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Of the following, which is a nontraditional credit source that is NOT acceptable to Fannie Mae? 1) undocumented personal loan 2) cell phone payments 3) checking account 4) medical bill payments Which of the following is NOT a Real Estate Investment Trust (REIT)? 1) hybrid REIT 2) income REIT 3) mortgage REIT 4) equity RT A buyer wishes to buy the property at 123 Main St. After their Realtor@ negotiates a sale price of $164,900 the buyer and seller agree to a meeting of the minds. The seller is paying a 6% commission, to be split 50/50 with the brokerages. The buyer's lender wants 15% down payment, 3 points for origination fee, and 3 mils for county transfer fee. The title company requires $1,500 for their title search and lender's title insurance. Owner's title insurance will cost $400. The appraisal will cost $350. The buyer agrees to close, and all costs are paid at closing. How much must the buyer bring to closing? 1) $31,697.26 2) $27,479.70 3) $42,049.50 4) $32,426.70 Which of the following loan-to-value (LTV) ratios would require private mortgage insurance (PMI)? 1) 65% 2) 90% 3) 75% 4) 80% Of the following, which is a nontraditional credit source that is NOT acceptable to Fannie Mae? 1) undocumented personal loan 2) cell phone payments 3) checking account 4) medical bill payments Which of the following is NOT a Real Estate Investment Trust (REIT)? 1) hybrid REIT 2) income REIT 3) mortgage REIT 4) equity RT A buyer wishes to buy the property at 123 Main St. After their Realtor@ negotiates a sale price of $164,900 the buyer and seller agree to a meeting of the minds. The seller is paying a 6% commission, to be split 50/50 with the brokerages. The buyer's lender wants 15% down payment, 3 points for origination fee, and 3 mils for county transfer fee. The title company requires $1,500 for their title search and lender's title insurance. Owner's title insurance will cost $400. The appraisal will cost $350. The buyer agrees to close, and all costs are paid at closing. How much must the buyer bring to closing? 1) $31,697.26 2) $27,479.70 3) $42,049.50 4) $32,426.70 Which of the following loan-to-value (LTV) ratios would require private mortgage insurance (PMI)? 1) 65% 2) 90% 3) 75% 4) 80%

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