Loan Application Quiz

Loan Application Quiz

12th Grade

•

36 Qs

quiz-placeholder

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Loan Application Quiz

Loan Application Quiz

Assessment

Quiz

•

Professional Development

•

12th Grade

•

Practice Problem

•

Hard

Created by

Gabrielle Carmona

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36 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of loan is NOT listed as an option in the Loan Application section?

Conventional First

USDA

Home Equity

Personal Loan

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What must the Buyer provide in addition to the Loans according to the Loan Application section?

A down payment

A co-signer

A property survey

A home inspection report

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens if the Buyer does not make application for the Loans within the specified days after mutual acceptance of the Agreement?

The Agreement is automatically terminated

The Buyer must pay a penalty fee

The Financing Contingency is waived

The Seller can increase the purchase price

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is required for the Financing Contingency to be waived automatically?

Buyer’s written consent

Seller’s written consent

Notice of Termination

Appraisal Less Than Sales Price

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What form is used for the Notice to Perform?

NWMLS Form 22A

NWMLS Form 22AR

NWMLS Form 22B

NWMLS Form 22C

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the maximum amount the Seller shall pay for the Buyer's Loan(s) and settlement costs for FHA/USDA/VA loans?

$200.00

$300.00

$400.00

$500.00

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the Buyer has not waived the Financing Contingency and is unable to obtain financing by Closing, what happens to the Earnest Money?

It is forfeited to the Seller.

It is split between Buyer and Seller.

It is refunded to the Buyer.

It is held in escrow until further notice.

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