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Exam 13: Loan Origination, Processing, and Closing

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Question 21

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13-10.The following is NOT a step in the cost approach:

A) estimate maximization for the improvement
B) estimate depreciation for the improvement
C) estimate the cost of replacing the improvement
D) estimate the value of land as vacant

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Question 22

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13-37.Physical and functional obsolescence may be curable in estimating depreciation when:

A) the value of land is estimated as if it were vacant
B) cost to remedy the obsolescence is not greater than the value added by the repairs
C) the economic obsolescence is external to the property
D) there is a professional appraisal

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Question 23

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13-38.In the event that the contract price exceeds the appraised value of the property: I.the VA will cover the difference. II) the FFIA will cover the difference.

13-13.In verification of a loan,the lender:

13-33.A promissory note represents:

13-21.The following is required in conjunction with a property appraisal for FHA/VA financing:

13-18.The origination,servicing,and sale of mortgage loans by a firm or individual is:

13-11.The method based on the premise that transaction prices of similar properties in the neighborhood are good indicators of value is:

13-30.Besides the physical characteristics of the property the review appraiser will consider:

13-43.FHA loans can be refinanced and cash can be obtained on owner occupied properties if the loan as a percent of the acquisition cost is no more than:

13-26.Accepted appraisal standards require that the appraiser consider three approaches to the determination of value:

13-23.FIRREA mandates:

Flood insurance is required for properties located in:

13-31.In a loan closing the following two related but distinct transactions are completed:

Under the FIRREA,for appraising federally related transactions,each federal regulatory agency establishes:

13-12.Besides physical characteristics,the review appraiser examines:

13-14.A program under which the lender essentially performs the underwriting program is:

The following is NOT considered a stage in the appraisal process:

13-32.For FHA loans a lender can do virtually all of the underwriting under the:

13-15.A promissory note represents: