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Multiple Choice Quiz
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1
Once a mortgage loan is completed in a primary market, it can not be bought or sold on the secondary market.
A)True
B)False
2
An original lender acts as a collector for a secondary mortgage purchaser.
A)True
B)False
3
Secondary mortgage markets exist because mortgages bear interest.
A)True
B)False
4
There are only 2 types of mortgage loans.
A)True
B)False
5
An SBA loan is an insured loan.
A)True
B)False
6
The Federal Home Loan Mortgage Corporation is known as Freddie Mac.
A)True
B)False
7
A (an) _________ rate mortgage loan provides that the interest rate paid on the monthly mortgage payments remains constant for the period of the loan.
A)adjustable
B)stable
C)fixed
D)FHA
8
A (an) ___________ loan is a long-term loan that finances the acquisition of real property or refinances a loan for improvements.
A)construction
B)permanent
C)life-long
D)secondary
9
A type of lending in which higher interest rates and higher loan fees are extended to higher-risk borrowers is known as:
A)equity strip lending
B)subprime lending
C)primary market lending
D)service lending
10
The practice of one entity collecting a loan payments for another entity for a fee is known as __________.
A)lending
B)capital collection
C)assigning the loan
D)servicing the loan





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