LVO Quiz 5
LVO Credit Knowledge Quiz
Test your knowledge of reverse mortgages, credit inquiries, and the essentials of real estate financing with our engaging quiz! Whether you're a professional in the financial sector or just curious about the topic, this quiz is designed for you.
- 10 thought-provoking questions
- Learn key concepts related to credit and real estate
- Instant feedback on your performance
What is a Reverse mortgage?
Short term loan that assists in financing the purchase of an investment property
A line of credit secured by property
Allows an individual to borrow money using the equity in their home as security.
Product that requires no repayment of the loan secured by the property
What is Capacity, in relation to the five C's of credit
Borrower's ability to repay the loan
Refers to the customers repayment history and their conduct with liabilities
Equity/Funds to complete the transaction
Object that is used to secure the debt
How long does a credit enquiry appear on an Experian credit report
7 years
5 Years
12 months
2 years
A serviced apartment is an acceptable security
FALSE
TRUE
A display home may be an acceptable security
FALSE
TRUE
What is the document that contains the legal information about a property
Certificate of Insurance
Contract of Sale
Application form
Property Title
What is a Company?
Individual running their own business
Legal entity with one or more director
Two or more people with income distributed amongst themselves
Structure involving a trustee
What platform will we utilize to assist in calculating living expenses
My Budget Planner
Expense Nation
XAI Validate
Statement calculator
What is the maximum default amount we would consider that is listed on a credit file
$500
$1,000
$10,000
$5,000
Where would we locate the Replacement Insurance amount
EVR
AVM
Property Title
Full Valuation
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