2024 Champion School of Real Estate Finance Practice Exam With Answers (145 Solved Questions)

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Champions School Of Real Estate Finance Exam 2024 Tested And VerifiedA home equity loan available to homeowners over 62 years of age - the lender makespayments to the borrower based on the equity in the property - the loan comes due upon thesale of the property or the death of the owner. - Reverse Annuity MortgageA loan with an interest rate tied to a readily available index - the rate will be adjustedperiodically causing payment changes. - Adjustable Rate Mortgage (ARM)The refusal to lend in a particular geographic area - prohibited by the CommunityReinvestment Act. Prohibited by Federal Fair Housing Laws. - RedliningA home equity line of credit - similar to a credit card but secured by real property. - Open-end LoanA combination of the TILA initial disclosure and the RESPA good faith estimate which must beprovided to a buyer at the time of, or within three business days of loan application. - LoanEstimateThe private equivalent of FHA insurance. Allowing for high LTV / low down paymentconventional loans. Insures the lender's risk. - PMIA clause in a mortgage allowing the lender to declare the whole amount of the principal dueand payable in the event of default by the borrower. - Acceleration ClauseA debt at closing as shown on the closing disclosure. - DebitThe percent of the price that the buyer is borrowing. High ratio means low down payment. -Loan to value ratio (LTV)A monthly payment amount of principal and interest required to amortize a loan of $1,000based on the interest rate and the term of the loan - loan amount divided by 1,000 times thefactor equals payment. (LOAN/[1000x]) = payment - Loan Factor

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Part equals percent times total. ( A basic formula for real estate math) - P=%xT5,280 feet - 1 MileA loan unable to be sold to Fannie Mae or Freddie Mac (i.e. A sub-prime loan) - Non-Conforming LoanVA - Veteran's administration - assists veterans in the purchase of housing by guaranteeingloans)Seller's equity - Cash price minus the loan balanceA clause often found in a blanket loan allowing the borrower to obtain partial releases ofspecific lots by making required lump sum payments. - Release ClauseOne percent of a loan that is a loan processing fee - Origination PointThe repayment or satisfaction of a debt by installment payments of principal and interest ona regular basis. - AmortizationA law allowing individuals to inspect their credit files, correct errors and attach explanatorystatements. - Fair Credit Reporting Act (FCRA)A law requiring lenders to meet the needs of the community in which they are chartered todo business. - Community Reinvestment ActA clause allowing a lender to move to or take a lower lien position. - Subordination ClauseA loan whose payments start low and rise every year, usually for five years, after which theylevel off for the remaining term of the loan - can result in negative amortization. - GraduatedPayment Mortgage (GPM)

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