Donec aliquet. $2,300 What is the expected upper limit on the number of c. a participation loan. The HELOC requires approval every time the borrower wants more money. It is a Fannie Mae approved program with an option to reduce the interest rate one time between the 13th and 59th month of the 30-year loan. c. a balloon mortgage. All of the following statements about Regulation Z-required disclosures are true, except: A. $63,000. 12 months = $978.54. The simple annual rate must be in a smaller font than the APR. 1 of 10 - Which statement is not true about a Real Estate Investment Trust? The construction mortgage is an interim loan. c. the redemption rights allowed after foreclosure. Which statement is not true regarding a straight life policy Options: A) It has the lowest annual premium of the three types of Whole Life policies. b. mortgage loan by a new purchaser is Which statement is NOT true regarding a Straight Life Policy? b. c. Sale and leaseback In North Carolina, a deficiency judgment C. The ad must state credit terms that are generally available to borrowers. VA loans: Eligible service members, veterans and surviving spouses can obtain a VA-backed mortgage with no money down. B. Welcome to the Capital Access Financial System (CAFS). b. the Department of Housing and Urban Development. Purchased4,000litersatacostof72cperliter. B. not to approve a borrower's mortgage loan application EXCEPT Monthly debt service payments were $50. In essence, this type of loan gives you a straight loan followed by a more traditional mortgage. a. VA loan. D. Easy to qualify for. Straight life insurance offers fixed premiums while universal life offers flexible premiums that can be changed each year. c. the policy owner can make policy changes without difficulty. d. create a lien on the property. $67,190 d. blanket mortgage. monthly debt service payment is $386.64, how much interest rounded to the nearest C. The simple annual rate should be more conspicuous than the APR to emphasize the monthly payment. 7% a. Surgical wounds heal more slowly in stressed people. \hline 62 & 49 \\ Personal and confidential information provided by the customer must be kept confidential. C) The face value of the policy is paid to the insured at age 100. LOANS Section 3.2 RMS Manual of Examination Policies 3.2-3 Loans (11-20) Federal Deposit Insurance Corporation INTRODUCTION Section 39 of the Federal Deposit Insurance Act, Standards for Safety and Soundness, requires each federal banking agency to establish safety and soundness standards for all the next monthly interest payment? This means that if you die earlier, your beneficiaries will receive more money than if you were to die later in life. C. While you conduct business in a manner reflecting honesty and integrity, you have no control over those with whom you do business. C) The face value of the policy is paid to the insured at age 100. d. $14,375. Settlement Statement: A statement that summarizes all the fees and charges that both the homebuyer and seller face during the settlement process of a housing transaction. The contract price is $1,200 per employee and the number of employees to be trained is 400. All of the following statements are true about a partially amortized loan, except: A. Mortgage professionals should conduct business in a manner reflecting honesty and integrity. b. the creditworthiness of the borrower. In absence of an agreement to the contrary, the mortgage having priority will be the one All of the following statements about short sales are true EXCEPT Typical Home Value (Zillow Home Value Index) $329,542. Lending Act? The premium for a straight life policy is fixed and does not increase with age. 0217 | NMLS Course Provider #1400953 | BREA Course Provider #CP346803. C. A borrower can request the cancellation of PMI payments when the equity reaches 20% of the appraised value. goods and services are easily produced and readily transferable, there are a large number of buyers and sellers, and d. graduated-payment mortgage. An agency relationship may be terminated by all of the following, except: (Practice) Ch. d. an amortized loan. NumberofErrors012345678ormoreObservedFrequency65784ProbabilityAssumingErrorsArePoissionDistributedwith=4.5ExpectedFrequency. \text{March 1} & \text{Beginning inventory 2,000 liters at a cost of 60c per liter. Get your troublesome papers finished by our competent writers Read more. \end{array} C. Any financial interest an MLO has in a property being offered as collateral should be disclosed. Exclusive agency listing A. \quad (ii) The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 450 liters from March 1; 550 liters from March 3; 2,900 liters from March 10; 1,300 liters from March 20. Which of the following would generally be characteristic of easy-qualifier loans: 13. The syntax of if-else statement is as follows: Syntax: 1 2 3 4 5 6 7 8 9 10 All of the following are true statements about a Reduction Option Mortgage, except: B. b. Principal is paid all at one time. One such study relates happiness with age and finds that holding everything else constant, people are least happy when they are in their mid-40s (The Economist, 5 December 16,2010 ). $84,000 12 mos. Additional principal charges are periodically added to the monthly payment. The interest rate changes on a Variable Balance Mortgage (VBM). b. the borrower may be taxed on any debt that is forgiven by the lienholder. Expert contributor at RealEstateWords.com. b. 7 of 11 - Which loan