A partially amortizing loan will include:
Answer(s): A
A partially amortizing loan requires regular monthly payments covering interest and some principal, but the loan is not fully paid off at the end of the term.At maturity, a balloon payment (lump sum of the remaining balance) is due.Other options:(B) Non-refinancing clause not a defining feature.(C) Multiple lenders irrelevant.(D) Equal monthly payments until fully paid that describes a fully amortizing loan, not partial.
Virginia Real Estate Finance Principles Loan typesNational exam content outline (Amortization & balloon loans)
A form of insurance that protects the policyholder by covering any losses they might incur as a result of theft or fraud by specified individuals is:
Answer(s): D
A fidelity bond is a type of insurance that protects employers or organizations against losses caused by theft, fraud, or dishonesty of employees or other specified individuals.Other options are distractors:(A) Risk management bond not a recognized insurance product.(B) Liability bond would cover liability for damages, not theft/fraud.(C) Security bond general term, but not the correct insurance product here.
Virginia Real Estate Practice Text Risk management and insurance sectionReal Estate Board CE Curriculum Brokerage risk & trust account protections
In Virginia, how many years do records need to be kept for?
Virginia requires brokers and firms to retain all financial, transactional, and escrow records for three years.This includes contracts, disclosures, closing statements, and escrow records.The three-year period usually begins from the date of closing or termination of the transaction.
Virginia Code §54.1-2108 (Broker records retention requirements)
Why do lenders need liquidity?
Answer(s): B
Liquidity is a lender's ability to quickly convert assets into cash.When lenders sell loans on the secondary mortgage market or securitize them into mortgage-backed securities (MBSs), they regain capital.This liquidity allows lenders to issue more loans to new borrowers.Other options:(A) MBSs are a method to create liquidity, not the purpose.(C) Investing in long-term assets would reduce liquidity.(D) FHA insurance does not require liquidity.
Fannie Mae & Freddie Mac guidelinesVirginia Real Estate Finance Principles Secondary Mortgage Market section
In addition to evaluating borrower creditworthiness, to complete the loan approval process, the underwriter needs to evaluate the:
Loan underwriting evaluates two things:Borrower's creditworthiness (income, debt, credit score).The property's value and suitability (via appraisal, condition, and title review).The lender needs to ensure that the property provides sufficient collateral in case of default.Other options:(A) Tender unrelated.(C) Broker not evaluated.(D) Seller irrelevant to loan approval.
Fannie Mae Selling Guide Loan UnderwritingVirginia Real Estate Finance Principles Loan Process
Who regulates fair housing advertising?
The U.S. Department of Housing and Urban Development (HUD) regulates fair housing advertising under the Fair Housing Act (1968).HUD issues rules on wording, images, and equal housing opportunity statements in ads.Other agencies:(A) HMDA (Home Mortgage Disclosure Act) focuses on lending data, not advertising.(C) CRA (Community Reinvestment Act) ensures banks serve all communities fairly.(D) ECOA (Equal Credit Opportunity Act) prohibits discrimination in lending, not ads.
Fair Housing Act, 42 U.S.C. §3601 et seq.HUD Fair Housing Advertising GuidelinesVirginia Fair Housing Law (Title 36, Chapter 5.1)
What rights govern the use of flowing water, such as rivers or streams?
Riparian rights apply to landowners whose property borders flowing water such as rivers or streams. Owners have reasonable rights to use the water, provided it doesn't harm upstream/downstream users.Other options:(B) Percolating rights apply to underground water.(C) Appropriative rights water rights granted by permit (common in western states, not Virginia).(D) Littoral rights apply to non-flowing waters (lakes, oceans, seas).
Virginia Real Estate Principles & Practices Water Rights SectionCode of Virginia, Title 62.1 (Waters of the State, Ports and Harbors)
An opinion of title, a certificate of title, a Torrens certificate, and title insurance are all examples of:
Answer(s): C
Evidence of title refers to documents or assurances showing that the seller has good title to convey.Examples include:Opinion of title (by attorney)Certificate of titleTorrens certificateTitle insurance policyThese are all methods of proving ownership rights.Other options:(A) Cloud on title = defects/encumbrances.(B) Equitable title = buyer's right after signing a contract but before closing.(D) Chain of title = historical record of ownership.
Virginia Real Estate Principles & Practices Title EvidenceCode of Virginia §55.1 (Property and Conveyances)
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