CA Real Estate Finance Course » 2021 » Sec 8 Unit 5 Exam

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Question #1
The VA loan program offers a basic entitlement amount of ______.
A.   $144,000
B.   $36,000
C.   $417,000
D.   $104,250
Question #2
A second mortgage on property secured by a VA loan is acceptable under certain conditions, one of which is that the first and second mortgage liens ______.
A.   Don't exceed the CRV
B.   Are from the same lender
C.   Are within VA guarantee limits
D.   Don't exceed the original loan value
Question #3
Cathy is hoping to purchase a home using a VA loan. A VA-assigned real estate appraiser is required to provide ______ for the property.
A.   A home inspection
B.   An appraisal report
C.   A certificate of resale value
D.   A certificate of reasonable value
Question #4
A lender qualifies a borrower for a VA loan based on ______.
A.   Residual income and debt-to-income
B.   Credit score and debt-to-income
C.   Gross income and credit score
D.   Housing ratio and debt-to-income
Question #5
Which of the following is a requirement to qualify for a VA loan?
A.   Homeowner education classes
B.   $10,000 in liquid assets
C.   Credit score of 620 or higher
D.   Sufficient income
Question #6
Marissa is obtaining a VA loan, and she's decided to place 20% down. What's her responsibility for paying the VA loan funding fee?
A.   She won't be required to pay it since she made a large down payment.
B.   She will need to place the funding fee in escrow for the first year. If she doesn't default in that time, it will be refunded to her.
C.   She can either pay it separately or roll it into the cost of the loan.
D.   She's required to pay it unless she's disabled.
Question #7
Veterans using the ______ program aren’t required to submit a COE, get a new appraisal, or verify income.
A.   VA Guaranteed Loan
B.   Streamline Refinance
C.   Cash-Out Refinance
D.   Interest Rate Reduction Refinance
Question #8
Sylvia is shopping for a mortgage. Because she’s a veteran, she compares the VA home loan with the 3.5% down FHA mortgage. If she has only $5,000 available in cash, with all else being equal, which loan will allow her to spend more on a home?
A.   The FHA loan
B.   The VA loan
C.   Sylvia can't be approved for either loan with only $5,000 in cash.
D.   Both loans have the same features, so she could purchase at the same price with either loan.

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