Quiz #3 - Assets

10 Questions | Total Attempts: 412

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Finance Quizzes & Trivia

Questions and Answers
  • 1. 
    A borrower may choose to use his credit card to pay closing costs?
    • A. 

      True

    • B. 

      False

  • 2. 
    Asset statements must cover a period of...
    • A. 

      60 days

    • B. 

      45 days

    • C. 

      30 days

    • D. 

      120 days

  • 3. 
    What percentage of the total value of a retirement asset may be used?
    • A. 

      30%

    • B. 

      65%

    • C. 

      60%

  • 4. 
    W2s are required to verify all assets on an annual basis?
    • A. 

      True

    • B. 

      False

  • 5. 
    Lenders must verify the borrower has sufficient assets for down payment and closing costs?
    • A. 

      True

    • B. 

      False

  • 6. 
    If a seller wishes to contribute to the borrower's funds to close, he may pay...
    • A. 

      Closing Costs

    • B. 

      Down Payment

    • C. 

      Both

  • 7. 
    Who can provide a gift for the borrower for funds to close?
    • A. 

      Seller

    • B. 

      Parents and/or children

    • C. 

      Real Estate Agents

    • D. 

      Loan Officer

  • 8. 
    If a borrower does not have enough liquid assets to close, they may borrow them from a close friend or relative?
    • A. 

      True

    • B. 

      False

  • 9. 
    Large deposits only require a written explanation from the borrower?
    • A. 

      True

    • B. 

      False

  • 10. 
    EMD or earnest money deposit is equal to the borrower's down payment
    • A. 

      True

    • B. 

      False

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