Quiz #3 - Assets

10 Questions | By Rduttonnam | Last updated: Mar 19, 2022 | Total Attempts: 412

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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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