KEY REALTY EXAM ACTUAL QUESTIONS AND

KEY REALTY EXAM (ACTUAL / ) QUESTIONS AND

VERIFIED CORRECT ANSWERS

Which of the following organizations fund loans with their own

funds and then usually sells the loan on the secondary market:

mortgage banker

A conventional conforming lending program:

based on borrowers ability to repay

Which of the following lending programs requires a DD-214,

Certificate of Eligibility, and owner occupied:

VA loan

What is PMI?What is PMI An appraisal Same as MIP Same as Funding Fee None of the above

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none of the above

Which of the following do lenders set:

interest rate

What is it called when mortgage bankers bundle loans and sell

to the secondary market:

intermediary funding?

GNMA, known as Ginnie Mae:

buys FHA and VA loans

Which program requires the real property to be owner

occupied and must carry a prepayment penalty:

FHA

A non-recourse loan states that:

a lender can foreclosure, but cannot hold borrower liable

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Mutual Savings Banks:

Have no stockholders and operate for the benefit of their depositors

A $100,000 purchase with 20% down has an LTV of:

80%

Which of the following would be another word for a settlement

statement:

HUD-1

A note on a mortgage or trust deed assumption would be a:

credit to buyer

To payoff an existing mortgage, it would be placed in which

column on the settlement statement:

debit to seller

Any claim that might impair the title is called a:

cloud

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