Quiz_6Chapter9-10

Quiz_6Chapter9-10 - Quiz#6:Chapter9-10 Student: _ This quiz...

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Quiz#6:Chapter9-10 Student: ___________________________________________________________________________ This quiz includes 30 multiple choice questions. You have 20 minutes. Good luck. BE SURE TO WRITE YOUR NAME CLEARLY AND MAKR YOUR ANSWER WITHOUT CONFUSION. 1. The Federal Housing Administration insures payment of A.a discount. B.a broker's commission. C.loan principal. D.loan points for the lender. 2. On default of a VA-guaranteed loan, the VA will pay the A.lender's loss. B.remaining mortgage balance. C.down payment. D.property's market value. 3. Which of the following documents is used with a Cal-Vet loan? A.trust deed B.grant deed C.sheriff's deed D.land contract 4. An installment sales contract is also called a sales contract or A.terminable contract. B.voidable contract. C.land contract. D.temporary contract. 1
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5. The transfer of existing mortgages between investors is the A.primary mortgage market. B.secondary mortgage market. C.government-backed loans. D.extended credit programs. 6. The interest rate on Cal-Vet loans A.never changes. B.changes monthly. C.may change annually. D.depends on the CPI. 7. A one-time payment to FHA at closing is the A.mortgage insurance premium. B.loan interest rate. C.escrow fee. D.recording fee. 8. The credit extended by seller to buyer is a A.purchase money mortgage. B.mechanic's lien. C.conventional loan. D.secondary market loan. 9. Which of the following generally does not require a down payment? A.FHA-insured loan B.Cal-Vet loan C.VA-guaranteed loan D.loan from a conventional lender 10. RESPA requirements do not apply to A.FHA-insured loans. B.VA-guaranteed loans. C.commercial loans. D.conventional loans. 2
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11. Five different graduated payment mortgages are approved by A.FHA. C.Cal-Vet. B.VA. D.GNMA. 12. A veteran can have a home loan guaranteed by A.FHA. C.Cal-Vet. B.VA. D.FNMA. 13. For an existing structure, the maximum FHA mortgage loan term is A.15 years and 32 days. B.25 years. C.30 years. D.35 years. 14. Cal-Vet loans are not available for A.single-family homes. B.manufactured homes. C.working farms. D.commercial properties. 15. Four discount point will increase a lender's effective yield by approximately A.1/4 percent. B.1/8 percent. C.1/2 percent. D.4 percent. 16. Which of the following provides the best protection? A.abstract of title B.guarantee of title C.certificate of title D.title insurance policy 3
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17. Which of the following could not be an escrow holder? A.selling broker
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This note was uploaded on 02/23/2010 for the course FIN 81824 taught by Professor Mcgrath during the Winter '09 term at CSU San Bernardino.

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Quiz_6Chapter9-10 - Quiz#6:Chapter9-10 Student: _ This quiz...

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