CA Real Estate Finance Course » 2021 » Sec 7 Unit 3 Exam

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Question #1
Denzel’s loan payments have been reduced because his lender agreed to extend the amortization schedule stated on his note. This is the result of a ______.
A.   Carryback loan
B.   New home equity loan
C.   Loan modification agreement
D.   Refinance
Question #2
Stephanie was having trouble making her mortgage payments. Now her payments are lower than they were, and she’s able to pay them each month. This is because her lender ______.
A.   Is preparing to foreclose and doesn't care if her loan is in default
B.   Told her to pay whatever she could afford
C.   Is supplementing her payments with a grant fund
D.   Gave her a loan modification
Question #3
Suzy has lost her job and wasn’t able to make last month’s mortgage payment. How is her lender most likely to help Suzy stay in her home?
A.   Foreclosing on her loan
B.   Agreeing to modify her loan
C.   Giving her a job at its bank
D.   Enrolling her in a home loan forgiveness program
Question #4
Which of the following is one a way a loan may be modified when a borrower is having difficulty making payments?
A.   Extend the amortization schedule.
B.   Replace the maker of the promissory note with a new borrower.
C.   Get the bank to write off a portion of the principal amount.
D.   Use some of the insurance money for the mortgage.

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