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chapter 13 quiz questions only – answers will be revealed with Post-License subscriptions
1 of 10 – What is a documentary stamp on a deed?
A tax paid when the property is appraised.
A stamp that certifies a document is the original.
A stamp indicating that the transfer tax has been paid for a real property conveyance.
A fee that is charged for processing mortgage underwriting applications.
2 of 10 – What is the latest date that a mortgage lender is allowed to provide the seller with the Closing Disclosure?
Three days before consummation of the mortgage
At consummation of the mortgage
Three business days before consummation of the mortgage
Six business days before consummation of the mortgage
3 of 10 – Which pages of the Closing Disclosure will look the same regardless of the loan type the consumer is getting?
Pages 1 and 5
Pages 2 and 3
Pages 2 and 4
Pages 3 and 5
4 of 10 – What is a mortgage?
The mortgaged value of the property.
The application that is filled out in order to obtain a home loan.
The loan amount plus all the “extras” (APR, taxes, etc.).
The security instrument that collateralizes the property in order to obtain a home loan.
5 of 10 – What is the benefit of creating a “Closing Checklist”?
The checklist helps your client achieve a more favorable sales price.
It is required by state law and will help you avoid lawsuits.
It will help you stay on track and make sure that all the necessary tasks are completed.
It shows your clients that you are earning your sizeable commission.
6 of 10 – What type of information is found in the Loan Calculations section on page 5 of the Closing Disclosure?
Assumption information regarding whether or not the lender will allow a loan assumption on a future sale or transfer
Late payment information regarding what late fee the lender will charge
Partial payments information regarding whether or not the lender would accept partial payments on the loan
The total amount of all payments on the loan, the dollar amount of the finance charges over the life of the loan, the amount financed, the annual percentage rate (APR), and the total interest percentage (TIP)
7 of 10 – Who deposits the buyer’s earnest money deposit?
The buyer’s agent’s broker.
The seller’s agent.
8 of 10 – If your client purchases a home with a loan for $225,000, how much will the document stamps on the note cost?
9 of 10 – What is the purpose of a final walk-through, and who participates?
To ensure that the home is in a condition that reflects all the terms of the sales contract, including ensuring that repairs have been made. This is performed by the buyer and his agent.
The home inspector will walk through with the buyer and his agent, but only for the sake of determining that the home is in the same condition as it was at the time of the initial purchase offer.
The final-walk through is when the home inspector checks on the status of any repairs that were requested by the buyer.
Only the seller and his agent are present, and the purpose is to ensure that the seller has removed everything he is supposed to, and has left any appliances or other fixtures that were included in the sale contract.
10 of 10 – What is hazard insurance?
Insurance purchased by the buyer that protects the home against damage caused by things like wind, vandalism, and fire.
Insurance purchased by the seller that protects the home against damage caused by things like wind, vandalism, and fire.
Insurance purchased by the buyer that protects the home against damage caused by flooding.
Insurance purchased by the seller that protects the home against damage caused by flooding.`