Lending Practices and Loans
 

  1. Question: What is meant by the term "Credit Repository"?

    A
    The physical location where all mortgage papers are signed

    B
    An organization that gathers, records, updates, and stores the information about the financial, public and payment records of the individuals who are being considered for credit

    C
    A central clearing house for all loan transactions

    D
    The loss of money, property, rights, or privileges due to a breach of legal obligation

    Note: Answer not sure
    1. Report

  2. Question: What does the term "Escrow Payment" mean?

    A
    The placing of funds in a special account to cover regular payment of taxes and insurance

    B
    The fee charged for borrowing money

    C
    An additional payment made to reduce the principal balance of a mortgage

    D
    The final payment made to pay off a mortgage

    Note: Answer not sure
    1. Report

  3. Question: What does the term "Survey" imply?

    A
    An assessment of a person's credit

    B
    The intentional and voluntary giving up of rights or claims

    C
    The ability of a lender to provide clients with a better rate

    D
    The determination of the exact boundaries and location of a property

    Note: Answer not sure
    1. Report

  4. Question: What is a written document that transfers the title to personal property callled?

    A
    Bill of Sale

    B
    Bill of lading

    C
    Sales contract

    D
    Depreciation

    Note: Answer not sure
    1. Report

  5. Question: What is a typical mortgage loan term?

    A
    30 years

    B
    10 years

    C
    2 years

    D
    100 years

    Note: Answer not sure
    1. Report

  6. Question: What is meant by the term "Recoverable Grants"?

    A
    Funds provided by a philanthropist to fulfill a role similar to equity

    B
    Interim financing for a home buyer

    C
    A short term loan used to pay closing costs

    D
    A bond that does not earn any interest

    Note: Answer not sure
    1. Report

  7. Question: How does a credit card differ from a personal loan?

    A
    Credit cards offer more favorable interest rates

    B
    Credit cards are usually for higher credit amounts

    C
    Credit cards always have a physical card, loans never do

    D
    Credit cards have open ended payment schedules

    Note: Answer not sure
    1. Report

  8. Question: What is meant by the term "Floor"?

    A
    The minimum amount a loan can be made for

    B
    The interest rate below which the rate of an Adjustable-Rate Loan cannot be adjusted

    C
    The minimum amount of time a mortgage can be set for

    D
    A professional opinion of the current market value of a property

    Note: Answer not sure
    1. Report

  9. Question: How much is one point worth?

    A
    10 percent of the mortgage

    B
    0.1 percent of the mortgage

    C
    1 percent of the mortgage

    D
    $1000

    Note: Answer not sure
    1. Report

  10. Question: How is interest on a loan shown on the financial statements?

    A
    As a long term liability

    B
    As a short term liability

    C
    As revenue

    D
    As an expense incurred during the period

    Note: Answer not sure
    1. Report
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