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

Need help with your exam preparation?

Existing Quiz Clients Login here
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 his credit rating hasn't changed
B.   That her commission amount is accurate
C.   That the lender's logo is at the top of every page
D.   That the borrower and seller names, the property address, and the sales price are accurate and spelled correctly
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.   Interest rate
C.   Closing costs
D.   Loan amount
Question #4
Page four of the Closing Disclosure includes consumer education about ______.
A.   APR calculations
B.   Foreclosure
C.   The use of an escrow account
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.   Let me know immediately if you have any questions about it
B.   Bring any questions you have about it to the closing so we can discuss them with your lender
C.   Contact your lender immediately if you find errors or have any questions
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.   An amortization table
B.   The use of an escrow account
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.   Listed according to who paid them: the borrower, seller, or lender
B.   Rounded to the nearest dollar
C.   Displayed as a percentage of the total loan amount
D.   Listed according to who paid them: the borrower, seller, or other
Question #8
Which of the following is part of the Other Disclosures section?
A.   Questions
B.   Liability After Foreclosure
C.   Total Interest Percentage
D.   Confirm Receipt

Need help with your exam preparation?

Existing Quiz Clients Login here