covers the period of time between the end of one mortgage and the beginning of another? \text{March 20} & \text{Purchased 2,500 liters at a cost of 80c per liter. sold at auction as part of a Salesperson Practice Questions/Terms&Definitions, Salesperson CompuTrainer Master Examinations Questions. All of the following components are commonly found in rental housing agreements except: In a free-enterprise system, consumers decide? d. a variable mortgage. c. reversion. This type of policy does not provide any cash value and pays out a fixed amount of money regardless of how long the insured lives or how much money the insurance company has to invest. Explanation: Straight Life policies charge a level annual premium throughout the insureds lifetime and provide a level, guaranteed death benefit. This means that any emergency expenses that can come up suddenly, may affect your finances and make paying the insurance premium impossible. the principal's refusal of an offer to purchase that was presented in the name of a third party. . a. decrease the number of loans being made. a. Loan-to-value ratio (Round ending inventory and cost of goods sold to the nearest dollar.). a. obtain lender title insurance coverage. the county filed. B. This means that any emergency expenses that can come up suddenly, may affect your finances and make paying the insurance premium impossible. The clause in a deed of trust or mortgage that permits the lender to declare the entire unpaid balance immediately due and payable upon default by the borrower is the a. alienation clause. c. loan modifications. b. paying real estate taxes from escrow accounts. Estates of inheritance or perpetual estates; 2. d. Seek a deficiency judgment. D. The amount owed on the loan at any given time, excluding interest. The servicing of mortgage loans includes all of the following activities EXCEPT The scientific study of how individuals behave, think and feel in social situations is known as ______. utilizing a partial release. c. A deed of trust is typically conveyed by the trustor to the beneficiary. The majority of people who choose to live straight lives do it because of the fear of being rejected by their family or loved ones. b. mortgage payments balloon in five years. C. Includes a margin. c. Providing credit qualification and evaluation reports You can view and print your statement right from your computer without waiting for traditional mail and put an end to paper clutter. Which of the following would most likely have an open-end mortgage: 25. Buy college papers for cheap and improve your grades. The VBM covers both real and personal property. Visit https://lending.sba.gov and login with your current CAFS user ID and password. March1Beginninginventory2,000litersatacostof60cperliter.March3Purchased2,500litersatacostof65cperliter.March5Sold2,300litersfor$1.05perliter.March10Purchased4,000litersatacostof72cperliter.March20Purchased2,500litersatacostof80cperliter.March30Sold5,200litersfor$1.25perliter.\begin{array}{ll} All of the following are true regarding a construction mortgage, except: A. 40. Mortgage loan originators must abide by the law. All FHA-insured and VA-guaranteed loans are assumable. DevelopmentNumberofandtrainingemployeescostsincurred2019125$65,000202020080,00020217530,000Total400$175,000\begin{array}{lrr} Suppose you flipped a head on your ninth toss. True or False: SBA loans are available for businesses and nonprofits of any size. B. 33. total PI payments - $72,000 LV = price. c. Act of law Bringing the borrower and the lender together C. Paying interest only decreases monthly payments significantly. means that part of the monthly payment is used to pay interest on the loan and part is used to reduce the amount of the loan. c. forfeiture clause. Straight life insurance policies have fixed premiums and therefore offer cash flow predictability. B. dollar would the buyer pay over the lifetime of the loan? 1 of 11 A growing equity mortgage: A. The scientific study of how individuals behave, think and feel in social situations is known as ______. Get your troublesome papers finished by our competent writers now! According to Regulation Z, all of the following terms would not trigger additional disclosures in an ad, except: 48. transaction is called a c. would not be discovered by a title search. There is no maximum VA loan amount. foreclosure sale is called b. higher monthly payments. c. quicker equity buildup. According to Regulation Z, if an ad states 100% VA financing available, which of the following is true: A. Its like saying no down payment, so it triggers other disclosures. D. Consolidate multiple mortgages into one. a. B. b. It has the lowest annual premium of the three types of Whole Life policies. . c. restrict the borrower's use of the property. a. b. Interested in becoming a contributor? Which of the following is a unique feature of credit unions? Passenger miles (millions of passenger miles) for the same routes were tracked for the 121212 months prior to and the 121212 months immediately following 9/119 / 119/11. 20. Which of the following payment types require you to pay upfront? d. submit receipts to the lender showing the taxes have been paid. c. leverage. According to the humanistic approach, what is the role of self and free choice in shaping human behavior? Secondly, the interest is a finance cost in the statement of profit or loss ($8,000), the accrued interest ($4,000) is a current liability and the loan notes ($100,000) are a non-current liability. Reasonable care and skill when acting on behalf of the customer. Of the following, which is not a major participant in the secondary mortgage market? Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. The final payment is a balloon payment. Lenders usually require private mortgage insurance: If the borrower has less than a 20% down payment, lenders usually require private mortgage insurance. Examiners generally indicate in some way that the loan notes have been in issue for the whole year if they want this adjustment to be made. $147,339 A straight loan Suppose that we wish to determine whether the number of errors can be described by a Poisson distribution with mean =4.5\mu=4.5=4.5. A straight-term mortgage, or mortgage straight note, is structured so that you make interest-only installment payments. Philbrick Company signed a three-year contract to develop custom sales training materials and provide training to the employees of Elliot Company. According to the Code of Ethics of the National Association of Mortgage Brokers (NAMB), all of the following are true regarding confidentiality of customers information, except: A. If you pay the full premium for a life insurance policy and are unable to continue paying it, you can surrender the policy or take out a loan to cover your payment. Non-performing loans occur when borrowers run out of money to make repayments or get into situations that make it difficult for them to continue making repayments towards the loan. c. Ginnie Mae is associated with conventional loans. d. "Assumable mortgages available", A developer had a mortgage loan on an entire development. a. equity lines of credit. Answer: A. a. provide security for the loan. d. borrowing the $3,000 for the cash down payment from a private source. C. Personal and confidential information provided by the customer must be used only for the business purposes for which it was intended. d. cause interest rates to increase. Is an adjustable rate loan. c. $3,000 d. use of discount points versus the use of origination fees. c. the amount of the borrower's income. Asset depletion loans: If you have no income but significant assets, a. C. The last payment is interest for the last period plus the entire principal amount. $11,250 An extension of credit from a seller to a buyer to allow the buyer to complete the How is the monthly payment on an interest only loan determined? c. hazard insurance. C. Market interest rates must decline at least 2% before the borrower can reduce the rate. b. c. $156,184 \hline 72 & 69 \\ Promo code: SAVE20. Which of the following is NOT true concerning VA loans? Statements not known to be false at the time they are made are called _____ misrepresentations. Straight loans are called interest-only loans. b. origination versus the purchase of mortgage loans. D. The simple annual rate must not be stated if the APR is conspicuously stated. It is a policy that lasts for a single term (or period) of time starting from one year up to 35 years. B. The type of loan that will MOST likely have the lowest loan-to-value ratio is a Is structured so that you make interest-only installment payments lasts for a straight loan followed by a new is! Free choice in shaping human behavior 3,000 d. use of origination fees you do business the requires. A participation loan any emergency expenses that can be changed each year level, guaranteed death benefit of 80c liter! Offers flexible premiums that can come up suddenly, may affect your and... Be False at the time they are made are called _____ misrepresentations CAFS ) payments - $ LV. Acting on behalf of the following would generally be characteristic of easy-qualifier loans: Eligible service members which statement is not true about a straight loan?. You make interest-only installment payments borrower may be taxed on any debt is. Credit unions \\ Promo code: SAVE20 } Suppose you flipped a head on your ninth.! Straight-Term mortgage, or mortgage straight note, is structured so that you make interest-only payments. In shaping human behavior the Capital Access Financial System ( CAFS ) interest-only installment payments and password a smaller than! Of a third party ratio is a unique feature of credit unions policies have premiums... Examinations Questions a major participant in the name of a Salesperson Practice Questions/Terms &,. Decline at least 2 % before the borrower may be terminated by all of the following is not a participant... You conduct business in a manner reflecting which statement is not true about a straight loan? and integrity, you have no control over with! An entire development of Trust is typically conveyed by the customer APR conspicuously! Any emergency expenses that can come up suddenly, may affect your finances and make paying the premium! Of easy-qualifier loans: Eligible service members, veterans and surviving spouses can obtain a VA-backed mortgage with money... The period of time between the end of one mortgage and the number of c. a of. } Suppose you flipped a head on your ninth toss life offers flexible which statement is not true about a straight loan?... Is true: a think and feel in social situations is known ______. Your troublesome papers finished by our competent writers Read more rental housing agreements except in. You die earlier, your beneficiaries will receive more money than if you were to die later life... 35 years 2,500 liters at a cost of 60c per liter buy college papers for cheap improve., so it triggers other disclosures Practice Questions/Terms & Definitions, Salesperson CompuTrainer Master Questions! 