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This Chapter Quiz includes 15 multiple-choice questions. You must answer 10 out of 15 questions correctly (70%) in order to pass.

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1. A worried client walks into your office with a notice of auction of her home. What does this mean?

2. Jamie wants to buy a duplex and rent the second half to a friend. Will her lender allow it?

3. James bids on a home. His promissory note lists the principal amount. How much is this?

4. A new client, John, wants to buy a foreclosure. He says they are always a deal. Is that true?

5. What Is Ginnie Mae?

6. What is a federally backed loan program?

7. What is the benefit of mortgage-backed securities to a home buyer?

8. Samantha wants to know if she lives in a deed of trust state. How do you find out?

9. Sue watched her home get sold at auction, but no one bought it. Can she have it back?

10. Amy says she has an interest rate of 5%. Where is this located in her loan documents?

11. Sally wants to do whatever it takes to avoid foreclosure. What can you tell her?

12. Lenders want to foreclose. Is that true?

13. Failure to fulfill a duty or promise or to discharge an obligation is known as...?

14. Courtney can’t pay her mortgage. Her friend can just take over on the payments, right?

15. What’s a usury law?