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2023 Champions Real Estate Finance Exam with Answers (186 Solved Questions)

Get the exam prep you need with 2023 Champions Real Estate Finance Exam with Answers, featuring solved exams and practice questions designed to enhance your performance.

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Champions Real Estate Finance Exam 2023Loan-to-Value Ratio (LTV) - ANSWERThe percentage of the lesser of the appraisedvalue or sales price that the lender will lend.ex: If a borrower is approved for an 80% loan, it means that the lender will loan up to80% of the sales price or appraised value, whichever is lower.Package Mortgage - ANSWERIncludes both real and personal property ( fixtures andfurnishings)Blanket Mortgage - ANSWERCovers more than one piece of property.Wraparound Mortgage - ANSWERMethod of financing which preserves the low,existing interest rate on the original note.Open-End Mortgage - ANSWERPermits additional borrowing on the same note. Thisis sometimes called a credit card mortgage or a home equity line of credit - HELOC.Budget Mortgage - ANSWERThe monthly house payment includes principal, interest,taxes and insurance (known as PITI)Collateral -Dependent Loans - ANSWERA hard money loan is a specific type ofasset-based financing in which a borrower receives funds secured by the value of aparcel of real estate.Character - ANSWERIs a measure of the willingness of a borrower to make on-timepayments. Credit character is revealed in the borrower's credit report.Capacity - ANSWERIs a measure of the borrower's ability to repay the debt, and isdemonstrated through current earnings and job stability.Capital - ANSWERIs the sum of all assets that the borrower has accumulated.Collateral - ANSWERIs something of value that can be pledged as security forrepayment.Yield - ANSWERIs the return that the investor recieves over the life of the loan. (Alsoknown as profit)Originator - ANSWERThe process of creating a new mortgage loan, including all stepstaken by a lender to attract and qualify a borrower.Mortgage Broker - ANSWERTypically functions as a middleman between the borrowerand the lender, negotiating, selling or arranging loans to be delivered to larger investors.

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