Unit 8 Quiz

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Real estate loans generally include a promissory note and a a. settlement statement b. grant deed c. purchase contract d. security instrument

security instrument

The federal agency that insures savings accounts is the a. FNMA b. FHA c. FDIC d. FHLMC

FDIC

RESPA regulates loans for which of the following? a. Multiple family dwellings b. Commercial property c. One-to-four-unit family dwellings d. Land subdivisions

One-to-four-unit family dwellings

A provision that gives the lender the right to demand full payment of a mortgage upon a sale of the property is a. an escalator clause b. a partition clause c. a due-on-sale clause d. a notice of sale

a due-on-sale clause

An instrument by which property is hypothecated to secure the payment of a debt or obligation is known as a. an encroachment b. a sheriff's deed c. a mortgage d. a reconveyance deed

a mortgage

The repayment of a loan in equal installments that includes both interest and principal reduction is referred to as a. a straight loan b. a mortgage loan c. a hard money loan d. an amortized loan

an amortized loan

The security instrument of choice in California is the a. mortgage b. grant deed c. quitclaim deed d. deed of trust

deed of trust

"The cost of using money" BEST describes a. a free market b. an open market c. interest d. credit

interest

Which of the following is NOT an institutional lender? a. mortgage company b. insurance company c. thrift d. savings and loans

mortgage company

Money is a medium of exchange as well as a measure of a. credit b. value c. investment potential d. intrinsic worth

value


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