Practice Quiz

Texas Real Estate Exam - Question List

Select how would you like to study

Study Mode Free Daily Question Test Mode
1.

Which of the following is not part of loan servicing?

  1. Processing payments, sending statements
  2. Managing the escrow account
  3. Handling pay-offs and assumptions
  4. All of the above are part of loan servicing
See answer
2. A period payment cap applies to:
  1. any mortgage taken out in the U.S.
  2. adjustable rate mortgages
  3. fixed-rate loans
  4. government loans
See answer
3. The commitment issued by a lender to borrower or other mortgage originator guaranteeing a specified interest rate for a specified period of time at a specific cost is called:
  1. a rate lock
  2. under lock and key
  3. a promissory note
  4. a deed of trust
See answer
4.

A fund set aside for replacement of common property in a condominium, PUD, or cooperative project, particularly that which has a short life expectancy, such as carpet or furniture is called a:

  1. Capital improvements fund
  2. Replacement reserve fund
  3. Savings fund
  4. Contingency fund
See answer
5. The term “servicing” describes:
  1. the collection of mortgage payments from borrowers
  2. what the mechanic does to your car
  3. duties of a loan servicer
  4. both A and C
See answer

Select how would you like to study

Study Mode Free Daily Question Test Mode