1. The Players in the secondary mortgage market are?
    • Fannie Mae - Federal National Mortgage Association
    • Freddie Mac - Federal Home Loan Mortgage Corporation
    • Ginnie Mae - Government National Mortgage Association
  2. Do sub prime loans qualify for sale to Fannie Mae, Ginnie Mae, or Freddi Mac
  3. What are the players in a land contract of sale
    • Vendor - seller
    • Vendee - buyer
  4. What is equitable title?
    it is a right to obtain title by the seller until the conditions of the contract have been met. The vendee holds ownership with use and possession rights.
  5. What happens when there is a breach of a land contract by the vendee?
    What should be done if this occurs?
    • It will cause a cloud on title.
    • The vendee should sign a quitclaim deed or if the vendee is not available or cooperative the vendor should initiate a quiet title suit to resolve the cloud on title
  6. What are other names for a land contract of sale?
    • installment sales contract
    • a contact of sale
    • and agreement of sale
    • a conditional sales contract
    • land sales contract
  7. In a land contract may the vendor use the vendee's impound account for any other purpose without the vendee's permission?
  8. What does RESPA require?
    That the borrowers, buyers and sellers receive closing cost info for federally related loans for the purchase or refinance of 1-4 owner occupied residential units.
  9. How many biz days are allowed for a Good Faith Estimate to be given to the borrower after the originating broker or lender receives an application?
    3 business days
  10. what regulation implemented the Truth in Lending Act?
    Regulation Z
  11. Who is held accountable for furnishing truth in lending disclosures to the consumer?
    The creditor
  12. What 3 exemptions from coverage exist under Reg Z ?
    • Business
    • Commercial
    • Agricultural
  13. When is there a right to rescind under Reg Z?
    when the loan is secured by a lien against the consumer's existing principal dwelling
  14. The right of rescission does not apply to transactions made to finance the ....
    purchase or construction of the consumer's principal dwelling
  15. When selling trust deeds, any advertising offering a yield on a note that is different from the interest rate on the note must also provide what?
    the interest rate and the discount
  16. When does Ginnie Mae guarantee interest payments to investors?
    Pass-through securities
  17. What is the kind of interest that is conveyed using a land contract?
    equitable interest
  18. What is the most effective method for the Federal Reserv to create a "tight" money market?
    Sell government bonds and raise the discount rate
Card Set
Broker's exam