Unit 15 Quiz Attempt #2
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Question 1 of 27
1. Question
A straight term loan is defined as
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Question 2 of 27
2. Question
Under which financing method the seller carries a portion (or sometimes all) of the loan for the buyer?
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Question 3 of 27
3. Question
The statement that discloses whether the lender will service the loan is ___
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Question 4 of 27
4. Question
What is a two-step mortgage?
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Question 5 of 27
5. Question
Which of the following are government loan programs?
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Question 6 of 27
6. Question
A ________ is the final lump some payment due at the termination of a balloon mortgage?
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Question 7 of 27
7. Question
A mortgage for the remaining balance at a specific time is _____
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Question 8 of 27
8. Question
The date for an ARM or adjustable-rate mortgage is described as
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Question 9 of 27
9. Question
Which of the following are government loan programs?
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Question 10 of 27
10. Question
What type of mortgage has a rate that does not change?
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Question 11 of 27
11. Question
The owner’s financial interest in the property which is the difference between the fair market value of a property and the amount still owed on the mortgage and other liens is his
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Question 12 of 27
12. Question
A VA loan has which of the following applied to it?
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Question 13 of 27
13. Question
Which of the following is not true of the Federal National Mortgage Association (Fannie Mae)?
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Question 14 of 27
14. Question
A lender would say that ____________ is the process of getting new loans
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Question 15 of 27
15. Question
The period of time when a lender gives you a specific interest rate for specific time is called:
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Question 16 of 27
16. Question
Raw data pulled from two or more of the major credit repositories for a credit report is called:
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Question 17 of 27
17. Question
What is untrue about no cash-out refinancing?
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Question 18 of 27
18. Question
Define “assumable mortgage”:
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Question 19 of 27
19. Question
The _______ is paid by a mortgager for mortgage insurance, either a government agency or to a private agency.
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Question 20 of 27
20. Question
Credit is an agreement in which:
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Question 21 of 27
21. Question
Fannie Mae’s primary activity is not to:
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Question 22 of 27
22. Question
What is the definition of a life cap?
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Question 23 of 27
23. Question
A change in your mortgage without having to refinance is:
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Question 24 of 27
24. Question
What is a mortgage banker?
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Question 25 of 27
25. Question
What do you call a participant in the secondary market?
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Question 26 of 27
26. Question
Which of the following protects a lender’s interest in a mortgage loan with a high LTV (loan-to-value) ratio?
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Question 27 of 27
27. Question
The mortgagor would pay no principle on the loan until the end of the term in what type of mortgage?
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