Which list of items comprises closing cost fees?
a) Lender fees, third-party fees, credit report and escrow/interest fees.
b) Application fees, government fees, title search and insurance fees escrow/interest fees.
c) Points and origination fees, attorney's fees, transfer taxes, documentary stamp fees.
d) Property appraisal fees, survey fees, inspection fees, escrow/interest fees.
e) Any of the above could be included in closing costs.
How much should you figure on paying in closing costs?
a) 3 to 5 percent of the loan amount
b) 20 percent of the loan amount
c) 1 percent of the loan amount
d) 10 percent of the loan amount
Which of the following best describes the definition of an escrow account?
a) An escrow account is a type of collateral.
b) An escrow account is a type of real estate property tax.
c) An account held by the lender into which the home buyer pays money for real estate tax or insurance premiums.
True or false: Borrowers with long-term, fixed-rate loans will always pay the same loan amount each year.
a) True
b) False
TABLE OF CONTENTS
CHAPTER I Lesson 1 Quiz
CHAPTER II Lesson 2 Quiz
CHAPTER III Lesson 3 Lesson 4 Lesson 5 Quiz
CHAPTER IV Lesson 6 Lesson 7 Quiz
CHAPTER V Lesson 8 Lesson 9 Quiz
CHAPTER VI Lesson 10 Lesson 11 Quiz
CHAPTER VII Lesson 12 Lesson 13 Lesson 14 Quiz
CHAPTER VIII Lesson 15 Lesson 16 Lesson 17 Lesson 18 Quiz
CHAPTER IX Lesson 19 Quiz
CHAPTER X Lesson 20 Quiz
CHAPTER XI Lesson 21 Quiz
CHAPTER XII Lesson 22 Lesson 23 Lesson 24 Quiz
CHAPTER XIII Lesson 25 Lesson 26 Lesson 27 Quiz
CHAPTER XIV Lesson 28 Lesson 29 Lesson 30 Quiz Definitions
