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1. A determination as to whether property is located in a flood hazard zone is made by the title examiner. (Points : 2)

 
 

 

Question 2.2. Most loan commitments require an appraisal of the value of the property be delivered to the lender for review and approval prior to closing. (Points : 2)

 
 

 

Question 3.3. Most loan commitments are assignable by the borrower. (Points : 2)

 
 

 

Question 4.4. A penalty for late payment of a mortgage payment is known as a prepayment penalty. (Points : 2)

 
 

 

Question 5.5. Real estate taxes are often prorated between a purchaser and seller. (Points : 2)

 
 

 

Question 6.6. A foreign person affidavit is signed by the purchaser. (Points : 2)

 
 

 

Question 7.7. A loan commitment is effective without acceptance by the borrower. (Points : 2)

 
 

 

Question 8.8. Most payments on mortgage loans are made in arrears. (Points : 2)

 
 

 

Question 9.9. A penalty for late payment of a mortgage payment is known as a late charge. (Points : 2)

 
 

 

Question 10.10. A loan can always be prepaid before its maturity. (Points : 2)

 
 

 

 

 

……………………Answer preview…………….

 False………………………..

 

 

APA

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