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QuestionAnswer
A cooperative would take title to property under which of the following categories? Severalty
What form of ownership do individual condominium owners have in the common elements? tenants in common
A cooperative was having problems meeting its obligations because a few of the individual members were in arrears with their lease payments. The lender who holds the mortgage has threatened foreclosure. What could happen as a result of this foreclosure ac If the lender forecloses, the cooperative would be dissolved and each stockholder would lose their interest
An owner buys a house and puts in a new furnace and air conditioning unit. These items would be considered a(n): appurtenance
In an installment land contract, what type title did the seller retain? legal
A sale-leaseback converts a fee simple estate to a(n): less than freehold estate
An effective decrease in the supply of funds available in the market place would MOST likely lead to which of the following events? A decrease in the marketability of property
Which of the following would be enforced by the Federal Trade Commission (FTC)? Federal Truth in Lending Law (Reg Z)
the following must be disclosed to be in compliance with Regulation Z? Loan Cost
Regulation Z applies to a loan for which of the following purposes Residential real estate purchases
A loan company was referring loan applicants to a particular insurance company which in turn paid the loan company a referral fee. This is: illegal since the Real Estate Settlement Procedures Act prohibits kickbacks
The paying of kickbacks by lenders is prohibited by Real Estate Settlement Procedures Act
A buyer applying for a loan on a two family residence would be covered under RESPA in which of the following circumstances? If the loan was an FHA insured loan
Which of the following would NOT be covered under RESPA? A buyer assumed a $39,000 FHA insured first mortgage on a $49,000 single family residence
Which of the following loans gives a borrower the lowest monthly payment The lowest interest with the longest term will always be the lowest monthly payment.
When referring to a loan, what is the principal The total amount borrowed
Which of the following statements BEST describes an amortized loan with a fixed interest rate Constant principal and interest payments each month
What would be an advantage for a buyer in taking out an FHA 245 loan in purchasing a house Lower payments
In a repayment of a mortgage loan, which type of interest is used? Simple
A person who owned a house ran into financial difficulty. Foreclosure on the house appeared to be a possibility. Which of the following actions should this person take in trying to protect the person's credit rating in the future? Ask the lender for a deed in lieu of foreclosure
Which of the following parties must sign a mortgage in order for the mortgage to be valid? Mortgagor
Which of the following is the BEST definition of a buydown loan The buyer pays a front-end payment to lower the interest rate on the loan in order to qualify
Created by: tcarrano
 

 



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