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Conforming Loan Criteria Quiz

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Questions and Answers

What is the definition of a bilateral contract?

A contract that involves only one party promising performance

A contract where performance is optional

A contract under which each party promises performance (correct)

A contract that doesn't require any party to promise performance

What does a bird dog do in real estate?

Identifies good real estate investment opportunities for others (correct)

Builds real estate properties

Manages real estate properties

Buys and sells real estate

What is the function of a Board of Equalization?

Managing local property taxes

Assessing construction projects

Ensuring property tax assessments are uniform (correct)

Issuing real estate licenses

In mortgage terms, what is a biweekly mortgage?

A mortgage with payments due every two weeks Signup and view all the answers

What is the debt ratio calculated in the text?

33.33% Signup and view all the answers

Which of the following is typically included in debt ratio calculations?

Auto lease payments Signup and view all the answers

What are the preferred debt ratios for conventional loans?

28% for housing and 36% for total Signup and view all the answers

What type of loans may allow total debt ratios as high as 55%?

Non-conforming loans Signup and view all the answers

What is an Adjustable Rate Mortgage (ARM)?

A mortgage loan where the interest rate can change at specific intervals based on an index Signup and view all the answers

What does an Administrator's Deed refer to?

A document used to transfer property by an estate administrator Signup and view all the answers

What is Adverse Possession in real estate?

Acquiring title to property through continuous, open, and exclusive occupation for a specified period Signup and view all the answers

What does an Affidavit refer to in real estate transactions?

A written statement sworn before an authorized officer Signup and view all the answers

What is a conforming loan?

A loan with strict underwriting criteria set by government agencies like Fannie Mae and Freddie Mac Signup and view all the answers

What does 'contingency' mean in a real estate contract?

A condition that must be met for the contract to be legally binding Signup and view all the answers

What is a 'Contract For Deed' in real estate?

An installment selling arrangement where the deed is provided only after full payment Signup and view all the answers

What does it mean to 'convey' a property?

To transfer or deed the title to another person Signup and view all the answers