Mock Exam 2024|2024 Questions With Correct Answers

Trailing spouse income can be used for qualifying purposes. {Ans: Response: False Feedback: See Course 4, Lesson 4}Renovation loan appraisals are based on the after-improved value of the home. {Ans: Response: True Feedback: See Course 7, Lesson 1}Communication Begins with a high level of self-awareness. {Ans: Response: True}Surveys are required on every loan. {Ans: Response: False}What is the maximum seller contribution allowed for a primary residence at 85% LTV? (FNMA/FHLMC) {Ans: Response: 6% Feedback: See Course 4, Lesson 1}A sole proprietor's net profit or loss can be located on Schedule C of their personal tax return. {Ans: Response: True Feedback: See Course 8, Lesson 5}An FHA 203(k) Standard program would require a HUD Consultant. {Ans: Response: True Feedback: See Course 7, Lesson 1}Which is the correct coverage requirement, monthly MI factor and monthly MI payment based on the following scenario: $145,000 sales price $20,000 down payment 5/1 ARM with 2/6 caps 30-year amortization Agency loan Primary residence {Ans: Response: 25% / .62% / $64.58 Feedback: See Course 3, Lesson 3}Ms. Armstrong is paid an hourly wage of $17.50. She receives time and a half for overtime (more than 40 hours per week)