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1. What are mortgage-backed securities?
A) notices that acknowledge a borrower's debt to the lender and promise to repay the holder of the note
B) investment instruments that have packaged mortgages as collateral
C) promissory notes that reference a security instrument
D) the rights to real property being held by one party for the benefit of another
2. What is the perimeter of a rectangular lot with the dimensions of 40 ft. x 50 ft .?
A) 200 ft.
B) 150 ft.
C) 90 ft.
D) 180 ft.
3. According to the Virginia Residential Landlord Tenant Act (VRLTA) what is the maximum amount a landlord may keep as a security deposit?
A) six months' rent
B) $2,000
C) two months' rent
D) one month's rent
4. What is the legal doctrine by which the decedent's property will pass to the state without their consent if that individual dies without a will, a surviving spouse, lineal descendants, or other known heirs?
A) eminent domain
B) police power
C) escheat
D) variance
5. Why do lenders need liquidity?
A) to qualify for FHA insurance
B) so loans can be packaged together to create MBSs
C) so they have the funds to originate more loans
D) so they can put their money in long-term assets
Solutions:
| Question # 1 Answer: B | Question # 2 Answer: D | Question # 3 Answer: C | Question # 4 Answer: C | Question # 5 Answer: C |
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