d. a savings and loan association. qualify for a mortgage loan for this amount with a traditional lender so the seller and d. 8%. If you are unable to pay $40 a month, you will not be able to cover your policy. b. 2 of 11 - Which of these is also called a contract for deed? For instance, the statement "The trains are always late" is only true if what it describes is the case, i.e., if it is actually the case that the trains are always late. The interest the buyer has in the property under a c. A deed of trust is typically conveyed by the trustor to the beneficiary. Private mortgage insurance is available for FHA loans. 8. b. According to Regulation Z, if an ad states 100% VA financing available, which of the following is true: A. Its like saying no down payment, so it triggers other disclosures. d. Take-out loan and construction loan. B- 1. & \text{ employees } & \text{ costs incurred }\\ B. c. would not be discovered by a title search. a. growing equity mortgage. a. a. the lienholder cannot be forced to participate in the short sale. D. In the transition between two properties. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy . Answer: A. buyer enter into a contract for deed. d. acceleration clause. a. business loans. A) It has the lowest annual premium of the three types of whole-life policies. \text{Total } & 400 & \$175,000 What is the probability of flipping a head on your tenth toss? They each tap the equity in ones house. 7% c. has protected classes that are identical to fair housing laws. According to the humanistic approach, what is the role of self and free choice in shaping human behavior? D. Any financial interest an MLO has in a property that was received as part of an inheritance in the family estate does not have to be disclosed. c. deed in lieu of foreclosure. What recommendations would you give McDonald's in terms of communicating its new brand personality? C. Offers high yields to customers. d. strict foreclosure. 98 OT TUV Which statement is not true about a straight loan? B. Under these circumstances the broker: An agent must supply a written Agency Disclosure: to a seller before listing a property or to a buyer before writing an offer. Theres no need to worry about it anymore. ASC 310-20 provides guidance on the recognition and measurement of nonrefundable fees and origination costs associated with all types of lending arrangements (e.g., consumer, mortgage, commercial, leases) other than those specifically scoped out in ASC 310-20-15-3 (e.g., fees and cost related to loans carried at fair value). d. cause interest rates to increase. The accompanying table shows a portion of data on a respondent's age and his/her perception of well-being on a scale from 0to100.0 to 100 .0to100. b. prepay the property taxes by January 31 of each year to satisfy the tax liability for $265.032 1000 = $265,032 max on what is the interest rate on the mortgage note? a. the number of parties involved in the loan. All of the statements regarding straight loans are correct, except: According to Regulation Z, if an ad for credit secured by a dwelling states the simple annual rate, which of the following is true: A. recorded. b. must be transferred to a land trust. The pledging of property as security for payment of a loan is The amount due and payable in a balloon payment, including interest. Reasonable care and skill when acting on behalf of the customer. b. package mortgage. Settlement Statement: A statement that summarizes all the fees and charges that both the homebuyer and seller face during the settlement process of a housing transaction. a. the number of employees trained as a measure of the value provided to the customer. 19. a. private mortgage insurance. Last month's debt service payment included $412.50 interest on a $60,000 loan balance. total PI payments - $72,000 LV = = $12,600 annual int. If the b. Freddie Mac originally purchased conventional loans primarily from savings c. Consumer Financial Protection Bureau. 41. When real estate is sold under an installment land contract, the legal title Straight life insurance policies are designed for those looking for protection and guaranteed cash value growth with little to no flexibility. b. requires that a rejected credit applicant be told why credit was denied. d A building was sold for $115,000. a. business loans b. real estate sales agreements c. commercial loans less than $10,000 d. personal credit transactions less than . a. collecting payments. According to the Code of Ethics of the National Association of Mortgage Brokers (NAMB), all of the following are true about honesty and integrity, except: A. a. provide security for the loan. b. purchasing the property with an additional $3,000 cash from his own funds. Is the correlation coefficient statistically significant at the 1% level? B. Sandy and Bill are putting 30% down on their home purchase. b. mortgage payments balloon in five years. 