Fha Study guides, Class notes & Summaries
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M100 Exam Questions with correct Answers
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Community Association - Answer- Legal entity in which the owners enjoy the protection, enhancement, maintenance, and preservation of their homes and property 
 
Three defining characteristics of Community Association - Answer- Mandatory Membership, Mutually Binding Documents, and Lien-Based Assessments 
 
Mandatory Membership - Answer- Membership in the community association is mandatory and automatic for all owners 
 
Mutually Binding Documents - Answer- Certain association governing documents ...
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PSI National Exam for Real Estate Test Bank with complete solutions | Latest 2023/2024
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PSI National Exam for Real Estate Test Bank with complete solutions | Latest 2023/2024 
A written agreement in which a purchaser agrees to buy and a seller agrees to sell is 
called ️ a contract 
Antitrust laws prohibit competing brokers from all of the following ️ 1. boycotting 
other brokers in the marketplace. 
2. dividing the market to restrict competition. 
3. agreeing to set sales commissions and management rates. 
When a sewer line is installed down a rural road, the cost will probabl...
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45-Hour PA Practice Final Exam
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The final step a licensee will take when preparing a CMA is: 
 
1. Choosing comparables 
2. Estimating a reasonable selling price range 
3. Making adjustments to comparables 
4. Collecting and analyzing information - Answer- CORRECT ANSWER: 
 
Estimating a reasonable selling price range 
 
A broker price opinion must include what the price was based on and: 
 
1. License number 
2. The broker's phone number 
3. Applicable market data 
4. A legal description - Answer- CORRECT ANSWER: 
 
Applic...
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Texas Promulgated Contracts-CHAMPIONS Exam 2022-2023.
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Texas Promulgated Contracts-CHAMPIONS STUDY 2022-2023. 
The elements of a valid contract are, competent parties, consideration, legal subject matter, in writing, and ___________. 
 
(a) Default 
 
(b) Mutual consent 
 
(c) Property condition 
 
(d) Recording 
 
A(n) __________________ contract is defined as a contract that is binding on the parties, with one or more of the parties having contractual duties that have not yet been performed. 
 
(a) Executory 
 
(b) Executed 
 
(c) Bilatera...
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WISE PRACTICE TEST- COMPLETE STUDY GUIDE QUESTIONS AND ANSWERS 2023 NEW UPDATE
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WISE PRACTICE TEST- COMPLETE STUDY GUIDE QUESTIONS AND ANSWERS 2023 NEW UPDATE 
 
Question : To qualify for a Federal Housing Administration (FHA) loan, a person must generally 
 
 
A high school student has begun to investigate the field of finance as a career choice. In deciding about the field, the student should focus on which question first? 
 
 
A: Will I find a balance between financial rewards and personal satisfaction from work? 
 
A company offers a defined-contribution pension pl...
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Champions School Of Real Estate Finance 2024 Tested And Verified
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Champions School Of Real Estate 
Finance 2024 Tested And Verified 
Seller's market - CORRECT ANSWER-When supply is low and demand is high 
Buyer's market - CORRECT ANSWER-When supply is high and demand is low 
The process of creating a new mortgage loan - CORRECT ANSWER-Origination 
The detailed process of evaluating a borrower's loan application to determine the risk 
involved for the lender - CORRECT ANSWER-Underwriting 
When there is an excess of money supply in the market - CORRECT ANSW...
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HUD Certification Questions And Answers 2023
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Which document is most important when working with a client to develop an initial budget as part of a Client Action Plan? 
 
Pay stub 
Retirement plan statement 
List of assets 
Current lease - Answer- Pay stub 
 
A client would like purchase a home within one year. The client is motivated to increase household income as a way to save for a down payment and qualify for a loan. Which is the best solution for the client to reach this goal? 
 
Find a second job 
Borrow from retirement fund 
Sell ma...
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HUD Housing Counselor Certification Practice
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What is the maximum percent of area median income allowable for a household to qualify for a Housing Choice Voucher? - Answer- 50% 
 
Which is the maximum recommended housing ratio for renting an apartment? - Answer- 30% 
 
Eligibility requirements for down-payment assistance programs include which factors? - Answer- Income, home-buyer education, purchase price 
 
The client is considering an FHA mortgage. What is the upfront mortgage insurance premium (UFMIP) for an 
FHA mortgage? - Answer- 1.7...
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Xinnix Ground School Mortgage Final Exam Questions and Answers 100% Pass
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Xinnix Ground School Mortgage Final Exam Questions and Answers 100% Pass On an FHA loan the upfront MIP should be included when calculating cash-to-close. False 
The borrower must have 5% of their own funds when putting 15% down on a primary residence. (FNMA) False 
A 3-Year ARM adjusts every 3 years True 
A Loan Officer can locate the summary of the eligibility requirements for a loan to be sold to a specific lender/investor in the lender specs. False 
A HELOC loan has an interest only payment ...
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HUD Housing Counseling Certification Exam 2023 Questions and Answers 100% Verified Graded A+
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Which document should the counselor review with the client to identify spending habits and track expenses? 
 
A. Credit report 
B. Pay stubs 
C. Bank Statement 
D. Tax returns - Correct Answer Bank Statement 
 
Which additional information would the housing counselor need to prepare a household budget for this client? 
 
A. Net Income 
B. Lease Documentation 
C. Credit Score 
D. Bankruptcy Discharge - Correct Answer Net Income 
 
Which item in the client's budget is a fixed expense? 
 
A. Food ...