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.   $417,000
B.   $36,000
C.   $104,250
D.   $144,000
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.   Are within VA guarantee limits
B.   Don't exceed the original loan value
C.   Don't exceed the CRV
D.   Are from the same lender
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 certificate of resale value
B.   A certificate of reasonable value
C.   An appraisal report
D.   A home inspection
Question #4
A lender qualifies a borrower for a VA loan based on ______.
A.   Credit score and debt-to-income
B.   Residual income and debt-to-income
C.   Housing ratio and debt-to-income
D.   Gross income and credit score
Question #5
Which of the following is a requirement to qualify for a VA loan?
A.   Sufficient income
B.   $10,000 in liquid assets
C.   Homeowner education classes
D.   Credit score of 620 or higher
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 can either pay it separately or roll it into the cost of the loan.
B.   She won't be required to pay it since she made a large down payment.
C.   She's required to pay it unless she's disabled.
D.   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.
Question #7
Veterans using the ______ program aren’t required to submit a COE, get a new appraisal, or verify income.
A.   Cash-Out Refinance
B.   Interest Rate Reduction Refinance
C.   Streamline Refinance
D.   VA Guaranteed Loan
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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