Flashcard Set Preview
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| 1 |
Great Depressin 1929-39 down payments were?
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40-50%
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| 2 |
legal document through which a loan is obtained to purchase real property
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note
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| 3 |
The document used to secure payment of the loan to buy a property is called what?
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mortgage
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| 4 |
A mortgage is provided by lenders who charge interest for the use of the borrowed money to...
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principal
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| 5 |
Charging an excessively high rate of interest is known as ____ or _____ the buyer
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gouging or usury
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| 6 |
The ______ _______ fee is a fee to originate or obtain the mortgage. It is often...
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mortgage origination
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| 7 |
In real estate, the word "point" means what?.
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percent
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| 8 |
Lenders require a ____ _____ _____ to provide insurance coverage for the amount of...
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title insurance policy
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| 9 |
Pledging of real property as collateral security while the borrower still retains possession...
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hypothecation
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| 10 |
This is done as a precaution so that in the event the borrower fails to perform on the...
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hypothecation
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| 11 |
An "_____ ______"is one in which regular payments consist only of interest. The loan principal...
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balloon mortgage
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| 12 |
An ______ ______ is one in which the regular periodic, payments have a portion of...
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amortized mortgage
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| 13 |
All of the direct lenders that are available in the marketplace are collectively referred to...
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primary mortgage market
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| 14 |
The Federal National Mortgage Association is known as ______ ______ and is the most...
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FANNIE MAE
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