After borrower Study guides, Class notes & Summaries

Arizona Life Insurance Exam Questions and Answers (Latest Update 2023) Verified Answers a whole life policy that provides a choice of dividend options include the following statement about dividends they accrue at a guaranteed rate they are deferred for one year they are not guaranteed they are guaranteed after the first year - Correct Answers they are not guaranteed When there is a named beneficiary on a life insurance policy, the death benefits 1. are directed to a trustee ...

NMLS Test Outline Questions and Answers Already Passed RESPA disclosures? due dates? 3 days after application: Home loan tool kit Loan estimate List of HUD counselors Mortgage Servicing Disclosure Statement Know before you owe booklet Special Info Booklet 3 days before consummation: Initial Closing Disclosure AfBA disclosure At consummation: Final Closing Disclosure Initial Escrow Statement (45 days after closing) After closing: Annual Escrow Statement Servicing Transfer Statement (sen...

Which law ensures lenders use an annual percentage rate (APR) so that the borrowers have the information they need to make informed comparisons? Correct Answer: Regulation Z Which law ensures that some borrowers have the right of rescission for three business days after a loan contract is signed? Correct Answer: Regulation Z While it is unlawful to consider race when underwriting a loan, what federal legislation requires that this information be included on the loan application? Correct ...

A home is being purchased for $275,000. The buyer agrees to an 80% loan with the seller paying $5,000 of the buyer's closing costs. What amount will the ... - $55,000 A national company desires a parcel of land which must be four times the size of its proposed building. If the building design includes 20,000 square feet .... - B) 2 acres A salesperson is convicted of a crime which involved activities as a real estate licensee. The Commission obtains a certified copy of the .... Acco...

CHAPTER 3 Mortgage Loan Foundations: The Time Value of Money TRUE/FALSE 1. In order to solve a compounding problem, you must know all four of the variables in order to solve for the fifth variable. (T) 2. One way to calculate the present value of a single payment is with the following formula: PV = FV * (1+i)n. (F) 3. At 6%, the present value of a $1 payment in 12 months is .. At 7%, the present value of a $1 payment in 12 months is .. (F) 4. The future value of $800 deposited ...

What is the 1st offense penalty for engaging in the practice of residential building without a license? - Answer Not less than $5K and not more than $25K and/or 1 year What is the penalty for engaging in the practice of residential building, resulting in a death? - Answer Not less than $5K and not more than $50K and/or 4 years On your individual builder's license application, what should you write as your "business address"? - Answer Your personal address What is the cost of the indi...

Title Theory (Ans- lender owns, borrower has equitable title Hypothecation (Ans- pledging property as collateral for a loan without giving up possession Mortgagee (Ans- Lender Mortgagor (Ans- borrower Non Judicial foreclosure (Ans- *CO: Public trustee has power to foreclose 1.Lender complains 2. Notice given 3. trustee sells after 125 days Strict foreclosure (Ans- No sale. Full legal title given to lender, loss of equity for borrower Judicial foreclosure (Ans-...

Which federal law requires that the Loan Estimate be provided to the borrower within three business days of the time of loan application is taken? - TILA What type of scam entails homeowners who are encouraged to refinance their property over and over until little or no equity remains? - Loan flipping or churning After a loan closing, funds are disbursed. When are the funds disbursed for an owner-occupied, residential refinance? - After 3 business-day rescission period What is the adjustab...

The preferred debt-to-income ratio for applicants for VA loans is: A. 35% B. 43% C. 50% D. 41% - Answer- D. 41% When would a license be suspended without a hearing? A. If a licensee fails to renew B. If a licensee fails to request a hearing with the state regulator C. If a licensee has failed to complete pre-licensing requirements D. If a licensee has already executed a right to a hearing for a previous violation - Answer- B. If a licensee fails to request a hearing with the state reg...

National Real Estate Exam - Guide to Pearson Vue Book, Question sections coverage. Rated A+. Verified. An estate for years - -The phrase definite duration refers to: A periodic tenancy - -A lease that automatically renews itself, in the absence of notice, is: $66,666 - -A man just sold a condo for $80,000. This gave him a 20% profit on what he paid. What did the man pay? $80,000/1.20 Signed by the grantor - -A requirement of a valid deed is that the deed be: The Truth In Lending...