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Question 1 of 10
1. Question
Select from the following statements that describe what will happen to appraisers who are paid on the basis of a percentage of the value of an asset.
Correct
In breach of ethical principles for appraisal.D. It is illegal to base an assessment fee on the Uniform Criteria for Professional Appraisal Practice. The value of the appraised land.
Incorrect
In breach of ethical principles for appraisal.D. It is illegal to base an assessment fee on the Uniform Criteria for Professional Appraisal Practice. The value of the appraised land.
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Question 2 of 10
2. Question
Which of the following situations best describes the theory of contribution?
Correct
The other options are value principles, but the contribution deals with the value or cost of a specific enhancement, such as a new bathroom, as it affects the property’s overall value.
Incorrect
The other options are value principles, but the contribution deals with the value or cost of a specific enhancement, such as a new bathroom, as it affects the property’s overall value.
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Question 3 of 10
3. Question
Rising interest rates for mortgages would appear to increase what?
Correct
Rising interest rates would suggest that while interest rates are lower, the amount of money the lender has available for a mortgage will not go as far as it would.
Incorrect
Rising interest rates would suggest that while interest rates are lower, the amount of money the lender has available for a mortgage will not go as far as it would.
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Question 4 of 10
4. Question
What financial term is used by a person looking to buy a $200,000 home by putting down $40,000 in cash and borrowing $160,000?
Correct
Using the (borrowed) money of other people to extend the purchasing power of your own money is called leveraging
Incorrect
Using the (borrowed) money of other people to extend the purchasing power of your own money is called leveraging
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Question 5 of 10
5. Question
A buyer buys a $275,000 house with a down payment of $60,000 and a $215,000 mortgage loan. The borrower has to pay the bank 1 point in order to secure the desired interest rate. How much’s this fee going to be?
Correct
1 percent of the amount lent is a point. 275,000 dollars-60,000 dollars = 215,000 dollars (mortgage amount) $215,000 to 0.01 = 2,150 dollars
Incorrect
1 percent of the amount lent is a point. 275,000 dollars-60,000 dollars = 215,000 dollars (mortgage amount) $215,000 to 0.01 = 2,150 dollars
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Question 6 of 10
6. Question
Which of the Federal Reserve System’s following operations is likely to have the most direct impact on the prices paid for consumer credit?
Correct
Although adjusting the conditions for reserves and securities sales to collect funds also have some impact on the amount of money available, the discount rate adjustment would
eventually have a direct impact on the prices paid for consumer borrowing. Direct consumer loans are not made by the Federal Reserve System, increasing the number of loans made to customers is incorrect.Incorrect
Although adjusting the conditions for reserves and securities sales to collect funds also have some impact on the amount of money available, the discount rate adjustment would
eventually have a direct impact on the prices paid for consumer borrowing. Direct consumer loans are not made by the Federal Reserve System, increasing the number of loans made to customers is incorrect. -
Question 7 of 10
7. Question
Which of the following statements is true?
Correct
Some of the options apply to finance and mortgage loans, but the precise and correct concept of equity the difference between the
value of a property and all the debts attributed to it is referred to asIncorrect
Some of the options apply to finance and mortgage loans, but the precise and correct concept of equity the difference between the
value of a property and all the debts attributed to it is referred to as -
Question 8 of 10
8. Question
Which of the following statements about the terms and conditions of pledge is correct?
Correct
Hypothecary, deed of confidence, and promissory memo all apply to the paper, but not the terms of the note itself, using the property as protection for the note.
Incorrect
Hypothecary, deed of confidence, and promissory memo all apply to the paper, but not the terms of the note itself, using the property as protection for the note.
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Question 9 of 10
9. Question
Which of the following statements about the system of mortgage is correct?
Correct
Amortization is the system by which a mortgage loan is paid off in fair payments consisting of principal and interest.
Incorrect
Amortization is the system by which a mortgage loan is paid off in fair payments consisting of principal and interest.
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Question 10 of 10
10. Question
The purpose of a negotiable instrument is to be developed what?
Correct
A negotiable instrument facilitates the transfer of a loan from one lender to another.
Incorrect
A negotiable instrument facilitates the transfer of a loan from one lender to another.