FHA Loans For Realtors Testing Part 1

Veterans are eligible for a VA-guaranteed loan if they have served at least:

a. 180 days of active duty during wartime periods
a. 180 days of active duty during wartime periods
b. 90 days of active duly during wartime periods
c. 60 days of active duty during wartime periods
d. 30 days of active duty during wartime periods

2. Veterans are eligible for a VA-guaranteed loan if they have served al least:

a. 180 days of continuous active duty during peacetime periods
b. 181 days of continuous active duty during peacetime periods
c. 24 months of continuous active duty during peacetime periods
d. 12 months of continuous active duty during peacetime periods

3. Active duty service members are eligible:

a. Only while on active duty and after having served on continuous active duty for at least 181 days
b. Only if not honorably discharged
c. Only if they receive prior permission from their Commanding Officer
d. None of the above

4. For active duty service members

a. A Verification of Employment is always required
b. A military Leave & Earnings Statement (LES) is required and will be used instead of employment verification
c. A military Leave & Earnings Statement (LES) is no more than 90 days old
d. Both b. and c.

5. Service members within twelve months of release from active duty will require certain
additional information.

In order to be approved, the lender must obtain the following information:

a. Documentation the service member has already reenlisted
b. Plus a statement from the service member’s commanding officer confirming that the service member is eligible to reenlist or extend their active duty
c. Or verification of a valid offer of local civilian employment following release from active duty
d. All of the above

6. Members of the Reserves or National Guard are eligible for a VA-guaranteed loan:

a. After completion of 2 years of service in the Selected Reserve
b. After completion of 4 years of service in the Selected Reserve
c. After completion of 6 years of service in the Selected Reserve
d. After completion of 8 years of service in the Selected Reserve

7. An unmarried surviving spouse of an eligible person who died as a result of service or
service-connected injuries may also may also be eligible for a VA-guaranteed loan:

a. If the deceased Commanding Officer grants permission
b. To purchase a home using the deceased person's entitlement
c. If the property is located in a designated area of the country
d. None of the above

8. An unmarried surviving spouse of an eligible person is eligible for a VA-guaranteed loan:

a. To refinance regardless of the cause of death of the eligible person
b. To obtain funds to pay off consumer debts
c. To provide benefits to the deceased person’s children
d. All of the above

9. In the case of a “joint” loan involving a veteran and a non-veteran who is not the veteran’s
spouse:

a. VA will not permit this loan
b. VA will require the non-veteran to join the military
c. VA will guarantee only the portion of the loan allocable to the veteran
d. None of the above

10. In order for VA to guarantee the entire loan in a “joint” situation:

a. The co-borrower must be the spouse of the veteran
b. If not the spouse of the veteran, the co-borrower must also be a veteran with available entitlement
c. Both a. and b.
d. None of the above

11. Restoration of previously-used entitlement may be applied for if the following conditions are met:

a. The property has been sold and the loan has been paid in full
b. Or a qualified veteran-transfer has agreed to assume the outstanding balance on the loan
c. And agrees to substitute is or her entitlement for the same amount of entitlement originally used for the loan.
d. All of the above

12. If a veteran has repaid his or her loan in full, but has not disposed of the property securing
the loan:

a. The veteran’s entitlement may not be restored as long as they still own the property securing the loan.
b. The veteran may exercise the VA’s ONE TIME ONLY provision to purchase a second property using their VA restored entitlement.
c. The veteran must sign a statement indicating that entitlement for the previous loan has been restored without disposal of the property financed with the loan.
d. Both b. and c.

13. Veterans who use their entitlement to purchase a home must certify that they intend to
occupy the property as their primary residence. If the veteran arranges to sell or convey the
property to a third party within ____ days after loan closing, the matter will be referred to the
Office of Inspector General for investigation.

a. 30 days
b. 60 days
c. 90 days
d. 120 days

14. Veterans must certify that they intend to occupy the property as their primary residence:

a. Within 30 days
b. Within 60 days
c. Or the veteran certifies that they will personally occupy the property as their residence at a certain specific date after the date of loan closing
d. Both b. and c.

15. In the case of an active duty service member, occupancy by the spouse is acceptable under
the following requirements:

a. The veteran is unable to get home to sign the paperwork
b. The spouse certifies that his/her spouse is on active duty and in their absence they will occupy the property
c. It is clear that the veteran is using VA home entitlement to purchase a home to live in and not purchase or refinance an investment property
d. Both b. and c.

16. When veterans state they will retire within twelve months and are planning to buy a home
In the retirement location:

a. The lender must verify the applicant's eligibility for retirement on the specified elate
b. The lender must submit a copy of a valid application for retirement to the employer
c. The veteran must provide written certification that he or she will personally occupy the property at retirement
d. All of the above

17. Veterans are required to pay a fee for all VA-guaranteed loans:

a. Unless exempt due to disability
b. Regardless of any disability
c. Only if they are married
d. Only if they have children

18. The fee required to be paid by veterans is known as a:

a. Veteran entitlement fee
b. Veterans administration processing fee
c. VA Funding Fee
d. Document preparation fee

19. The funding fee for active duty, veterans and National Guard, on a 0% down
purchase transaction and Regular Refinance is:

a. l .0% of the sales price
b. 2.15% of the loan amount
c. 1.5% of the loan amount
d. 2.75%

20. For active duty or veterans and National Guard, the amount of this fee on a 5% down
purchase transaction and Regular Refinance is:

a. 2.30% of the loan amount
b. 1.50% of the loan amount
c. 1.40% of the loan amount
d. 3.60% of the loan amount

FHA Loans For Realtors Testing Part 1

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