NCh7 Financing Concepts And Components

Question 1

Which type of loan is neither federally insured nor guaranteed?

Answer 1

Conventional loan

Question 2

In an effort to encourage homeownership the federal government insures, or guarantees what type of loans?

Answer 2

Non-conventional loans

Question 3

Through which three agencies does the government guarantee loans?

Answer 3

Federal housing administration
US Department of Veterans Affairs
US Department of agriculture

Question 4

At times, a seller will offer financing to a buyer in the form of a

Answer 4

Contract for deed

Question 5

What protects the seller offering a Contract for Deed?

Answer 5

Title retention

Question 6

What type of contract is a contract for deed?

Answer 6

Executory contract

Question 7

When does the contract for deed become fully executed?

Answer 7

When the final loan payment is made

Question 8

What happens if a vendor or vender dies in a contract for deed?

Answer 8

The contract is binding on their heirs

Question 9

In a contract for deed, which party is the vendor and who is the vendee?

Answer 9

The seller is the vendor and the buyer is the vendee