Reference no: EM133058418
Q1. Jerry has calculated that the GDS of his client is at 33%. Given this scenario which one of the following statements is most correct?
-This exceeds the industry standard
-This is exactly the industry standard
-This is below the industry standard
-There is no standard
Q2. Your clients would like to refinance their mortgage. They have told you that their house is valued at $410,000 and they would like a $307,500 mortgage with bi-weekly payments for a 2 year term at 3.99% compounded semi-annually with a 25 year amortization. The payment for this proposed mortgage is $745.12. They have told you that they also have a car payment of $500 per month which they will use this mortgage to pay off, annual car insurance of $2,712, an RRSP contribution of $50 per month by payroll deduction, a weekly loan payment of $45 and total monthly credit card payments of $510. Their property taxes are $2,100 per year. Their combined income is $130,000 per year and heat on this house is $75 per month. What is their TDS?
-25.80%
-31.08%
-23.72%
-28.33%
Q3. Equifax will keep information on a bankruptcy on file for:
-6 years from filing
-6 years from discharge
-7 years from filing
-7 years from discharge
Q4. You are taking an application for a refinance on a client and are filling in the lot and plan number of the property. With regards to this information, which one of the following statements is most correct?
-This is part of the legal description
-This is part of the civic address
-This is part of the property type and construction
-This is part of the client's present address
Q5. Suzanne has calculated that the TDS of her client is at 40%. Given this scenario which one of the following statements is most correct?
-This exceeds the industry standard
-This is exactly the industry standard
-This is below the industry standard
-There is no standard