TAB Tennessee Affiliate Broker 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 federal agency does not lend money or build houses but reimburses an approved private lender's loss after the borrower pays premiums into a mutual insurance fund. Which agency operates this way?
Question 42: A borrower asks which mortgage insurance protects only the lender on a conventional loan above eighty percent of value and must end once enough equity is reached. Which describes that coverage?
Question 43: A loan starts at a low introductory rate, then rebuilds its rate at each adjustment by adding a fixed margin to a published market index, subject to caps. Which loan is described?
Question 44: A standard thirty year fixed loan carries the same payment each month, and over time a smaller share goes to interest while a larger share reduces the balance to nothing at maturity. What is this process called?
Question 45: A buyer near Dyersburg takes possession under a contract for deed and pays monthly installments, while the seller keeps legal title until the price is fully paid. What interest does the buyer hold meanwhile?
Question 46: A seller in Cookeville deeds the home to the buyer at closing, and the buyer signs a note and deed of trust back to the seller for part of the price. What is this arrangement called?
Question 47: A study guide explains why Tennessee practice inserts a neutral third party into its security instrument and permits foreclosure without a lawsuit. Which approach BEST accounts for that structure?
Question 48: A title company offers a Franklin affiliate broker a gift card for every closing she sends its way. Under the Real Estate Settlement Procedures Act, how is this offer best characterized?
Question 49: An affiliate broker boosts a listing post that reads move in for a stated monthly payment amount. Under Truth in Lending and Regulation Z, what does stating that figure require?
Question 50: A lender in Chattanooga denies an application partly because some of the applicant's income comes from a public assistance program. Which federal law does this most directly violate?
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