyer Using the Statutory Month Method what are the prorated tax charges?
Credit Seller $540 (Dollars) and Debit Buyer $540 (Dollars)
Credit Seller $540 (Dollars) and Debit Buyer $1860 (Dollars)
Debit Seller $540 (Dollars) and Credit Buyer $1860 (Dollars)
Debit Seller $540 (Dollars) and Credit Buyer $540 (Dollars)
A Property sold for $234,000, the listing commission was 6% with the selling broker receiving 45% of the total commission. How much will the listing Sales Associate receive if he is paid 60% of the total amount received by her broker?
$3,790.80 (Dollars)
$4,633.20 (Dollars)
$6,433.20 (Dollars)
$14,040.00 (Dollars)
A house sold for $280,000 and the total commission received by the broker was $21,000 what was the rate of commission?
9.5%(Percent)
5.5%(Percent)
6.5%(Percent)
7.5%(Percent)
A 20 Acre plot sold at $3500 per acre what is the cost of the deed stamp tax and who pays it?
$490.00 (Dollars) paid by seller
$700.00 (Dollars) paid by seller
$490.00 (Dollars) paid by buyer
$700.00 (Dollars) paid by buyer
If a seller wants to net $205,500 after paying real estate commission of 6% and paying off a $100,000 HELOC how much does he need to sell the property for?
$305,500 (Dollars)
$315,000 (Dollars)
$355,000 (Dollars)
$325,000 (Dollars)
The deed of the property is taxed based upon which of the following?
List Price
Sale Price
Previous Sale Price
Cash to Close
Which of the following best describes the purpose of the Sales Disclosure?
An official HUD statement used by the seller to itemize all closing charges
An official statement used by the listing agent to disclose all closing charges for buyer and seller
An official HUD statement used by the buyer to itemize all closing charges
An official settlement statement itemizing all charges for a borrower and a seller
15ch-REU-PL-Qonly-quiz
Which of the following best describes real estate investment?
Independent of the property market
A short term opportunity
A relatively long term investment
A quick way to make money
What is the most important thing that vacancy rate will indicate?
Location, location, location
How much movement there is in the market
How much money the owner will receive
Economic value of the neighborhood
Which of the following is NOT a Government Interference?
Deeds
Building Codes
Zoning
Taxes
What is the term for the situation where there are more buyers than available homes for sale?
Buyer’s Market
Renter’s Market
Seller’s Market
Lender’s Market
When building materials become scarce due to a lot of building activity what affects a builder most?
Market Value
Skilled Labor
Supply
Demand
What is the term for the principal of no two properties being the same?
Nonhomogeneous
Erosion
Assemblage
Plottage
Which of the following will influence Demand?
Availability of Skilled Labor
Buyer ability to get a loan
Credit Scores
Loans available to Builders
What would a change in sales volume indicate?
A change in the market
An increase in real estate licensees
More FSBO homes for sale
Absentee Owners
Which is NOT a demand factor?
Credit Scores
Market Values
Availability of skilled workers
Consumer Income
When a large Company closes its doors and many workers lose their jobs what will this do to the market?
It will probably result in a seller’s market
It will probably result in a lot of Absentee Owners
It will probably result in a lot of construction
It will probably result in a buyer’s market