Other Financing Techniques Quiz Attempt #3

Other Financing Techniques Quiz Attempt #3

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*Other Financing Techniques Quiz #4*
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*Financing Legislation*

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Question 1 of 10

1. Question
The ratio of debt to the value of the property is known as ____
- loan-to-value ratio.
- capital-use ratio
- debt-to-equity ratio.
- amortization ratio.
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Question 2 of 10

2. Question
Fill in the blank: ___ is a common feature of an adjustable-rate (ARM) mortgage
- FHA
- ARM
- Amortized
- Straight
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Question 3 of 10

3. Question
Which answer equals a one discount point for a borrower?
- 2.5% of the loan amount
- 1% of the loan amount
- 3% of the purchase amount
- 1% of the purchase amount
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Question 4 of 10

4. Question
Who participates in the secondary market?
- lender who deals exclusively in second mortgages.
- lender of residential mortgages and deeds of trust.
- institutional investor that buys and sells loans.
- institutional investor who supplies money for FHA anf VA loans.
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Question 5 of 10

5. Question
The mortgagor would pay no principle on the loan until the end of the term in a ____ mortgage?
- Fully amortized loan
- Contract for deed
- Straight loan
- Partially amoritized loan
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Question 6 of 10

6. Question
VA loans in Georgia may be made by
- Fannie Mae
- HUD
- the Veterans Administration
- None of the above
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Question 7 of 10

7. Question
Which is NOT one of the major types of loans?
- Conventional Loan
- Military Loan
- Government Loan
- None of the above are major types of loans.
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Question 8 of 10

8. Question
What does having a principal balance mean?
- you have an outstanding balance of principal only
- you have an outstanding balance of principal and interest
- you have an outstanding balance of interest only
- none of the above
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Question 9 of 10

9. Question
Which best describes the fair credit reporting act
- a series of laws designed to preserve the free enterprise of the open marketplace by making illegal certain private conspiracies and combinations formed to minimize competition.
- a law, in effect in most states, that stipulates that no person shall conduct a business under any name other than his or her own individual name, unless such person files the desired name with the county clerk in each county where the business is conducted
- a consumer protection law that regulates the disclosure of consumer credit reports by consumer/credit reporting agenies and establishes proceedures for correcting mistakes on one's credit record.
- None of the above describes fair credit reporting
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Question 10 of 10

10. Question
A mortgage banker:
- generally assumes to originate and fund their own loans
- is a mortgage broker or correspondent
- sells loans on seondary markets
- Sells loans on primary markets
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