Real Estate Fundamentals

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10 Questions - Developed by: - Developed on: - 2,092 taken

  • 1
    The three major components of the real estate financing market are the Federal Reserve System, the primary mortgage market, and the secondary mortgage market.
  • 2
    Lenders are NOT permitted to charge prepayment penalties on mortgage loans insured or guaranteed by the federal government.
  • 3
    The Federal Reserve System regulates the flow of money and interest rates in the marketplace through its member banks by controlling their reserve requirements.

  • 4
    4) Nonrecourse lending is the term used to describe the pledging of property as security for payment of a loan without surrendering possession of the property.
  • 5
    5) Warehousing agencies and investment brokers purchase a number of mortgage loans and assemble them into packages of loans called collateral documentation.
  • 6
    6) The note specifies the manner in which an amortized loan is repaid, and a fully amortized mortgage loan, or level-payment loan, is the MOST frequently used plan.

  • 7
    7) In Pennsylvania, mortgage bankers and mortgage brokers must be licensed and conduct business in accordance with the Real Estate Licensing Act.
  • 8
    8) A lender may agree to an arrangement called a friendly foreclosure as an alternative to foreclosure, because it is NOT carried out by lawsuit, but rather by mutual agreement.
  • 9
    9) Pennsylvania historically has been a lien theory state in which foreclosure is not required to obtain legal title.
  • 10
    10) The secondary mortgage market is where lenders often seek investors for the loans they originate.

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