FREE AND STUDY GAMES ABOUT REAL ESTATE EXAM

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FREE AND STUDY GAMES ABOUT REAL ESTATE EXAM

QUESTIONS

Actual Qs and Ans Expert-Verified Explanation

This Exam contains:

-Guarantee passing score -155 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation

Question 1: Under the intermediate theory approach to hypotheation of mortgaged

property, the legal title is normally held by the

Answer:

borrower Question 2: A loan in which the lender offers the borrower favorable loan terms in exchange for a share of the appreciation from the property when it is sold is called a ______loan

Answer:

shared equity Question 3: The places where lenders originate loans are collectively called the _______ mortgage market

Answer:

primary Question 4: In a trust deed, the clause which is included to provide for non-judicial foreclosure is the _____ clause

Answer:

power-of-sale

Question 5: At the time a loan is originated, the owner's equity is equal to the

Answer:

down payment Question 6: When a deed of trust is used to secure a note for real property, the title is held by the

Answer:

trustee

Question 7: An FHA loan may be assumed without qualifying

Answer:

in some cases only

Question 8: Bonds for real estate purposes can be issued by

Answer:

municipalities Question 9: Prior to the Depression in the 1930's, most residential real estate loans were_______loans

Answer:

straight

Question 10: The word "alienate" means

Answer:

to transfer

Question 11: Fannie Mae is a

Answer:

federally chartered private organization overseen by the federal government Question 12: Foreclosure without court action requires that the mortgage contain a _____clause

Answer:

power-of-sale

Question 13: With an amortized loan, the amount of the principal in successive payments

Answer:

increases Question 14: An amortized loan under which the payments are set low originally and gradually increase over the first few years of the loan is called a _____loan

Answer:

graduated payment Question 15: The document by which a borrower verifies the amount still owed on a loan and the interest rate is called the certificate of

Answer:

estoppel

Question 16: The names of the parties to a mortgage must included

Answer:

both parties Question 17: The type of lender whose real estate loans are primarily construction loans is a

______

Answer:

commercial bank

Question 18: At closing, title insurance that protects the borrower is

Answer:

available at the buyer's option Question 19: The difference between the market value and the outstanding principal balance on any loans against the property is called the owner's

Answer:

equity Question 20: A real estate loan which also includes a provision for an installment payment on some article of personal property is called a ______loan

Answer:

package

Question 21: The clause in a mortgage which conveys legal title to the property to the lender is the ________ clause

Answer:

granting Question 22: A mortgage in which the seller prepays interest on the buyer's behalf is called a ______loan

Answer:

buydown

Question 23: Compared to straight loans, amortized loans were made for

Answer:

longer periods of time Question 24: The document completed by a lender that shows how much of a loan remains to be paid is called the certificate of

Answer:

reduction

Question 25: A term loan is also called a ______loan

Answer:

straight Question 26: The maximum amount the interest rate on an adjustable rate loan can increase in one adjustment period is called the

Answer:

periodic interest rate cap Question 27: The final payment on a partially amortized loan is called a _____payment

Answer:

balloon Question 28: The type of loan on which only interest is paid during the term of the loan is called a ___loan

Answer:

term