Chapter10Quiz

Chapter10Quiz - Principles of California Real Estate...

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Principles of California Real Estate Chapter 10 Quiz 1. Which of the following documents would be used when a veteran purchases a home through the California Veterans Farm and Home Purchase Plan? A. Deed of trust B. Mortgage C. Special warranty deed D. Land contract of sale 2. A buyer assumes an FHA loan with the lender's approval, by paying the seller's equity in cash and a $300 fee. What is this fee called? A. An origination fee B. Discount points C. An assumption fee D. A lock-in fee 3. Which of the following is not a cost of owning a home? A. Amortization B. Deferred maintenance C. Depreciation D. Loss of income from investment of capital 4. Which of the following topics would a lender be least concerned with in assessing the risk posed by potential borrowers? A. Wife's part-time income B. Couple's total liabilities C. Husband's overtime earnings D. Wife's credit history 5. Which of the following is a unique feature of VA-guaranteed loans? A. The downpayment is determined by the Certificate of Reasonable Value (Notice off Value) B. The downpayment does not have to be more than 3% of the sale price
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Chapter10Quiz - Principles of California Real Estate...

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