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42. What age must a reverse mortgage borrower be?a. Over 55              b. Over 62                       c. Over 65             d. Over 70                        

94. Market value is the:a. amount the broker needs to do the loan.           b. sales price of the home.                                     c. most probable price that a property should bring in an open and competitive market.d. none of the above.

35. Regulation Z:a. allows the right of rescission.                                                 b. requires that a consumer be provided with the annual percentage rate. c. requires proper disclosure of all finance terms in advertising.               d. all of the above.      

87. A clause in a financial instrument that limits a borrower’s right to transfer the property without the lender’s permission is called a(n):a. acceleration clause.     b. alienation clause.       c. prepayment clause.        d. none of the above.

34. An unincorporated association of real estate investors managed by a trustee is a:a. bank.                                                    b. real estate brokerage.                           c. real estate investment trust.d. mortgage company.

68. In a growth equity mortgage (GEM):a. payments increase annually.          b. payments decrease annually.                             c. interest rates decrease annually.d. none of the above.

21. The primary market is made up of:a. first-time homebuyers.                    b. federal agencies.             c. local lending institutions.               d. none of the above.    

45. In a loan with negative amortization, the balance owed:a. decreases over time.        b. increases over time.         c. remains the same.           d. none of the above.

56. A clause in a finance instrument that allows a lender to demand immediate payment in the event of a default by the borrower is called a(n):a. prepayment clause.                                           b. alienation clause.                                            c. acceleration clause.d. none of the above.

64. A loan that meets the standards of the secondary market (Fannie Mae and Freddie Mac) is called a:a. government loan.b. nonconventional loan.                                                     c. conforming loan.d. nonconforming loan