Mortgage Basics: Chapter 5 quiz

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If you think you’ve mastered the material in Chapter 5 of Mortgage Basics, take our quiz. After you click the “submit” button, the answers will appear below.

  1. All of the following are part of the underwriting process, except one. Which one is NOT?

    Title insurance.
    Good-faith estimate.
    Flood certification.
  2. What are the two major types of homeowners insurance?

    Binder and installment.
    Binder and replacement cost.
    Replacement cost and cash value.
    Cash value and stock value.
  3. You received an “adverse action notice.” What event triggered it?

    You have been turned down for a loan.
    You have been put on notice that your actions were adverse.