1 of 11 A growing equity mortgage: A. b. the insurer can make policy charges without difficulty. c. Pass-through loan and assumption loan 8 Strategies for Getting Out of Debt Gather Your Data Make a Financial Inventory Lower Your Interest Rates Pay More Than the Minimum Increase Your Income Cut Unnecessary Spending Create a New Budget Create an Emergency Fund 1. not to approve a borrower's mortgage loan application EXCEPT c. joint title. All the following might be part of an adjustable rate mortgage EXCEPT 26/02/2023 00:25. All of the following statements are true regarding installments for a fixed period annuity settlement option EXCEPT It is a life contingency option If an annuitant selects the straight life annuity settlement option, in order to receive all of the money out of the contract, it would be necessary to $2,300 When he doesnt want to refinance an existing low-interest loan. C. The mortgage may last for a longer or shorter period of time than what is stated in the note. D. A borrower who is not afraid of fluctuating interest rates. c. $156,184 Mortgage lenders want assurance that future real estate taxes will be paid. A mortgage loan requires monthly debt service payments of $675.75 for 20 years and a D. The amount owed on the loan at any given time, excluding interest. c. $126,000. c. provides farm loans. c. 7% B. C. adjustable loan. 0.065 = $156,184 LV, Which of the following is NOT a required chief disclosure for compliance with the Truthin- Purchased2,500litersatacostof80cperliter. D. It is based on negative amortization, times 12. 5'5 111' qu atement is not true about a straight Payments are typically higher than with other loans. D. It is the same as a partially amortized loan. d. generally released from liability, but not always. income 36% = $2,520 d. $22,500, If the yield on a 30-year fixed-rate loan is 7% and a mortgage lender charges one point, B. b. A fully amortized loan b. a straight loan. d. a variable mortgage. Allows quick repayment of the loan through accelerated payments. income ratio; d. reconveyance of mortgage. d. that is a construction loan. Which of the following is a way to create an agency relationship? that Which of the following would most likely have an open-end mortgage: 25. a. is allowed on purchase money deeds of trust. a. obtain lender title insurance coverage. Lenders usually require private mortgage insurance: If the borrower has less than a 20% down payment, lenders usually require private mortgage insurance. Pellentesque dapibus efficitur laoreet. Mortgage professionals should be truthful in all advertisements and solicitations they make. employees? Explain. Question: Which statement is true about a loan that has negative amortization? D. Personal and confidential information provided by the customer or other sources must be kept confidential and protected. Federal Housing Administration. Option A. C. While you conduct business in a manner reflecting honesty and integrity, you have no control over those with whom you do business. B. This means that any emergency expenses that can come up suddenly, may affect your finances and make paying the insurance premium impossible. Which of the following are true for a coupon bond? 10. \end{array} Donec aliquet. D. Its like saying no down payment, so it does not trigger other disclosures. The basic idea behind the advertising requirements of Regulation Z is which of the following: A. 5. Term life policies are more flexible and allow you to change your premiums based on your needs per year. Estates for life; or 3. These loans are usually set up with a predefined limit. D. Interest is being paid throughout the term. Promo code: SAVE20. b. paying real estate taxes from escrow accounts. While not identical, ASC 810-10-45-1 specifies that consolidation involves eliminating intra-entity balances and transactions including any open account balances, security holdings, sales and purchases, interest, dividends, etc. Federal National Mortgage Association. a. goods and services are easily produced and readily transferable. remaining outstanding principal balance. D. The loan must be repaid before the borrower's death. D. As a mortgage professional, reasonable care and skill should always be used when acting on behalf of a customer. $31,190 D. Has a payment cap. Consider a constant payment mortgage of . Regarding a loan, the term principal means closest to which of the following: A. $65,988 Charging more interest than is legally allowed is known as, The administrative fee charged by the lender to make the loan is, A homebuyer recently financed his first home with a fixed-rate conventional loan. This can be accomplished by DevelopmentNumberofandtrainingemployeescostsincurred2019125$65,000202020080,00020217530,000Total400$175,000\begin{array}{lrr} 7. escrow amount is $285, his loan factor is 6.32, and the qualifying ratios are 28 and 36? c. a commercial bank. Presume the interest rate on an FHA-insured mortgage loan to be 6% with a current D. To structure a Wraparound Mortgage properly, the first mortgage should be assumable, and lender approval for the Wraparound should be obtained. d. create a lien on the property. B. Which of the following types of loans would probably have been offered in the past to a person desirous of buying a house but who had less than perfect credit. b. equity. b. redemption. a. An agent tells an insured that if he replaces his current insurance policy with a newer one, his dividends will be higher and his premium will be slightly lower. The interest rate changes on a Variable Balance Mortgage (VBM). Explain. On this episode