CALIFORNIA INTERACTIVE STUDY GROUP UNIT 5: BOBRA TAHAN HOWARD HARRIS FINANCING
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1 CALIFORNIA INTERACTIVE STUDY GROUP 1 UNIT 5: BOBRA TAHAN HOWARD HARRIS FINANCING
2 Study Group Information 2 Information regarding the Study Group may be found at: At this location you will find: Calendar of discussion topics Links to discussion questions
3 Notes for Tonight Chat has now been switched to a Moderated Mode. 3 Bobra Tahan and Howard Harris will both still see your Chat; however, the other students will no longer see Your chat unless either instructor sends your chat to the classroom. This will help preserve the anonymity of your answers. Even so, do not put anything into the chat that you would not want everyone to see.
4 Contact Information 4 Bobra Tahan and Howard Harris both have access to this account: releadinstructorca@brightwood.edu If you would like to discuss something on the phone, please send your phone number in the and the best times to reach you.
5 Unit 5: FINANCING TOPICS TO BE DISCUSSED: Loans Foreclosure Financing/Credit Requirements Land Contracts 5
6 6 A FICO score is: A. A cricket score B. A score rating the credit worthiness of a lender C. A score representing the credit worthiness of a borrower D. A score rating the reliability of a mortgage broker
7 Existing loans are bought and sold in the mortgage market. 7 A. Primary B. Secondary C. Tertiary D. Wholesale
8 8 Discounting is : A. When a home is sold for below market B. When a loan is sold for less than face value C. When a real estate licensee takes less than a full commission D. When shoes are on sale
9 Lenders are permitted to charge a fee to fill out a Closing Disclosure: 9 A. If disclosed within the loan estimate B. If allowed for by federal law C. If within the RESPA limits D. Never
10 Who would furnish a TRID disclosure the: 10 A. Creditor, lender B. Creditor, lendee C. Consumer, lender D. Consumer, lendee
11 Under the Cal-Vet loan program, who holds legal title to the property until the debt is paid in full 11 A. U. S. Department of Veterans Affairs B. California Department of Veterans Affairs C. The veteran D. The bank who made the loan
12 To increase the monetary supply, the Federal Reserve might 12 A. Raise reserve requirements B. Sell bonds C. Lower reserve requirements D. None of the above
13 Discount points a lender s yield. 13 A. Increase B. Decrease C. Either increase or decrease D. Neither increase nor decrease
14 14 Under Federal Housing Administration (FHA) loans, borrowers buy: A. Equity points B. Private mortgage insurance C. Mortgage insurance premium D. Mutual mortgage insurance
15 MUTUAL MORTGAGE INSURANCE MMI: EXAMPLE 15
16 16 The FHA will insure loans only if properties meet the. A. MPR B. MMI C. PMI D. MIP
17 A type of mortgage which has lower monthly payments at the beginning of the loan term that rise gradually until leveling off, and as is tied to an index which can cause negative amortization is know as: 17 A. GPM B. Fixed ARM C. RAM D. GPARM
18 During a judicial foreclosure who is entitled to occupy the property? 18 A. Trustee B. Trustor C. Beneficiary D. PMI
19 MORTGAGE 19
20 DEED OF TRUST/TRUST DEED 20 Conveys Bare Legal Title (Trustor) receives the money Trustee holds Bare Legal Title, with Power of Sale for the Benefit of the lender, Beneficiary
21 In a deed of trust, which of the following is correct; 21 A. The trustor gives a trust deed to the lender B. The trustee gives a trust deed to the lender C. The trustor gives a trust deed to the trustee for the benefit of the lender D. None of the above
22 Paying up past due payments, plus any penalties, costs, and charges is called: 22 A. Reinstatement B. Redemption C. Repayment D. Restitution
23 A deed to a lender in lieu of foreclosure: 23 A. Allows a lender to obtain a deficiency judgement B. Immediately gives the title to the lender C. Eliminates all junior liens D. Repairs the borrowers credit
24 A seller in a land contract is called the: 24 A. Grantor B. Grantee C. Vendor D. Vendee
25 In a land contract, the holds the equitable title. 25 A. Vendor, buyer B. Vendor, seller C. Vendee, buyer D. Vendee, seller
26 CONCLUSION 26 Both Bobra Tahan and Howard Harris have access to this account: If you would like to discuss something on the phone, please send your phone number in the and the best times to reach you.
UNIT 8: BOBRA TAHAN HOWARD HARRIS
NATIONAL INTERACTIVE STUDY GROUP 1 UNIT 8: BOBRA TAHAN HOWARD HARRIS Study Group Information 2 Information regarding the Study Group may be found at: www.kapre.com/nationalinteractivestudygroup At this
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