PRES Pennsylvania Real Estate Salesperson Examination - 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 government agency does not lend but insures loans made by approved lenders, allowing a minimum down payment of three and one-half percent. Which program is this?
Question 42: A program guarantees loans to eligible veterans, requires no down payment with full entitlement, and charges a funding fee instead of monthly mortgage insurance. Which is it?
Question 43: On a conventional loan with a small down payment, the lender requires insurance that can later be cancelled as the loan is paid down. What is this insurance?
Question 44: Whether it is the private insurance on a conventional loan or the premium on an FHA loan, mortgage insurance is designed to protect whom against loss?
Question 45: A lender measures risk by comparing the loan amount to the lesser of the purchase price or the appraised value. Which ratio is this?
Question 46: Under the Truth in Lending Act, a borrower has a three-day right to cancel certain loans on a principal residence. For which loan does this right apply?
Question 47: Under the integrated disclosure rule, when must the consumer receive the Closing Disclosure relative to closing?
Question 48: A title company offers a licensee a payment for every buyer the licensee steers to it for settlement services. What does federal law say about accepting this?
Question 49: A lender may not deny credit based on race, religion, sex, marital status, age, or because an applicant receives public assistance. Which law forbids this?
Question 50: On a Pennsylvania settlement statement, an amount a party owes is a debit and an amount in a party's favor is a credit. The buyer is usually credited for which item?
Struggling With Exams?
Less Time Studying, More Time Living – Finish Your Degree Faster! Pay-After-you-Pass!
Get Exam Support