Real Estate 101 - Real Estate Principles » Fall 2021 » Chapter 10 Quiz
Need help with your exam preparation?
Get Answers to this exam for $6 USD.
Get Answers to all exams in [ Real Estate 101 - Real Estate Principles ] course for $25 USD.
Existing Quiz Clients Login here
Question #1
Which of the following is NOT considered a “demand area” for borrowing money?
A.
Refinancing
B.
Demolition
C.
Purchases
D.
New construction
Question #2
The greatest source of shopping center financing is:
A.
life insurance companies.
B.
savings banks.
C.
banks.
D.
mortgage bankers.
Question #3
The measure of the total value of production (goods and services) in the U.S. is called the:
A.
APB.
B.
FED.
C.
GDP.
D.
VOP.
Question #4
Which lenders usually lend their own money so they can originate, finance, and close first trust deeds or mortgages secured by real estate?
A.
Pension plans
B.
Real estate investment trusts (REITs)
C.
none of the answers are correct
D.
Mortgage bankers
Question #5
Which of the following is considered an institutional lender?
A.
Bank
B.
Credit union
C.
Private individual
D.
Mortgage company
Question #6
Of the following government backed loans, which is insured?
A.
VA
B.
None of the answers are correct
C.
CalVet
D.
FHA
Question #7
When the general level of prices decreases:
A.
the value of money decreases.
B.
consumer confidence decreases.
C.
the value of money increases.
D.
inflation increases.
Question #8
In addition to a broker’s license, what type of endorsement must a broker have to sell promissory notes or sales contracts?
A.
Fannie Mae (FNMA)
B.
Real Property Securities Dealer (RSPD)
C.
Real Estate Investment Trust (REIT)
D.
All answers are correct
Question #9
What term refers to the amount left after deducting what is owed on a property from the market value of the property?
A.
Equity
B.
Loan-to-value
C.
Soft money
D.
Collateral
Question #10
Banks in California are insured by the:
A.
CalVet.
B.
FSLIC.
C.
FDIC.
D.
FHLMC.
Question #11
In addition to the FHA, a mortgage loan may be insured by:
A.
GNMA.
B.
a private mortgage insurance (PMI).
C.
VA.
D.
all of the above.
Question #12
The percentage of the appraised value that the lender will loan the borrower to purchase a property is called:
A.
GDP.
B.
equity ratio.
C.
collateral percentage.
D.
loan-to-value ratio (LTV).
Question #13
FHA and VA requirements that are often more restrictive than the building codes are called:
A.
MMIPs
B.
PMIs
C.
MPRs
D.
REITs
Question #14
FHA backed loans are protected by:
A.
MPRs.
B.
FDICs.
C.
none of the answers are correct.
D.
Mortgage Insurance Premiums (MIPs).
Question #15
The term that best describes a construction loan is a(n):
A.
bad risk loan.
B.
purchase loan.
C.
permanent loan.
D.
interim loan.
Question #16
Which of the following requires NO cash down payment on loans up to $679,650 in some areas of California?
A.
VA
B.
CalVet
C.
FHA
D.
CHFA
Question #17
A property, to be purchased by a veteran, must have what type of appraisal?
A.
DMV
B.
FHA
C.
CRV
D.
None of the above
Question #18
In a seller’s market, decreased supply and increased demand causes:
A.
interest rates to fall.
B.
prices to decrease.
C.
prices to stay the same.
D.
prices to rise.
Question #19
How much time, after the buyer signs the loan application, does the lender have to provide a good faith estimate of closing costs (RESPA requirement)?
A.
1 business day
B.
2 business days
C.
3 hours
D.
3 business days
Question #20
The lower the loan-to-value ratio, the greater the:
A.
down payment.
B.
term.
C.
interest.
D.
loan.
Need help with your exam preparation?
Get Answers to this exam for $6 USD.
Get Answers to all exams in [ Real Estate 101 - Real Estate Principles ] course for $25 USD.
Existing Quiz Clients Login here