WorksheetsReal Estate 13 Quiz
Total questions: 20
Worksheet time: 10mins
The buyers purchased a residence for $395,000, making a down payment of $79,000 and obtaining a loan for the balance. The loan is
a nonconforming loan.
a package mortgage.
a balloon note.
a purchase money mortgage.
A buyer purchased a new residence from a builder for $350,000. The buyer made a down payment of $30,000 and obtained a $320,000 mortgage loan. The builder of the house paid the lender 3% of the loan balance for the first year and 2% for the second year. This represented a total savings for the buyer of $16,000. What type of mortgage arrangement is this?
Open-end
Package
Blanket
Buydown
Which of the following is a participant in the primary mortgage market?
Fannie Mae
Ginnie Mae
Credit union
Freddie Mac
One of the federal laws requiring disclosure to a loan applicant who is rejected for a loan on the basis of a credit report is
the Real Estate Settlement Procedures Act.
the Community Reinvestment Act.
the Fair Credit Reporting Act.
the Truth in Lending Act.
States are required to license mortgage loan originators by
HUD.
the SAFE Act.
FHA.
the OCC.
The conservatorship of Fannie Mae and Freddie Mac is the responsibility of
the Federal Housing Finance Agency.
the Federal Housing Authority.
the Office of the Comptroller of the Currency.
the Federal Reserve System.
What is the source of the rules that govern the use of real estate advertisements in all media, if they include mortgage financing terms?
Equal Credit Opportunity Act
Fair Lending Act
Community Reinvestment Act
Regulation Z of the Truth in Lending Act
A developer received a loan that covers five parcels of real estate and provides for the release of the mortgage lien on each parcel when certain payments are made on the loan. This type of loan arrangement is called
the purchase money loan.
the blanket loan.
the package loan.
the wraparound loan.
Funds for FHA-insured loans are usually provided by
the FHA.
the Federal Reserve.
approved lenders.
the seller.
Regulation Z generally applies when a credit transaction is secured by
a commercial property.
a residence.
a business.
an agricultural property.
What is the position of a home equity line of credit (HELOC) in relation to the original lien?
Equal
Junior
First in priority
No relationship
The buyers purchased a model home and all its furnishings and appliances by using
a package loan.
a blanket loan.
a FHA-insured loan.
a buydown.
The primary activity of Freddie Mac is to
guarantee mortgages with the full faith and credit of the federal government.
buy and pool blocks of conventional mortgages.
act in tandem with Ginnie Mae to provide special assistance in times of tight money.
buy and sell VA and FHA mortgages.
The federal Equal Credit Opportunity Act allows lenders to discriminate against potential borrowers on the basis of
preferred neighborhood.
marital status.
country of national origin.
amount of income.
The buyers of a residence in Happy Hollow have a mortgage that allows them to borrow additional funds that will be secured by the home at any time. They have
a closed-end loan.
an open-end loan.
a provisional loan.
a fully adjustable loan.
Programs to help families purchase or operate family farms are provided by
Ginnie Mae.
the Farm Service Agency.
Fannie Mac.
the Federal Housing Finance Agency.
If a lender agrees to make a loan based on a 80% LTV, what is the amount of the loan if the property appraises for $114,500 and the sales price is $116,000?
$83,200
$91,300
$91,600
$92,900
The document that sets forth the maximum loan guarantee to which a veteran is entitled is
the funding statement.
the certificate of eligibility.
the certificate of reasonable value.
the certificate of discharge.
The law that requires lenders to find ways to help meet the housing needs of those of low and moderate incomes is
the Dodd-Frank Act.
the Equal Credit Opportunity Act.
the Community Reinvestment Act.
the Real Estate Settlement Procedures Act.
Which of the following requires that all advertising that references mortgage financing terms contain certain disclosures?
Equal Credit Opportunity Act
Fair Housing Act
Community Reinvestment Act
Truth in Lending Act (Regulation Z)
