Unit 14 Quiz Attempt #2
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Question 1 of 25
1. Question
The two parts of a loan are?
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Question 2 of 25
2. Question
Prepayment penalty is defined as
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Question 3 of 25
3. Question
Legal process in which property that is pledged as security for a debt is sold to satisfy the debt is known as?
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Question 4 of 25
4. Question
Loans are called non-conforming only
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Question 5 of 25
5. Question
What is another name for the Grant Program?
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Question 6 of 25
6. Question
At 5% interest, a couple could make 360 payments of about $429, paying around $75,000 in interest—nearly equal to the borrowed amount. How can they lower the interest accrued?
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Question 7 of 25
7. Question
The term debenture can be described as:
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Question 8 of 25
8. Question
What is the definition of Market Value?
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Question 9 of 25
9. Question
Which concept is better described by the expectation of certain events as a value?
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Question 10 of 25
10. Question
The 3 methods of calculating Replacement cost are ________________, Comparative method, and cubic foot method
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Question 11 of 25
11. Question
Fill in the blank. The primary benefits that contribute to __________________ are appreciation, income, tax benefits, and use.
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Question 12 of 25
12. Question
Under the Federal Housing Administration (FHA) – insured, what percentage is needed for a down payment and what is the minimum credit score required?
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Question 13 of 25
13. Question
How many dicount points make up 1% of the term balance?
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Question 14 of 25
14. Question
What is the redemption period after a foreclosure sale is complete?
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Question 15 of 25
15. Question
Which of the following statement/s is true in terms of the right of a borrower to reclaim a property by reimbursing an investor from a foreclosure sale:
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Question 16 of 25
16. Question
In the state of Georgia, the lender must do what when a mortgagor is in default?
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Question 17 of 25
17. Question
After closing, how soon must deeds of conveyance be recorded?
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Question 18 of 25
18. Question
What is a goverment loan called?
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Question 19 of 25
19. Question
In the state of Georgia, does the borrow have the right to reclaim a property by reimbursing an investor from a foreclosure sale?
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Question 20 of 25
20. Question
After a mortgagor is in default, what must a lender do in order to foreclose?
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Question 21 of 25
21. Question
Once a sale is made on a foreclosure, how long does the borrow have for redemption?
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Question 22 of 25
22. Question
When a buyer is receiving a mortgage loan in Georgia, at the closing which document should be signed?:
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Question 23 of 25
23. Question
The legal title to the lender is conveyed through the _____ in Georgia:
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Question 24 of 25
24. Question
The most popular type of bankruptcy is called?
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Question 25 of 25
25. Question
Failure to make a payment after the first 30 days causes the loan to go into:
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