Financing Techniques Quiz Attempt #4

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Question 1 of 20

1. Question
The ____ grants the security deed in Georgia
- the lender
- the borrower
- the title company
- the seller
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Question 2 of 20

2. Question
How many discount points are being charged if a Georgia mortgage lender makes a loan at 5 1/4% but actually yields six percent
- five discount points
- four discount points
- Three discount points
- six discount points
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Question 3 of 20

3. Question
The lender advertises the property in the appropriate county newspaper for _____ weeks
- two weeks
- six weeks
- four weeks
- five weeks
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Question 4 of 20

4. Question
The defeasance clause in a mortgage requires the lender to:
- satifaction of mortgage
- assignment of mortgage
- partial release agreement
- subordination agreement
- None of the above
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Question 5 of 20

5. Question
The primary activity of Fannie Mae is:
- Guarantee mortgages with the full faith and credit of the federal government
- act in tandem with Ginnie Mae to provide special assistance in times of tight money
- buy and pool blocks of conventional mortgages and sell bonds that use them as security
- buy and sell only VA and FHA mortgages
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Question 6 of 20

6. Question
A _______ is a change in your mortgage without having to refinance
- alteration
- refinement
- revision
- modification
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Question 7 of 20

7. Question
Within a specific time, _________ allows the borrower to change the ARM to a fixed rate mortgage.
- Due-to-change ARM
- Fixed rate ARM
- Two-fold mortgage
- Convertible ARM
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Question 8 of 20

8. Question
Which of the following must a mortgagee complete due to the defeasance clause in their mortgage?
- mortgage satisfaction
- subservience agreement
- mortgage reassignment
- release agreement
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Question 9 of 20

9. Question
What is Fannie Mae mainly known for?
- Serving as a form of security to mortgagees if they fail to pay their mortgage
- Collaborating with Ginnie Mae to offer special assistance programs
- Purchasing and pooling lump some of conventional mortgages as well as selling the bonds that use the mortgages as security
- Solely purchasing and selling VA and FA mortgages
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Question 10 of 20

10. Question
What can the lender do after the borrower has defaulted on their loan and did not make any payments after the lender contacted them?
- file the default with the municipal court so that the lender can demand payment
- file the default with the district court so that the lender can demand payment
- show that property is eligible for a foreclosure sale in the county newspaper
- none of the answers are correct
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Question 11 of 20

11. Question
What is a modification?
- A non-refinancing change to a mortgage
- A change to a house plan pre-construction
- A change to a bank account due to a mortgage
- None of the above
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Question 12 of 20

12. Question
An adjustable rate mortgage that that can transition into a fixed rate mortgage is called a:
- Four-Fold Mortgage
- Convertible ARM
- General ARM
- none of the answers are correct
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Question 13 of 20

13. Question
Which of the following is the correct Georgia intangibles tax rate?:
- $1.50 per $500.00 on a new loan
- $5.00 per $500.00 on a new loan
- $8.00 per $500.00 on the profit of the property
- $20.00 per $500.00 on the profit of the property
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Question 14 of 20

14. Question
Given the following scenario, what happens to the existing mortgage: a homeowner gets a home equity loan to consolidate existing credit card loans and already has an existing mortgage.
- The orginal mortgage loan remains in place
- lender will usually require the homeowner to refinance the existing mortgage
- home equity loan amount is added to the existing mortgage balance
- home equity loan takes a senior position to the original mortgage
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Question 15 of 20

15. Question
What is a morgagtor paying to recieve morgate insurance from a government body or prvate business?
- insurance premium
- Fair Housing Authority (FDA) insurance premium
- Veteran Affairs (VA) insurance premium
- mortgage insureance premium
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Question 16 of 20

16. Question
Foreclosure is
- Occurs when a lien is put on property in the effort to prompt owner to pay backed payments.
- Occurs when a loan is paid in regular installments of principal and interest, and sometimes includes taxes and interest.
- Legal process in which property that is pledged as security for a debt is sold to satisfy the debt
- Occurs when owner pays remaining loan balance and is in a temporary state of foreclosure until the lender cancel and return mortgage promissory note.
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Question 17 of 20

17. Question
What is the straight term loan?
- A type of loan where only interest is paid is called a Straight Term Loan. The borrower must be prepared to pay the entire principal at the end of the time period!
- When the seller only pays the interest on the loan for a set number of years, then must pay off the entire loan principal in a lump-sum or finance payment through another loan.
- When the borrower and seller pay the interest on the loan for a set number of years, then must pay off the entire loan principal in a lump sum or finance payment through another loan.
- When the borrower and seller pay the interest on the loan for the first five years of the loan, then is no longer responsible to pay off the remaining loan amount.
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Question 18 of 20

18. Question
A budget mortgage is
- A typical amortized mortgage loan (PITI) that includes principal, interest, taxes and insurance in each payment. (P-principal, I interest, T taxes, I insurance)
- A conventional mortgage loan can be obtained with less than 20% down-payment of the purchase price through Private Mortgage Insurance.
- A loan where the principal and interest rates remain the same over the entire life of the loan.
- A loan from the equity of a home.
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Question 19 of 20

19. Question
When home-buyer Henry pledges his newly purchased home as collateral for a mortgage loan, the evidence of the pledge is the
- Trust deed or mortgage
- Promissory note
- Loan commitment
- Loan receipt
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Question 20 of 20

20. Question
What is the role of Fannie mae in the secondary mortgage market?
- It guarantees FHA-Backed and VA- backed Loans
- It insures FHA-backed and VA- backed loans
- It purchases FHA-backed and VA -backed loans
- it originates FHA-backed and VA-backed loans
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Financing Techniques Quiz Attempt #4

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