Chapter 4_Consumer Loans, Credit Cards, and Real Estate Lending

Chapter 4_Consumer Loans, Credit Cards, and Real Estate Lending

University

54 Qs

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Chapter 4_Consumer Loans, Credit Cards, and Real Estate Lending

Chapter 4_Consumer Loans, Credit Cards, and Real Estate Lending

Assessment

Quiz

Business

University

Hard

Created by

Tai Nguyen

Used 2+ times

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54 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Short-term to medium-term loans repayable in two or more consecutive payments are known as:
Noninstallment loans
Installment loans
Residential mortgage loans
Nonresidential cash loans
None of the above

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Loans to individuals and families to finance the purchase of new homes are known as:
Noninstallment loans
Installment loans
Residential mortgage loans
Nonresidential cash loans
None of the above

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Short-term loans drawn upon by individuals and families for immediate cash needs and repayablein a lump sum when the borrower's note matures are known as:
Noninstallment loans
Installment loans
Residential mortgage loans
Nonresidential cash loans
None of the above

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In order to be eligible for purchase by FNMA a home mortgage cannot have a maturity of lessthan 10 years nor more than:
25 years
30 years
35 years
40 years
None of the above

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The bank's real estate loan officer should consider which of the following aspects of thecustomer's loan application carefully when making a home mortgage?
The amount and stability of the borrower's income
The borrower's available savings and where the down payment is coming from
The borrower's track record in caring for and managing property.
The outlook for real estate sales in the local market area
All of the above are things that need to be looked at carefully

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An abusive practice is which lenders grant loans to weak borrowers and charge them high feesand interest rates which may cause the borrower to default on the loan is known as:
Installment loans
Credit card loans
Predatory lending
Herbivore lending
None of the above

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is true regarding credit card loans?
There is evidence that considerable economies of scale exist
Credit cards cannot act as installment loans
Credit cards are very inconvenient for consumers
Credit cards are very inflexible for consumers
All of the above are true

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