CA Real Estate Principles Course » 2021 » Section 14 Unit 2 Exam
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Question #1
What's a reserve fund?
A.
The amount of money a bank reserves for mortgage lending
B.
An account brokers use to pay commissions to licensees
C.
A specified number of months' worth of property tax and insurance funds that have been set aside
D.
The amount of money lenders keep on hand
Question #2
What often comprises the sum total of a buyer’s mortgage payment?
A.
Principal and taxes
B.
Principal, interest, and taxes
C.
Principal and interest
D.
Principal, interest, taxes, and insurance
Question #3
Who or what determines the amount that can be set aside in reserve funds?
A.
Borrowers
B.
Lenders
C.
Federal regulations
D.
Builders
Question #4
A reserve fund may also be called a(n) ______ account.
A.
Escrow
B.
Additional
C.
Insurance
D.
Taxable
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