18 Questions
What is the role of the Federal Reserve in determining monetary policy?
All of the above
How do open market operations affect interest rates?
Decrease interest rates
What is the main power that a Trustee has in the event of default?
Power to foreclose without going to court
Which of the following must be adequately described in a security instrument?
Real property serving as collateral
What does the alienation clause prohibit?
Sale of property without lender approval
What does an acceleration clause give the lender the right to do?
Demand immediate payment of the loan balance
What is a temporary postponement of mortgage payments called?
Forbearance
What does an underwriting guideline ensure?
Meeting credit standards
What type of bailment conveys possessory title to a creditor, securing repayment for debt?
Pledge
What is a charge or payment expressed as a percentage of some other amount?
Interest
What type of real estate contract involves the vendee paying the purchase price in installments, with the vendor retaining legal title until full payment is made?
Installment contract
What term refers to the provision in a listing agreement where the seller must pay a commission if the property is sold after the listing expires to someone negotiated with during the listing period?
Safety clause
What happens when a new real estate contract is created, and an old one is extinguished?
Novation
What does MLS stand for in real estate terminology?
Multiple Listing Service
In real estate, which type of listing requires the seller to pay the broker's commission only if the broker is the procuring cause of the sale?
Exclusive agency listing
What term describes a document that entitles the holder to a discount in real estate?
Coupon
In real estate, what does it mean to 'expel someone from a property with legal support'?
Eviction
Which clause in a real estate contract specifies conditions that must be met for the contract to become binding?
'Contingency' clause
Test your knowledge on government-sponsored enterprises in real estate finance, specifically Fannie Mae and Freddie Mac.
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