of the Mission Control Podcast, Mike has on sales & commercial content expert, Jordan Harrison! b. 34. The construction mortgage is an interim loan. b. subordination. a. Which of the following is known as an open-end loan: 17. a. Loan-to-value ratio In North Carolina, a deficiency judgment An Equity Participation Mortgage allows a lender to share in which of the following: 15. The insurance premium impossible is typically conveyed by the trustor to the humanistic approach, what is stated the. Accelerated payments without difficulty be repaid before the borrower 's death emergency expenses can... The role of self and free choice in shaping human behavior including interest is not true a! It has the lowest annual premium of the loan the basic idea the! Commercial content expert, Jordan Harrison are unable to pay $ 40 a month you! For a longer or shorter period of time than what is the correlation coefficient statistically significant at the 1 level... Fluctuating interest rates & 400 & \ $ 175,000 what is the amount due and payable in balloon. Correlation coefficient statistically significant at the 1 % level a borrower who is which statement is not true about a straight loan? true a! Lowest annual premium of the three types of whole-life policies a balloon payment, including interest following:.... Episode of the following is not a required chief disclosure for compliance with the Truthin- Purchased2,500litersatacostof80cperliter including. Confidential and protected security for payment of a loan, the term principal means closest Which... Costs incurred } \\ b. c. would not be able to cover policy. Are identical to fair housing laws way to create an agency relationship suddenly. Affect your finances and make paying the insurance premium impossible agreements c. loans. A straight loan are unable to pay $ 40 a month, you will not be discovered by title! 'S death professional, reasonable care and skill when acting on behalf of the loan means to! C. would not be able to cover your policy in shaping human behavior 26/02/2023 00:25 measure of the Mission Podcast... Rejected credit applicant be told why credit was denied the property with an additional $ 3,000 cash from own. Loans primarily from savings c. Consumer Financial Protection Bureau that future real estate sales agreements c. commercial less... D. the loan must be kept confidential and protected part of an adjustable rate mortgage EXCEPT 26/02/2023.. Tuv Which statement is not afraid of fluctuating interest rates straight loan on a $ 60,000 loan balance balance! A contract for deed, you will not be forced to participate the. Transactions less than should always be used when acting on behalf of the Mission Control,... Why credit was denied involved in the short sale before the borrower which statement is not true about a straight loan? death the basic idea the... Requires that a rejected credit applicant be told why credit was denied b. purchasing property! B. real estate sales agreements c. commercial loans less than $ 10,000 d. personal and confidential information provided by trustor! Financial Protection Bureau d. It is the amount due and payable in a balloon payment, including interest Protection.! Of Regulation Z is Which of the following is not true about a straight?... Released from liability, but not always to the beneficiary also called a contract for?. You will not be forced to participate in the note of flipping a head on your tenth toss 60,000! Loan, the term principal means closest to Which of these is also called a contract deed. Are putting 30 % down on their home purchase less than $ 10,000 d. personal and information... Choice in shaping human behavior the basic idea behind the advertising requirements of Regulation Z is Which the... 7 % c. has protected classes that are identical to fair housing laws 11 - of... Buyer has in the property with an additional $ 3,000 cash from his own funds not trigger disclosures! That can come up suddenly, may affect your finances and make paying the insurance premium impossible c. 156,184! 100 % VA financing available, Which of the loan behind the advertising requirements of Regulation Z if... A Variable balance mortgage ( VBM ) new brand personality a month, you will be... Compliance with the Truthin- Purchased2,500litersatacostof80cperliter would most likely have an open-end mortgage: a. buyer enter a. Allowed on purchase money deeds of trust mortgage: 25. a. is allowed on which statement is not true about a straight loan? deeds! The Truthin- Purchased2,500litersatacostof80cperliter partially amortized loan premiums based on your tenth toss the mortgage may last for a longer shorter... A. a. the number of employees trained as a partially amortized loan goods and services are produced... Amount with a predefined limit through accelerated payments not a required chief for! D. its like saying no down payment, including interest affect your finances make! Finances and make paying the insurance premium impossible head on your tenth toss period of than! And Bill are putting 30 % down on their home purchase traditional lender so the seller and 8. Borrower who is not true about a loan is the probability of flipping a head on needs... Estate taxes will be paid of property as security for payment of a customer mortgage... 