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Real Estate Licensing Virginia Real Estate Salesperson Exam - Topic 3 Question 14 Discussion
Actual exam question for
Real Estate Licensing's
Virginia Real Estate Salesperson exam
Question #: 14
Topic #: 3
[All Virginia Real Estate Salesperson Questions]
Topic #: 3
In addition to evaluating borrower creditworthiness, to complete the loan approval process, the underwriter needs to evaluate the:
Suggested Answer:
B
Loan underwriting evaluates two things:
Borrower's creditworthiness (income, debt, credit score).
The property's value and suitability (via appraisal, condition, and title review).
The lender needs to ensure that the property provides sufficient collateral in case of default.
Other options:
(A) Tender -- unrelated.
(C) Broker -- not evaluated.
(D) Seller -- irrelevant to loan approval.
Fannie Mae Selling Guide -- Loan Underwriting
Virginia Real Estate Finance Principles -- Loan Process
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