Chapter 9

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Which of the following is a personal defense that cannot be raised against a holder in due course...?
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Terms in this set (30)
Two or more consecutive quarters of negative growth is known as a...?recessionA scarcity of supply combined with strong demand creates a...?seller's marketThe cost of borrowing capital, usually expressed as a percentage is known as...?interest rateAn oversupply plus lessened or decreased demand creates a...?buyer's marketA seller's attempt to sell real estate whereby the liens are greater than the value of the property is known as a...?short saleA term used to denote that the real estate has been foreclosed upon is referred to as...?reo real estate ownedAn individual at a lending institution who determines credit worthiness in order to qualify an applicant for a loan is referred to as a...?underwriterA loan whereby there is NO government participation or cooperation is known as a...?conventional loanA loan whereby there is government participation or cooperation is known as a...?unconventional loanA one-time premium paid at the closing pursuant to the purchase is known as...?mortgage insurance premiumThe marketplace whereby loans are originated is referred to as the...?primary mortgage marketThe marketplace whereby the loans that were originated in the primary mortgage market are bought and sold is referred to as the...?secondary mortgage marketWhich of the following institutions are active in the secondary mortgage market...?fannie mae ginnie mae freddie macA broker who arranges a mortgage loan between a lender and a borrower for a fee is referred to as a...?mortgage brokerA person whose principle business is the originating, financing, closing, selling and servicing of loans secured by real property for institutional lenders on a contractual basis is referred to as a...?mortgage bankerAn interest rate in a real estate loan which by the terms of the note varies upward and downward over the term of the loan depending on money market conditions is known as...?variable interest rateA penalty for paying off a loan before its maturity date is known as a...?prepayment penaltyAn acceleration clause granting the lender the right to demand full payment of the mortgage upon a sale of the property is referred to as a...?due on sale clauseThe value of an asset minus the debt is known as...?equityThe value of an asset minus the debt is known as...?true