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                        

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  

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.

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.