Real Estate 101 - Real Estate Principles » Fall 2021 » Chapter 10 Quiz
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Question #1
Which of the following is NOT considered a “demand area” for borrowing money?
A.
Demolition
B.
Refinancing
C.
Purchases
D.
New construction
Question #2
The greatest source of shopping center financing is:
A.
savings banks.
B.
life insurance companies.
C.
mortgage bankers.
D.
banks.
Question #3
The measure of the total value of production (goods and services) in the U.S. is called the:
A.
FED.
B.
GDP.
C.
APB.
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.
none of the answers are correct
B.
Mortgage bankers
C.
Real estate investment trusts (REITs)
D.
Pension plans
Question #5
Which of the following is considered an institutional lender?
A.
Private individual
B.
Bank
C.
Credit union
D.
Mortgage company
Question #6
Of the following government backed loans, which is insured?
A.
VA
B.
FHA
C.
None of the answers are correct
D.
CalVet
Question #7
When the general level of prices decreases:
A.
consumer confidence decreases.
B.
inflation increases.
C.
the value of money decreases.
D.
the value of money 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.
Soft money
B.
Equity
C.
Collateral
D.
Loan-to-value
Question #10
Banks in California are insured by the:
A.
CalVet.
B.
FHLMC.
C.
FSLIC.
D.
FDIC.
Question #11
In addition to the FHA, a mortgage loan may be insured by:
A.
a private mortgage insurance (PMI).
B.
VA.
C.
GNMA.
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.
collateral percentage.
B.
GDP.
C.
loan-to-value ratio (LTV).
D.
equity ratio.
Question #13
FHA and VA requirements that are often more restrictive than the building codes are called:
A.
REITs
B.
PMIs
C.
MMIPs
D.
MPRs
Question #14
FHA backed loans are protected by:
A.
FDICs.
B.
none of the answers are correct.
C.
Mortgage Insurance Premiums (MIPs).
D.
MPRs.
Question #15
The term that best describes a construction loan is a(n):
A.
interim loan.
B.
permanent loan.
C.
bad risk loan.
D.
purchase loan.
Question #16
Which of the following requires NO cash down payment on loans up to $679,650 in some areas of California?
A.
CHFA
B.
FHA
C.
VA
D.
CalVet
Question #17
A property, to be purchased by a veteran, must have what type of appraisal?
A.
FHA
B.
CRV
C.
DMV
D.
None of the above
Question #18
In a seller’s market, decreased supply and increased demand causes:
A.
prices to stay the same.
B.
prices to decrease.
C.
interest rates to fall.
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.
2 business days
B.
3 business days
C.
1 business day
D.
3 hours
Question #20
The lower the loan-to-value ratio, the greater the:
A.
term.
B.
down payment.
C.
loan.
D.
interest.
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