MRES Massachusetts Real Estate Salesperson Exam - Set 2 - Part 3
Test your knowledge of technical writing concepts with these practice questions. Each question includes detailed explanations to help you understand the correct answers.
Question 41: A first-time buyer with limited savings uses a loan insured by a federal agency that allows a low down payment and charges mortgage insurance premiums. Which loan program is this?
Question 42: An eligible military veteran obtains a home loan that is partially guaranteed by a federal agency, often with no down payment required. Which loan program provides this benefit?
Question 43: A buyer purchasing a home in an eligible rural area uses a loan backed by a federal department that promotes rural development, often with no down payment. Which program is this?
Question 44: A borrower chooses a mortgage whose interest rate periodically changes based on a published index plus a fixed margin, with caps limiting how much the rate may rise. Which loan is this?
Question 45: A borrower's loan is structured so that each level monthly payment covers the interest due and gradually reduces the principal, leaving a zero balance at the end of the term. This loan is described as what?
Question 46: An older Massachusetts homeowner wants to convert home equity into payments through a reverse mortgage. Before the loan can proceed, what does state law require the borrower to complete?
Question 47: A federal law prohibits a lender or settlement provider from paying or receiving a fee or kickback simply for referring settlement service business. Which law contains this prohibition?
Question 48: A federal law requires lenders to disclose the true cost of credit, including the annual percentage rate, and limits how certain loan terms may be advertised. Which law is this?
Question 49: A federal law makes it illegal for a lender to deny credit or set different terms based on a borrower's race, religion, sex, marital status, age, or receipt of public assistance. Which law is this?
Question 50: A Massachusetts law targets high-cost home mortgage loans and, among other protections, generally bars lenders from imposing prepayment penalties on those loans. This law is best described as addressing what?
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