1.Which of the following types of loans are made only to individuals who intend to occupy the property as a personal residence?

Group of answer choices

VA

Conventional

Purchase money

Jumbo

2.Private mortgage insurance (PMI):

Group of answer choices

Makes the mortgage payments in the event the borrower becomes disabled

Is paid for by the lender

Pays the loan off if the Borrower dies

Insures the lender for the top portion of the loan

3.A secondary mortage market is where:

Group of answer choices

Existing lenders sell to other lenders and investors

A seller carries a junior trust deed

The supply of funds available for real estate loans is decreased

4.A Seller's Financial Disclosure Statement must be signed by the:

Group of answer choices

Seller

Buyer

Broker

All of the above

5.The ultimate source of all loan funds is:

Group of answer choices

Taxes

Government spending

Transfer payments

Savings

6.A real estate promissory note that reads $200,000 principal payable interest only monthly at a rate of 4% is what type of promissory note?

Group of answer choices

Straight

Installment

Principal and interest

Accommodation

7.In an ARM loan, the distance between the borrower's rate and the index is called the:

Group of answer choices

Cap

Adjustment

Margin

Teaser

8.An owner sells and the buyer takes over the existing loan. To relieve the seller of primary liability, the buyer must:

Group of answer choices

Sign a non-recourse agreement

Take the loan contingent upon the note and trust deed

Take title subject to the note and trust deed

Assume the note and trust deed

9.The Fair Credit Reporting Act requires that, if a loan is denied, the lender or mortgage broker must:

Group of answer choices

Give applicant a statement of denial reasons

Include the name of the federal agency that can be contacted if the applicant feels discriminated against

If denial is based on information contained in the applicant'scredit report, inform the applicant of therightto receive a free copy of the report, and how to do so

All of the above

10.Bai Wright is borrowing money to buy some land, and he plans to build a home on the property later on. To ensure that he will be able to get a construction loan when the time comes, Bai should make sure the mortgage he executes for the loan includes a/an:

Group of answer choices

Lien waver

Subordination clause

Acceleration clause

Wraparound clause

11.A real estate promissory note reads "$887.50 per month for 239 payments, then a final monthly payment of $3,011.19." This is an example of a/an:

Group of answer choices

Alienation payment

Prepayment

Balloon payment

Amortized payment

12.An enforceable due-on-sale clause is correctly called a/an:

Group of answer choices

Acceleration clause

Alienation clause

Wrap around clause

Prepay clause

13.Zoning is a:

Group of answer choices

Land-use control

Division of land into districts

Planning tool

All of the above

14.The Connecticut case, Kelo vs. New London, was decided by a U.S. Supreme Court ruling which had an impact on:

Group of answer choices

How foreclosures should be conducted

Whether or not a partition action can be taken

How private property can be taken to further economic development

How filing for bankruptcy will stop foreclosure

15.Passive activity loss rules apply to:

Group of answer choices

Vacant land

Principal residences

Rental real estate

None of the above

16.TheCALIFORNIAlaw that makes it unlawful for private parties to illegally discriminate is the:

Group of answer choices

Fair Housing Act

Unruh Act

Rumford Act

Housing Financial Discrimination (Holden) Act

17.Real estate offices are directly affected by which state anti-discrimination law?

Group of answer choices

Rumford Act

Unruh Civil Rights Act

Holden Act

Civil Rights Act of 1968