CA Real Estate Finance Course » 2021 » Sec 4 Unit 7 Exam

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Question #1
Cassie is helping her buyer client, Gus, prepare for closing. What should she encourage him to verify as soon as he receives the form?
A.   That the borrower and seller names, the property address, and the sales price are accurate and spelled correctly
B.   That his credit rating hasn't changed
C.   That the lender's logo is at the top of every page
D.   That her commission amount is accurate
Question #2
Victor is a buyer reviewing the Closing Disclosure he received from his lender. On the last page of the form, he sees a signature line. By signing the form, Victor has ______.
A.   Consummated the loan
B.   Refused to accept the terms of the loan
C.   Confirmed receipt of the Closing Disclosure
D.   Agreed to share information about the loan with government regulators
Question #3
Which of the following could be different from the amount on the initial Loan Estimate and can impact the monthly payment?
A.   Prepayment penalty
B.   Loan amount
C.   Interest rate
D.   Closing costs
Question #4
Page four of the Closing Disclosure includes consumer education about ______.
A.   Foreclosure
B.   The use of an escrow account
C.   APR calculations
D.   Refinancing
Question #5
Cassie is helping her buyer client, Gus. As they discuss preparations for closing, she cautions Gus, “Make sure you review the Closing Disclosure as soon as you receive it and ______."
A.   Contact your lender immediately if you find errors or have any questions
B.   Bring any questions you have about it to the closing so we can discuss them with your lender
C.   Let me know immediately if you have any questions about it
D.   Contact your attorney immediately if you find errors or have any questions
Question #6
Page four of the Closing Disclosure lists specific disclosures about the loan, such as the penalty for late payments, whether a demand feature applies, whether the loan can be assumed, and ______.
A.   The use of an escrow account
B.   An amortization table
C.   Refinancing options
D.   The total interest percentage amount
Question #7
Closing costs are itemized on page two of the Closing Disclosure, and all amounts are ______.
A.   Displayed as a percentage of the total loan amount
B.   Rounded to the nearest dollar
C.   Listed according to who paid them: the borrower, seller, or other
D.   Listed according to who paid them: the borrower, seller, or lender
Question #8
Which of the following is part of the Other Disclosures section?
A.   Questions
B.   Confirm Receipt
C.   Total Interest Percentage
D.   Liability After Foreclosure

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