Net Operating Income In Real Estate! Trivia Questions Quiz

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Net Operating Income In Real Estate! Trivia Questions Quiz

This trivia questions quiz is on Net Operating Income in Real Estate! This type of income is used to measure the profitability expected from a real estate investment. Do you know how to calculate the correct NOI and what you need to do so? How about you take the quiz and get a chance to refresh your understanding of the calculation.


Questions and Answers
  • 1. 
    A Reg B (ECOA) application is simply a borrower inquiry for credit. The Notice of Incompleteness (NOI) requirements apply even if you do not have the 6 elements of a RESPA application.
    • A. 

      True

    • B. 

      False

  • 2. 
    • A. 

      If the borrower has not been approved, denied, or withdrawn within 30 days of their ECOA application, an NOI must be issued.

    • B. 

      A NOI must be issued WITHIN 30 days, which means you can send one the day you initially speak with the borrower or anytime within the following 30 days.

    • C. 

      You must send a NOI before the loan can be denied or withdrawn.

    • D. 

      The 30 day NOI is designed for borrowers who have information or documents that need to be submitted to the LO. The 90 day NOI is designed for borrowers who do not have a property and need additional time to shop.

  • 3. 
    We can not give the borrower more or less time than the typical 30 or 90 days NOI as this could give rise to a fair housing complaint. However, if we have already sent the typical 30 or 90 day NOI and the borrower requests more time, we can send an additional NOI to provide the time requested.
    • A. 

      True

    • B. 

      False

  • 4. 
    If a borrower is pre-qualified, we do not have to issue an NOI.
    • A. 

      True

    • B. 

      False

  • 5. 
    • A. 

      The Adverse Action Department.

    • B. 

      The Loan Originator.

    • C. 

      The Processor.

    • D. 

      The Underwriter.