
RLE 85 CH 11 Final Prep
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University
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Practice Problem
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Hard
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1.
FLASHCARD QUESTION
Front
All of the following types of loans are usually used for commercial properties and subdivision developments EXCEPT: blanket, construction, sale-and-leaseback, wraparound.
Back
wraparound.
2.
FLASHCARD QUESTION
Front
A note and mortgage created at the time a property is bought in order to make the sale possible is a
Back
purchase-money loan.
3.
FLASHCARD QUESTION
Front
A borrower took out an FHA‑insured loan on a single‑family home on August 1, 1995. If the borrower wishes to prepay the loan, which of the following statements is TRUE? Options: The borrower must give the lender 30 days’ written notice of his or her intent to prepay and may be charged a penalty of one month’s interest. If the borrower fails to give the lender 30 days written notice of his or her intent to prepay, the lender has the option of charging a penalty of up to 30 days’ interest. No written notice is required, but the lender is permitted to charge a 20% prepayment penalty. No written notice is required.
Back
No written notice is required.
4.
FLASHCARD QUESTION
Front
A tax system in which the rate remains the same regardless of the value of the thing taxed is a
Back
proportional tax system.
5.
FLASHCARD QUESTION
Front
A loan that covers more than one parcel or lot, usually used to finance subdivision developments, is a
Back
blanket loan.
6.
FLASHCARD QUESTION
Front
What is the term used to describe the additional 1.5% in Bob’s adjustable-rate mortgage?
Back
Margin
7.
FLASHCARD QUESTION
Front
The Federal Reserve sets interest rates that lending institutions pay to borrow, which is called
Back
discount rate.
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