Florida Real Estate State Exam Questions And Answers 2024

discount points are added to the ___ fee and often charged by LENDERS to increase yield on a lower market interest and to make the ____ more competitive with higher-_____ ______ {Ans: loan; loan; interest loan}Value {Ans: monetary value of a good or service at a particular time}The MIP is paid for the _____ of the FHA loan when the _______ receives maximum financing {Ans: life, borrower}destruction of the property {Ans: destruction of the subject matter terminates offer}Purchase Money Mortgage {Ans: mortgage given as part of buyer's consideration for the purchase of real property. Usually given when the deed is transferred. Usually a mortgage taken back by a seller from buyer in lieu of purchase money}Principal of Substitution {Ans: states max value of a prop tends to be set by the cost of acquiring an equally desirable substitue prop through purchase or construction}FHA does _______ make loans to ________ {Ans: not, borrowers}Freddie mac was created by ______ and is also under federal government conservatorship. {Ans: congress}A _______ is an agreement between two or more parties to do or _____ to do certain things, supported by sufficient _______. A voluntary agreement or promise