Study guides, Class notes & Summaries

Champions Real Estate Finance Exam (2024/ 2025) 100% Correct Questions and Verified Answers| Grade A Q: The money that mortgage companies use to make loans come from the sale of ________, which is considered a business transaction, not a savings account deposit procedure. Answer: Bonds Q: Government entities regularly sell bonds to Answer: Fund major capital investments Q: Advantage of municipal bonds is Answer: That the interest paid to investors is not subj...

Champions Real Estate Finance Q&A- 2024 Loan-to-Value Ratio (LTV) - ️️ - The percentage of the lesser of the appraised value or sales price that the lender will lend. ex: If a borrower is approved for an 80% loan, it means that the lender will loan up to 80% of the sales price or appraised value, whichever is lower. Package Mortgage - ️️ - Includes both real and personal property ( fixtures and furnishings) Blanket Mortgage - ️️ - Covers more than one piece of property. Wrapa...

The percentage of the lesser of the appraised value or sales price that the lender will lend. ex: If a borrower is approved for an 80% loan, it means that the lender will loan up to 80% of the sales price or appraised value, whichever is lower. - Answer-Loan-to-Value Ratio (LTV) Includes both real and personal property ( fixtures and furnishings) - Answer-Package Mortgage Covers more than one piece of property. - Answer-Blanket Mortgage Method of financing which preserves the low, existing ...

Which of these is not among the generally reliable market source for home finance? - Answer Inheritance An amortized loan is best described by which of the following? - Answer One that is paid off with a fixed schedule in regular installments over time. Which of these is not one of the four phases of the real estate cycle? - Answer Demand Investment products (such as securities) are purchased and/or exchanged in the: - Answer 1. Primary market 2. Secondary market Which of th...

Loan-to-Value Ratio (LTV) - Answer The percentage of the lesser of the appraised value or sales price that the lender will lend. ex: If a borrower is approved for an 80% loan, it means that the lender will loan up to 80% of the sales price or appraised value, whichever is lower. Package Mortgage - Answer Includes both real and personal property ( fixtures and furnishings) Blanket Mortgage - Answer Covers more than one piece of property. Wraparound Mortgage - Answer Method of ...

_____ is the consummation of a contractual real estate transaction in which all appropriate documents are signed, and the mortgage loan proceeds are disbursed by the lender. - Answer Closing The primary determinants of real estate values are supply and _____. - Answer Demand _____ is something of value that can be pledged as security for repayment of a loan. - Answer Collateral Servicing includes which of the following activities? - Answer Maintaining records of payment The m...

mortgage Broker - Answer Functions as a middleman between the borrower and the lender, negotiating, selling or arranging loans to be delivered to large investors Mortgage Banker - Answer Provide their own funds for the purpose of providing mortgage financing Correspondent Lender - Answer Smaller in scale then mortgage bankers or brokers, these lenders typically extended loans with their own funds at their own risk Origination - Answer The process of creating a new mortgage loan ...

Buyer Representation Agreement - Answer An employment contract obligating a broker to act as a fiduciary to a buyer Implied Agency - Answer Agency as a result of customary, usual or typical conditions Broker - Answer A properly licensed party who serves a principal in an agency relationship- also called an agent Client - Answer A party represented by a broker in an agency relationship - also called a principal Duties of an Agent - Answer An agent owes his client obedience, ...

Origination - Answer The process of creating a new mortgage loan, including all steps taken by a lender to attract and qualify a borrower Credit reports will be ordered, in most cases from all three major national credit reporting agencies: - Answer Experian, Equifax, and TransUnion Not all creditors will report to all three, they will - Answer Each reporting agency will report a different credit score for the borrower Underwriting - Answer The detailed process of evaluating a b...

personal property that is often included with real estate is called - Answer chattel a fuidciary relationship is - Answer a personal with a relationship of finanical trust, a special agency reglationship The federal reserve is empowered to - Answer Set, oversee and contraol an estates that remains for the life of the estate is the - Answer life estate the first bank was - Answer the bank of the united states The federal reserve system overseend by - Answer Board of Gov...

The minimum downpayment on a VA loan is: (a) 2% of the sales price (b) 0% of the sales price (c) 3.75% of the sales price (d) 1% of the sales price - Answer B _________ is the process of creating a new mortgage loan. (a) Origination (b) Funding (c) Underwriting (d) Servicing * - Answer A A veteran can have more than one VA loan: