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Question 1 of 13
1. Question
What is the fee paid for the privilege of prepaying a loan early?
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Question 2 of 13
2. Question
What rate do commercial banks set as their base lending rate?
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Question 3 of 13
3. Question
What is the outstanding amount owed on a mortgage excluding interest?
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Question 4 of 13
4. Question
Insurance that protects a lender against loss caused by borrower default is:
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Question 5 of 13
5. Question
Which step prepares the loan file and documentation for lender review?
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Question 6 of 13
6. Question
A dwelling or dwellings with five or more single-family units is called a:
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Question 7 of 13
7. Question
A levy based on property value and charged to the owner is called:
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Question 8 of 13
8. Question
What lease does a cooperative give to its shareholder-tenant?
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Question 9 of 13
9. Question
Allocating expenses or income between buyer and seller at closing is called:
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Question 10 of 13
10. Question
Each unit owner holds title to a lot and a nonexclusive easement over common areas. This describes a:
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Question 11 of 13
11. Question
Acquiring property through payment of money or its equivalent is called:
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Question 12 of 13
12. Question
A contract where one party agrees to sell and another agrees to buy real estate is a:
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Question 13 of 13
13. Question
Lenders compare monthly debts or mortgage payments to income using the:
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