96. The maximum veteran entitlement for a VA loan guaranty is:a. $36,000.                           b. $360,000.                      c. $360.                         d. none of the above.                      

42. What age must a reverse mortgage borrower be?a. Over 55              b. Over 62                       c. Over 65             d. Over 70                        

83. A sale where the lender accepts less than the amount owed on the existing debt is:a. known as a “short sale.”b. not allowed on owner-occupied property.                   c. allowed because of a due on sale provision.                                  d. only allowed if approved by the NMLS.

75. Private mortgage insurance is required on loans that exceed what percentage of the value of a property?a. 20%                                                             b. 50%                                                             c. 80%d. None of the above  

73. A scheme where the down payment is actually borrowed or carried as a second mortgage by the seller but never documented in the purchase agreement, escrow instructions, or recorded is known as:a. an air loan.b. leverage.c. a silent second.d. a disappearing second.

78. An FHA appraiser must:a. be an employee of the lender.                                             b. only charge $300.c. have a valid real estate broker license.d. note major health and safety deficiencies on the URAR.

94. Market value is the:a. amount the broker needs to do the loan.           b. sales price of the home.                                     c. most probable price that a property should bring in an open and competitive market.d. none of the above.

32. What agency exists solely to provide a secondary market for farm mortgages?a. “Farmer Mac”                                               b. “Freddie Mac”                                               c. “Sally Mae”d. “Fannie Mae”

27. Credit unions:a. are not allowed to make real estate loans.                        b. have a relatively small overall share of the mortgage lending market. c. are never allowed to merge with other credit unions.d. all of the above.   

70. The statutory FHA down payment is:a. 3.5%.                                            b. 10%.             c. 50%.                                         d. none of the above.