Home Finance Process Quiz: Trivia

10 Questions | By DataQuick | Last updated: Mar 16, 2022 | Total Attempts: 95

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Home Finance Process Quiz: Trivia - Quiz

Home finance process quiz: trivia. People use different ways in order to buy a home but one that is available for most is using mortgage. Data quick is one of companies that offer these services at a favorable rate for its clients. Do take up the quiz below and get to see just how much you know about the company and the services it offers for its clients. All the best as you tackle it!

Questions and Answers

1.

What is the term for real estate marketing?
- A.
  
  Cultivating
- B.
  
  Farming
- C.
  
  Nuturing
- D.
  
  Campaigning
2.

What services do Title Companies provide?
- A.
  
  Issues insurance to defend against litigation in ownership disputes.
- B.
  
  Researches the ownership of properties.
- C.
  
  Provides inspections to ensure the property is structually sound.
- D.
  
  Works with the County Assessors office to provide tax status and delinquencies.
3.

What type of information does DataQuick provide real estate professionals?
- A.
  
  Property characteristics (bedrooms, bathrooms, square footage).
- B.
  
  Recent sales comparables.
- C.
  
  Geological survey results.
- D.
  
  Flood maps.
- E.
  
  Replacement cost calculations.
4.

What is usually the first step in the mortgage process?
- A.
  
  Property inspections are completed and certified.
- B.
  
  Lenders check borrowers credit history.
- C.
  
  Housing price trends are evaluated for property value projections.
- D.
  
  Flood maps are reviewed to determine if flood insurance is needed.
5.

Why does the lender need to have an appraisal performed before funding a loan?
- A.
  
  To provide sufficient replacement costs in case of disaster.
- B.
  
  To verify that the value of the house is sufficient to support the amount of the loan they are financing.
- C.
  
  To determine the value of the loan should the loan be pooled on the secondary market.
- D.
  
  To ensure the property is structurally sound.
6.

Mortgage lenders must determine if the property being purchased with a loan is in a flood zone. If it is, then the borrower must purchase flood insurance.
- A.
  
  True
- B.
  
  False
7.

DataQuick provides the following property appraisal solutions.
- A.
  
  Licensed Appraisals
- B.
  
  Broker Price Opinions
- C.
  
  Automated Valuation Models (AVM)
8.

MindBox provides decision-making software that applies rules to make decisions that are as good as the Lender’s staff would make.
- A.
  
  True
- B.
  
  False
9.

After you purchase a home, you may receive additional marketing material. Your address may have been provided using a DataQuick product.
- A.
  
  True
- B.
  
  False
10.

What settlement services does DataQuick provide?
- A.
  
  Closing Documents
- B.
  
  Certified Signing Agents
- C.
  
  Disbursing Funds