P4-53 Quiz

Quiz Summary

0 of 5 Questions completed

Questions:

You have already completed the quiz before. Hence you can not start it again.

Quiz is loading…

You must sign in or sign up to start the quiz.

You must first complete the following:

Results

Quiz complete. Results are being recorded.

Results

0 of 5 Questions answered correctly

Your time:

You have reached 0 of 0 point(s), (0)

Current
Review
Answered
Correct
Incorrect

Question 1 of 5

1. Question
How are government-issued savings bonds counted when used as a source of funds to close?
- A. At current market value only.
- B. At face value regardless of redemption eligibility.
- C. At original purchase price unless redemption eligibility and value are confirmed.
- D. At redemption value without verification.
Correct

Incorrect
Question 2 of 5

2. Question
How much of an IRA, 401(k), or similar retirement account may generally be included in underwriting?
- A. 100% of the account balance.
- B. 80% of the account balance.
- C. 60% of the account value unless a higher amount can be withdrawn with evidence.
- D. Only the vested employer contribution.
Correct

Incorrect
Question 3 of 5

3. Question
What documentation may be used to verify the value of stocks and bonds?
- A. A borrower’s written statement.
- B. A purchase receipt only.
- C. A monthly or quarterly statement from the stockbroker or managing financial institution.
- D. A credit report.
Correct

Incorrect
Question 4 of 5

4. Question
Under what condition may cash saved at home be considered an acceptable source of funds to close?
- A. If the borrower deposits the funds without explanation.
- B. If the borrower demonstrates the ability to accumulate the funds and the money is verified.
- C. Only if the borrower has a long history of bank accounts.
- D. Only if the funds are less than $5,000.
Correct

Incorrect
Question 5 of 5

5. Question
When may rent credit be considered an accumulation of the borrower’s cash investment?
- A. When the borrower has lived rent-free in the property.
- B. When rent paid is below fair market value.
- C. When the cumulative rent paid exceeds the appraiser’s estimate of fair market rent and proper documentation is provided.
- D. When the borrower and seller agree informally.
Correct

Incorrect

Quiz Summary

Information

Results

Results

Categories

1. Question

2. Question

3. Question

4. Question

5. Question