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Real Estate Chapter 10

Authored by Brian Brian

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12th Grade

Used 1+ times

Real Estate Chapter 10
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53 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Mortgage originators can either hold loans in their portfolios or sell them to investors. When a mortgage originator decides to sell mortgages to another institution, this transaction occurs in what is commonly referred to as the:

primary mortgage market.

secondary mortgage market.

over-the-counter market.

loan origination market.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following types of financial institutions is the largest purchaser of residential mortgages?

commercial banks

savings and loans

government sponsored enterprises

mortgage banking companies

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Considered the most common type of home loan, which of the following refers to any standard home loan that is not insured or guaranteed by an agency of the U.S. government?

conventional home loan

Federal Housing Administration loan

Veterans Affairs loan

Section 203 loan

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Mortgage loans that meet all general underwriting standards established by government sponsored enterprises except for the dollar size limit are more commonly referred to as:

conventional loans.

subprime loans.

jumbo loans.

Alt-A loans.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Mortgage loans that fail one or more of the underwriting standards established by government sponsored enterprises are more commonly referred to as:

conforming loans.

nonconforming loans.

government sponsored loans.

conventional loans.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following government agencies insures mortgage loans made by private lenders that are designated primarily for low-income housing, nursing homes, cooperative apartments, and condominiums?

Fannie Mae

Freddie Mac

Federal Housing Administration

Veteran’s Affairs

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Created by Congress to promote an active secondary market for home mortgages, Fannie Mae and Freddie Mac purchase loans that meet specific underwriting standards such as loan size, documentation, and payment to income ratio. The loans that Fannie Mae and Freddie Mac are eligible to purchase are commonly referred to as:

government sponsored loans

conforming conventional loans

nonconforming conventional loans

FHA loans

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