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Question 1 of 10
1. Question
Which of the following statements about a deed in lieu of foreclosure is correct?
Correct
In place of foreclosure, a deed transfers the property willingly to the lender without a foreclosure procedure.
Incorrect
In place of foreclosure, a deed transfers the property willingly to the lender without a foreclosure procedure.
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Question 2 of 10
2. Question
A buyer buys a $260,000 property with 100% financing and is expected to get private mortgage insurance (PMI). Assuming the value of the property has not changed, at what stage will the purchaser avoid paying for the PMI?
Correct
Typically, after 25 percent of the home’s value or mortgage balance has been paid off, PMI will be dropped.
Incorrect
Typically, after 25 percent of the home’s value or mortgage balance has been paid off, PMI will be dropped.
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Question 3 of 10
3. Question
What are the rights of the buyer in the case of a VA loan where the buyer signed a contract prior to obtaining a CRV?
Correct
Under these conditions, a contract contingency should be required by the buyer so that the contract can be cancelled.
Incorrect
Under these conditions, a contract contingency should be required by the buyer so that the contract can be cancelled.
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Question 4 of 10
4. Question
Which of the following statements is correct?
Correct
An individual is excluded from Regulation Z from loans on the owner-occupied residential property more than five units a year.
Incorrect
An individual is excluded from Regulation Z from loans on the owner-occupied residential property more than five units a year.
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Question 5 of 10
5. Question
Which of the following about VA loans is true?
Correct
In each of the incorrect replies, the opposite is true.
Incorrect
In each of the incorrect replies, the opposite is true.
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Question 6 of 10
6. Question
Under all but which of the following conditions does the VA allow for refinancing?
Correct
All the options except using the money to buy a second property are included in VA refinancing conditions.
Incorrect
All the options except using the money to buy a second property are included in VA refinancing conditions.
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Question 7 of 10
7. Question
What provision will prohibit a seller’s use of a wraparound mortgage in the initial mortgage loan or trust deed?
Correct
Payment of the mortgage in full at the time of sale is expected by the due-on-sale provision. In this scenario, there would be no wraparound mortgage, so the initial mortgage will have to be paid off.
Incorrect
Payment of the mortgage in full at the time of sale is expected by the due-on-sale provision. In this scenario, there would be no wraparound mortgage, so the initial mortgage will have to be paid off.
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Question 8 of 10
8. Question
Which of the following is a deed of reconveyance function?
Correct
The trustee reconveys the deed back to the trustor after the debt is paid off.
Incorrect
The trustee reconveys the deed back to the trustor after the debt is paid off.
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Question 9 of 10
9. Question
Which of the following is a protection tool on a loan?
Correct
Hypothecation is the pledging of property for a loan as security.
Incorrect
Hypothecation is the pledging of property for a loan as security.
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Question 10 of 10
10. Question
Under the laws of intestate succession, if there is community property shared by spouse A and spouse B, half of the property of spouse A will be owned by spouse A in the case of the death of spouse A. This will result in which of the following?
Correct
Going to someone named as the heir in the will is incorrect since “intestate” indicates that no will exists.
Incorrect
Going to someone named as the heir in the will is incorrect since “intestate” indicates that no will exists.