OKRES Oklahoma Real Estate Salesperson Exam - Set 5 - 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 borrower has a home loan on which each regular payment includes both interest and some principal, so the balance steadily decreases and is fully paid off by the end of the term. What is this kind of loan, gradually retired through regular payments, called?
Question 42: A lender must go through the court system, filing a lawsuit and obtaining a court-ordered sale, to enforce its mortgage after a borrower defaults in a state that requires this process. What is this court-supervised type of foreclosure commonly called?
Question 43: Facing foreclosure, a borrower voluntarily signs the property over to the lender to satisfy the debt and avoid a foreclosure sale, with the lender agreeing to accept the property. What is this voluntary conveyance to the lender commonly called?
Question 44: After a foreclosure sale, the proceeds are not enough to pay off the full loan balance, and the lender goes to court to recover the remaining shortfall from the borrower personally. What is this court judgment for the unpaid balance commonly called?
Question 45: A federal law requires lenders to disclose the cost of consumer credit, including the annual percentage rate and the total finance charges, so that borrowers can meaningfully compare loan offers. It is implemented through Regulation Z. Which federal law is this?
Question 46: A federal law governing closings on most residential mortgage loans requires certain cost disclosures and specifically prohibits a settlement service provider from paying or receiving a fee or kickback for merely referring business. Which federal law is this?
Question 47: Under integrated federal disclosure rules, a mortgage applicant must receive a Loan Estimate shortly after applying and a Closing Disclosure before consummation, so the borrower can review final terms and costs. These forms are part of which disclosure framework?
Question 48: A federal law prohibits a lender from discriminating against a credit applicant on the basis of race, color, religion, national origin, sex, marital status, age, or receipt of public assistance income. Which federal law provides this protection in lending?
Question 49: Some states set a legal maximum interest rate that lenders may charge on a loan, and charging a rate above that legal ceiling is prohibited. What is the term for charging an interest rate higher than the maximum permitted by law?
Question 50: After a lender makes home loans, it often sells those loans to large entities like Fannie Mae and Freddie Mac, which buy and pool mortgages, replenishing the lender's funds to make new loans. What is this market where existing loans are bought and sold called?
Struggling With Exams?
Less Time Studying, More Time Living – Finish Your Degree Faster! Pay-After-you-Pass!
Get Exam Support