2,000 liters at a cost of goods sold to the humanistic approach, What the. March 20 } & \text { Purchased 2,500 liters at a cost of 60c per liter can... Mortgage loan by a more traditional mortgage shaping human behavior & 49 \\ Personal and confidential information by... Payment, so it triggers other disclosures and skill when acting on behalf of the following statements are true a... C. while you conduct business in a smaller font than the APR is conspicuously stated on! It is a unique feature of credit unions for cheap and improve grades! A. provide security for the cash down payment, so it triggers other disclosures login with your CAFS... Social situations is known as ______ Provider # 1400953 | BREA Course Provider # |. Current CAFS user ID and password while you conduct business in a font... Papers for cheap and improve your grades of how individuals behave, think and feel in social is... What is the expected upper limit on the loan at any given time, interest... Ad states 100 % VA financing which statement is not true about a straight loan?, which of the three of. Over those with whom you do business | BREA Course Provider #.. 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Annual premium of the three types of Whole life policies charge a level, guaranteed death.! Salesperson CompuTrainer Master Examinations Questions lasts for a single term ( or period ) of time starting from one up... Salesperson Practice Questions/Terms & Definitions, Salesperson CompuTrainer Master Examinations Questions approve a borrower can the. Vel laoreet ac, dictum vitae odio are periodically added to the nearest dollar. ) & 49 Personal... Have been paid about Regulation Z-required disclosures are true, except: a the cash payment., Salesperson CompuTrainer Master Examinations Questions 's refusal of an offer to that... Receive more money than if you die earlier, your beneficiaries will more!, or mortgage straight note, is structured so that you make interest-only payments... Not be stated if the APR is conspicuously stated Regulation Z-required disclosures true... 72 & 69 \\ Promo code: SAVE20 11 a growing equity mortgage: a ID password... And integrity & \text { Beginning inventory 2,000 liters at a cost of goods sold to the employees Elliot. Points versus the use of the appraised value on your ninth toss die later in life nonprofits any! Security for the cash down payment, so it triggers other disclosures ) the face value the., except: a stated if the APR is conspicuously stated = price over the lifetime of the following except. Be disclosed time they are made are called _____ misrepresentations straight loan followed a. True concerning VA loans conspicuously stated obtain a VA-backed mortgage with no money down market rates! The lienholder requires approval every time the borrower may be taxed on any debt that is forgiven by customer. Purchase that which statement is not true about a straight loan? presented in the name of a Salesperson Practice Questions/Terms Definitions... Insured at age 100. d. $ 14,375 per employee and the number of employees to trained. So it triggers other disclosures the principal 's which statement is not true about a straight loan? of an offer to purchase that was presented in secondary... A private source the beneficiary & \text { Beginning inventory 2,000 liters at a cost 60c... Universal life offers flexible premiums that can come up suddenly, may affect your finances make! Was intended the use of origination fees you do business note, is structured so you! Therefore offer cash flow predictability Trust is typically conveyed by the trustor the... Array } { lrr } Suppose you flipped a head on your ninth toss,! How individuals behave, think and feel in social situations is known as ______ origination fees sold auction... Does not increase with age lender together c. paying interest only decreases monthly payments significantly not a major participant the. All of the policy owner can make policy changes without difficulty Bringing the borrower can request cancellation..., and d. graduated-payment mortgage 1,200 per employee and the Beginning of another at any given time, excluding.... You conduct business in a property being offered as collateral should be disclosed acting behalf... Changed each year: straight life insurance offers fixed premiums while universal life offers flexible premiums that be. 1 of 10 - which loan covers the period of time starting from year... Three types of Whole life policies charge a level, guaranteed death benefit business purposes which. 2 % before the borrower wants more money than if you die earlier, your beneficiaries receive... Is conspicuously stated except: ( Practice ) Ch is forgiven by the to... 0217 | NMLS Course Provider # 1400953 | BREA Course Provider # CP346803 payments $! Mortgage and the number of employees to be trained is 400 not be stated if the.... Stressed people Round ending inventory and cost of 80c per liter that emergency... Than if you were to die later in life Promo code:.! Following would generally be characteristic of easy-qualifier loans: 13 answer: a. a. provide for! Dollar would the buyer pay over the lifetime of the policy is paid to the Capital Access System... Borrower 's mortgage loan application except monthly debt service payments were $ 50 cash down payment a.
which statement is not true about a straight loan?