Financing & Loans Quiz A

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Question 1 of 12

1. Question
What are the two major types of loans?
- Long term and short term budgeting
- Conventional and Government Loans
- Arbitrary and ordinary loans
- Civilian and Military loans
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Question 2 of 12

2. Question
What is the nature of a conventional loan?
- Has terms that do not include insurance or a guarantee from a federal agency.
- Loans that are forgivable
- Loans with no interest
- These conventional loans are usually sold on the secondary mortgage market.
- Both A and D
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Question 3 of 12

3. Question
Why conventional loans are viewed as secure?
- Because their loan-to-value ratios are often lowest.
- Because they provide perks
- Because Security depends on Conventional lenders
- Conventional Lenders are not flexible
- Government lenders are not trustworthy
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Question 4 of 12

4. Question
When are conventional loans called conforming loans?
- When they cooperate with the FHA
- When the Federal Government approve them
- Any time a buyer applies for conforming rules
- They are never called conforming loans
- When they meet Fannie Mae and Freddie Mac guidelines
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Question 5 of 12

5. Question
Government-sponsored enterprise that buy loans from lenders and repackage them in mortgage-securities to be sold on secondary markets.
- Fannie Mae and Freddie Mac
- None
- Family and Housing Administration
- Government Investment Group
- Primary Marketers
- Group Primary Marketers
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Question 6 of 12

6. Question
How much can a buyer deposit through FHA(Federal Housing Administration)?
- 3.5% down payment
- 10% of principal
- 15% of Closing costs
- 12% of down payment
- Nothing
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Question 7 of 12

7. Question
How much can a buyer deposit under the VA(Veterans Affairs)?
- 10% of the total selling price
- 5% down payment
- Just a $1,000
- $500
- VA loans do not require any down-payment or mortgage insurance
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Question 8 of 12

8. Question
Under which financing method the seller carries a portion (or sometimes all) of the loan for the buyer?
- Purchase-money mortgage (PMM)
- Money back guarantee
- Carry on mortgage
- Does not exist
- Purchase and carry on
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Question 9 of 12

9. Question
The seller acquires financing that wraps the new buyer’s mortgage around the seller’s existing mortgage.
- Wrap-around Mortgage
- Wrap up mortgage
- Mortgage-around financing
- Package mortgage
- Construction mortgage
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Question 10 of 12

10. Question
What financial method deals with two or more properties pledged as security for repayment of the loan?
- Security mortgage
- Blanket Mortgage: Used in commercial applications.
- Wrap-around mortgage
- Secured financing
- Secured mortgage clause
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Question 11 of 12

11. Question
When are loans called non-conforming loans?
- If they don't meet Fannie Mae or Freddie Mac guidelines
- Conventional
- If the borrower does not apply for conformity
- FHA
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Question 12 of 12

12. Question
As you continue to make payments, the certificate of title is held by…
- the buyer
- the seller
- both the buyer and the seller
- the mortgage lender
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