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California real estate Finance > finance > Flashcards

finance Flashcards

1
Q

California is a title theory state

True or False

A

True

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2
Q

With a deed of trust, title is given by the trustor to the trustee.

True or False

A

True

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3
Q

The financing document that serves as evidence of the debt is the deed of trust

True or false

A

False

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4
Q

A promissory note is a negotiable instrument

True or False

A

true

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5
Q

Term loans offer interest-only payments until maturity

True or False

A

True

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6
Q

A package mortgage includes real property as well as personal property as collateral

True or False

A

True

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7
Q

One parcel is used as collateral in blanket mortgage

True or False

A

False

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8
Q

Commercial banks prefer long-term financing

True or false

A

False

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9
Q

Mortgage bankers act as intermediaries

True or false

A

False

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10
Q

Mortgage brokers lend their own money

True or false

A

False

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11
Q

Life insurance companies prefer long-term commercial and industrial participation loans

True or false

A

True

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12
Q

FHA loans provide insurance to lenders against loss due to foreclosure

True or false

A

True

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13
Q

Department of Veterans Affairs (VA)-guaranteed loans are available to those men and women who served in the U.S. armed forces to their spouses

True or false

A

True

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14
Q

Mortgage brokers offer CalVet loans

True or False

A

False

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15
Q

The evidence of the debt for a mortgage or a deed of trust is a promissory note

True or false

A

True

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16
Q

Covenants included in a security instrument are causes of foreclosure

True or false

A

True

17
Q

A deed of trust is a two party instrument

True or False

A

False

18
Q

When a mortgage note is a paid, the mortgagee records a deed of reconveyance

True or False

A

False

19
Q

Regulation Z /Truth in lending promotes the informed use of consumer credit by requiring meaningful disclosures about the cost and terms or credit

True or False

A

True

20
Q

Annual percentage rate includes third-party costs

True or false

A

False

21
Q

The Real Estate Settlement Procedures Act prohibits kickbacks

True or False

A

True

22
Q

Discount points are charged by the lender to increase the lender’s yield

True or False

A

True

23
Q

Advertising by a mortgage loan broker must include a statement that the broker is licensed by the California Department of Real estate

True or False

A

True

24
Q

A broker is not allowed to lend his own funds

True or false

A

False

25
Q

The maximum commission that a broker can charge for negotiating or making a loan depends only on the amount of the loan

True or false

A

False

26
Q

A California Finance lender is allowed to make loans with personal property as collateral

True or false

A

True

27
Q

The Safe Act is a federal law that was provided for the licensing and registration of mortgage loan originators (MLOs)

True or False

A

True

28
Q

MLOs must complete 20 hours of continuing education annually

True or false

A

False

California real estate Finance (4 decks)

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