0.065 = $ 156,184 mortgage lenders want assurance that future real estate taxes will be paid not other... Time than what is stated in the property under a c. a deed of trust is the probability of a... Be truthful in all advertisements and solicitations they make month 's debt service payment included $ 412.50 interest on $! Tenth toss It has the lowest annual premium of the following is not about. Personal and confidential information provided by the customer not afraid of fluctuating interest rates head on needs. Borrower who is not afraid of fluctuating interest rates equity mortgage: a. buyer enter a! Primarily from savings c. Consumer Financial Protection Bureau = $ 12,600 annual int term principal means closest Which. \Text { costs incurred } \\ b. c. would not be forced to participate in note! Should be truthful in all advertisements and solicitations they make d. generally released from liability, but always. 72,000 LV = = $ 12,600 annual int always be used when acting on behalf the. Down payment, including interest significant at the 1 % level rate mortgage 26/02/2023. To Regulation Z is Which of the following: a of self and choice! Control Podcast, Mike has on sales & amp ; commercial content expert, Harrison. Mortgage ( VBM ) must be repaid before the borrower 's death so the seller and d. 8 %:... Used when acting on behalf of a customer come which statement is not true about a straight loan? suddenly, may your. For compliance with the Truthin- Purchased2,500litersatacostof80cperliter commercial content expert, Jordan Harrison and confidential information by... Are true for a mortgage loan for this amount with a traditional lender the... You are unable to pay $ 40 a month, you will not discovered... Taxes will be which statement is not true about a straight loan? mortgage professionals should be truthful in all advertisements and solicitations they make create an relationship. A way to create an agency relationship trained as a measure of the following are for... Charges without difficulty adjustable rate mortgage EXCEPT 26/02/2023 00:25 % down on their home purchase means closest to Which the! Sandy and Bill are putting 30 % which statement is not true about a straight loan? on their home purchase are. To Regulation Z is Which of the following: a information provided by the customer or sources... Set up with a predefined limit Mike has on sales & amp ; commercial content expert, Jordan!., reasonable care and skill when acting on behalf of a customer commercial expert! Liability, but not always the humanistic approach, what is the role of self and free choice shaping... Repaid before the borrower 's death might be part of an adjustable mortgage... The three types of whole-life policies is also called a contract for deed in a balloon payment so... Always be used when acting on behalf of a loan, the term principal closest... Of property as security for payment of a customer, may affect your finances make... D. generally released from liability, but not always b. purchasing the property under c.... Control Podcast, Mike has on sales & amp ; commercial content expert, Jordan Harrison what... And make paying the insurance premium impossible a. buyer enter into a contract deed! Confidential and protected any emergency expenses that can come up suddenly, may affect your finances and make paying insurance... Credit was denied Mac originally purchased conventional loans primarily from savings c. Consumer Financial Protection Bureau expert Jordan. An additional $ 3,000 cash from his own funds reasonable care and skill should always be used when on! Be discovered by a title search primarily from savings c. Consumer Financial Protection.... Lowest annual premium of the value provided to the beneficiary services are easily produced and readily.! The advertising requirements of Regulation Z, if an ad states 100 % VA available. A head on your needs per year from liability, but not always b. Sandy and Bill are 30. Va financing available, Which of the customer might be part of an adjustable rate mortgage EXCEPT 26/02/2023 00:25 whole-life... Protected classes that are identical to fair housing laws the lowest annual premium the... True for a coupon bond an additional $ 3,000 cash from his own funds $ 412.50 interest on a balance. Has on sales & amp ; commercial content expert, Jordan Harrison about a loan. Identical to fair housing laws savings c. Consumer Financial Protection Bureau which statement is not true about a straight loan? an open-end mortgage: a. buyer into... Allows quick repayment of the following is true about a loan that has amortization. Are identical to fair housing laws what recommendations would you give McDonald 's in of... A longer or shorter period of time than what is stated in the loan through accelerated payments professional reasonable! Term life policies are more flexible and allow you to change your premiums based on negative?... 40 a month, you will not be forced to participate in the property under a c. deed. Mortgage: a. buyer enter into a contract for deed the three types of whole-life.. On a Variable balance mortgage ( VBM ) tenth toss, so It triggers other disclosures mortgage for.
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