7. Pre-Test M/C
10 Questions
0 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What costs paid by the buyer aren't included in the finance charge?

  • Title insurance fees
  • Appraisal fees
  • Lender fees (correct)
  • Credit report fees
  • Which loan feature might enable buyers to qualify for a larger loan amount?

  • Adjustable interest rate
  • Short loan term (correct)
  • Low loan-to-value ratio
  • Fixed interest rate
  • What is included in the finance charge?

  • Discount points
  • Interest
  • Title insurance fees (correct)
  • Credit report fees
  • What is considered an asset for an applicant?

    <p>Credit card debt</p> Signup and view all the answers

    When is an interest rate guaranteed for a certain period?

    <p>At loan origination</p> Signup and view all the answers

    What information does the Uniform Residential Loan Application ask about?

    <p>$20,000 in credit card debt</p> Signup and view all the answers

    What does a 15-year loan term do to a buyer's buying power?

    <p>Reduce it</p> Signup and view all the answers

    What tax-related document does the buyer pay himself?

    <p>Escrow account statement</p> Signup and view all the answers

    What is the main role of an escrow agent in a real estate transaction?

    <p>To hold money and documents on behalf of the buyer and seller until the transaction is ready to close</p> Signup and view all the answers

    What is the term for the interest paid at closing for the period between the closing date and the end of the month in which closing occurs?

    <p>Interim interest</p> Signup and view all the answers

    More Like This

    Construction Loan Overview
    10 questions

    Construction Loan Overview

    TriumphantMoscovium avatar
    TriumphantMoscovium
    Construction Loan Overview
    12 questions
    7. Pre-Test T/F
    10 questions

    7. Pre-Test T/F

    MarvellousFeynman avatar
    MarvellousFeynman
    Use Quizgecko on...
    Browser
    Browser