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Florida Real Estate Practice Questions - Page 15

Practice Florida real estate topics with multiple-choice questions. Choose an answer to see the explanation, or start the free 63Hours course. Page 15.

692 practice questions

  1. Chapter 13 A buyer purchases a property and agrees to take over the seller's existing mortgage. The lender evaluates the buyer, approves them, and executes a formal agreement releasing the original seller from any future liability for the debt. What is this legal process called?
  2. Chapter 13 What is the main purpose of an estoppel certificate in a real estate transaction?
  3. Chapter 13 A lis pendens filed with the county clerk becomes a type of:
  4. Chapter 13 When a borrower defaults and foreclosure is filed, the lender may ask the court to appoint a:
  5. Chapter 13 A homebuyer's mortgage features a monthly principal and interest (P&I) payment of $955.40. The lender mandates an escrow account to cover annual property taxes of $3,216 and a yearly hazard insurance premium of $1,440. What will the buyer's total monthly payment be?
  6. Chapter 13 A homeowner recently had their single-family residence appraised, and the current market value was determined to be $425,000. If the outstanding balance on their primary mortgage is $280,000, what is the homeowner's current equity in the property?
  7. Chapter 14 Who typically writes conventional loans?
  8. Chapter 14 Compared to FHA and VA loans, conventional loans generally require:
  9. Chapter 14 When is a borrower required to pay Private Mortgage Insurance (PMI) on a conventional loan?
  10. Chapter 14 Why are fixed-rate conventional mortgage loans generally NOT assumable?
  11. Chapter 14 What are the recommended maximum qualifying ratios for a conventional mortgage?
  12. Chapter 14 In a fixed-rate amortized mortgage, how do the principal and interest portions of the payment change over time?
  13. Chapter 14 Fixed-rate amortized mortgages are also known as:
  14. Chapter 14 A "Purchase Money Mortgage" refers to:
  15. Chapter 14 A loan with an interest rate that changes at preset intervals based on a recognized index is called a(n):
  16. Chapter 14 In an ARM, the percentage added to the index to cover the lender’s costs and profit is called the:
  17. Chapter 14 What is the primary function of the Federal Housing Administration (FHA)?
  18. Chapter 14 Which two premiums do borrowers pay on FHA loans?
  19. Chapter 14 What is the minimum down payment required for an FHA loan?
  20. Chapter 14 The FHA Section 203(b) program insures:
  21. Chapter 14 Does the Department of Veterans Affairs (VA) insure loans?
  22. Chapter 14 Does the VA have the power to make direct loans?
  23. Chapter 14 Who provides the funds for VA loans?
  24. Chapter 14 A veteran’s "entitlement" refers to:
  25. Chapter 14 Which document states the amount of entitlement available to a veteran borrower?
  26. Chapter 14 What is the down payment requirement for a VA loan if the borrower qualifies?
  27. Chapter 14 What fee does the VA charge to help defray the cost of foreclosures?
  28. Chapter 14 Are VA loans assumable?
  29. Chapter 14 In a partially amortized mortgage, the regular payments are:
  30. Chapter 14 A single large final payment made at the maturity of a partially amortized loan is called a: