Real Estate Test Prep For Pennsylvania (Latest Questions And Answers)

Certificate of Reasonable Value (CRV) applies to A. an FHA loan B. a conventional loan C. a VA loan D. a car loan {Ans: Answer: C. Once the appraisal has been done on a property being bought with a VA loan, the VA issues a CRV.}In simple terms, debt is A. credit extended to someone B. an amount owed to another C. an amount owed to another with interest D. repayable {Ans: B. Debt is an amount owed to another}A short-term interim loan for financing the cost of construction is called a A. flexible loan B. convertible loan C. construction loan D. not a loan, but a promissory note {Ans: C. A short-term interim loan for financing the cost of construction is called a construction loan. The lender makes payments to the builder at periodic intervals as the work progresses.}If you were buying a house that included furnishings, you would receive a written document transferring title to the personal property. This document is called a/an A. title B. deed C. bill of sale D. evidence of payment {Ans: C. A bill of sale is a written document that transfers personal property from one owner to another.}Which