hard · National Real Estate Exam financing
Sage Adams, a sales associate, encounters this situation: A consumer applies for a covered closed-end mortgage and asks which disclosure is designed to summarize estimated loan terms and closing costs early in the process.
Which response is most consistent with national real-estate principles?
- The Loan Estimate is generally due within three business days.
- The Closing Disclosure is always the first cost estimate after application.
- The promissory note replaces all federal cost disclosures.
- The deed is the lender’s early estimate of finance charges.
Sign up free to see the explanation and track your rank →
More National Real Estate Exam financing practice
- A borrower has a mortgage where the monthly payments are not… — This scenario is known as:
- An FHA loan requires the borrower to pay which type of insurance premium?
- If a borrower fails to make payments and the lender invokes the 'due-on-sale' clause becau
- In a state following 'lien theory,' who holds the legal title to the property while the lo
- What happens to Private Mortgage Insurance (PMI) under the Homeowners Protection Act when
- What is the primary function of the security instrument in a real estate loan?
- What is the specific purpose of the 'acceleration clause' in a mortgage?
- A borrower fails to make three consecutive mortgage payments… — Which clause in the promis