Unit 14 Quiz Attempt #3

There are two parts of a loan. Pledge to pay and

What is the minimum credit score required under the Federal Housing Administration (FHA)- Insured?

A loan in which the borrower makes only interest payments is called a(n)

A budget mortgage is

Foreclosure is

A wraparound loan is when

Under which financing method the seller carries a portion (or sometimes all) of the loan for the buyer?

Loans are called non-conforming only

If no redemption is made at the time of the sale, the redemption periods ____.

The transfer tax in Georgia is a _____ tax paid in the county in which the property is located when title is transferred.

Of the following, what is true about the right of a borrower to reclaim a property by reimbursing an investor from a foreclosure sale:

In Georgia, the lender must do which of the following in order to foreclose when a mortgagor is in default?

When a buyer is financing the purchase of a home in Georgia, what document will be accompanied with the note that will be signed at the closing?

Is a banker another term for a lender

A buyer receives ______ financing when the seller provides part or all the financing

What is the name of the clause that lets the lender demand payment when the borrower transfers title to someone else without notifying the lender?

What shows what the borrower is using as collateral for debt in a home loan?

A security deed may be used for which of the following?

After the first 30 days of a mortgage, if no payment is made the loan goes into

Which one of these is the most common type of bankruptcy?

What is the name of the clause that lets the lender demand payment when the borrower transfers title to someone else without notifying the lender?

What is it called when the buyer assumes the seller’s mortgage?

A security deed in Georgia means:

If a closing was taking place in GA, who would hold responsibility for ensuring the accuracy of any promissory notes involved?

Prepayment penalty is defined as