RLE finance final

The FED is our highest? Central banking system
What is a CRV? Certificate of reasonable value
A security agreement goes with? Personal property
A Hispanic family is being shown homes that are only in a Latino area. This is an example of….? Steering
A land contract is most like…? A mortgage
The Federal Reserve is under the control of….? No government entity
Child care is to used for qualification purposes when qualifying which loan? conventional
FHA is under the control of…? HUD
The term in loan underwriting where the ratios exceed maximum but it still makes sense? Compensating factors
For a refinance, how many days is required for the rescission period? 3 days
The Tax Reform Act of 1986 made this type of loan occur more often..? HELOCs
Which is not a test of a fixture? Cost
The Gramm-Leach-Biley Bill of 1999 prohibits banks from acting as? Real estate brokers
Conventional loans primarily?? Sold on the 2ndary market
Which of the following is used to fully substitute a buyer for a seller under an existing loan? Novation
A loan for which the interest rate is tied to an index is a(n)? Adjustable rate loan
Equity loans are popular because? Their interest tax deductible
When lending institutions refuse to make loans in a certain area of town, it is called? Redlining
Which Act provides fair housing throughout the country? Civil rights act
Which is not an institutional lender? Mortgage company
FHA does? Acts as an insurer
When supply is low and demand is up, prices are? Up
Unruh Act was passed in 1959
A violation of discrimination would be? A misdemeanor
What do mortgage brokers do? Originate loans
The ability to maintain control of property while having the ability to borrow against it? Hypothecation
Property rents for $3,535 and has a GRM of 198. What is its value? 699,930
Lenders can impose a late fee once the payment is? 10 days late
A loan brokers impound trust account provides funds to? Pay taxes and insurance
Appraiser Carl measured a lot. Area = 7,345 sqft. Length is 145. What is the width? 50.65
The loan that relies completely on the strength of the borrower is a? Credit loan
In California, no penalty may be imposed for the prepayment of a loan after 7 yrs
Which is used to estimate a property’s value from looking at other properties’ sale prices? Direct sales comparison approach
Your loan is $396,700, make a 53% profit, & pay $5,600 in costs. What is the sales price? 855,957
The rule of substitution concerns the prices a reasonable person would pay for? New and used property
A loan applicant’s credit score is measured on a scale referred to as the? FICO score
A fault on a title is sometimes referred to as a? Cloud
Impound funds include Taxes
Fannie Mae is owned by Shareholders
What is the maximum tax-exempt gift that an investor can give to a recipient each year? 14k
A hard money mortgage would be a(n) Loan for cash
Joey earns a 63% profit, sales price is $455,000, pays closing costs of $12,150. Original cost? 271,681
Jill borrowed $37,000 and paid 6.5%. How much interest did she pay? 2405
A deed of trust on a home is a Specific voluntary lien
A note would be used with all of the following types of loans except a(n) Unsecured loan
Refinancing one property to purchase another is known as Pyramiding
In a 1031 exchange, the exchanging of unlike property is called Boot
How many copies of a note should be executed? 1
Who is responsible for assessing property values? County tax assessor
Which participant sells their MBS’s to international capital markets? Fannie mae
What value is a property given to your heirs at the time of your death? Value of property at time of your death
Property sold for $765,855 and can be rented out for $3,275. What is the GRM? 233
Another term used to describe escrow accounts is Impound accounts
Which financing form offers borrowers the most protection? DOT
What is a mortgage loan? A loan collateralized with real estate
What kind of loan has a vendee? Land contract
Systematic repayment of a loan’s principal and interest over the life of the loan is known as Amortization
The Unruh Act prohibits Discrimination in services
The Holden Act prohibits Redlining
A property that doesn’t have an heir and goes back to the state (PEET) Escheat
Dentist’s chair Fixture
Crops in a field Real or personal depending on contract
Which loan gives the buyer a land contract instead of title until the loan has been paid off? Cal-vet

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