Jane and Smith Are Considering the Purchase of a Home

question 73

Multiple Choice

Jane and Smith are considering the purchase of a home in downtown Minneapolis. They approached Larson's Mortgagers Inc. to arrange for the financing needed for their home. This process of arranging with a mortgage lender in advance of buying a home is called:

• A) a foreclosure.
• B) a contingency auction.
• C) prequalification.
• D) a real estate short sale.
• E) diversification.

---

Definitions:

Social Inequity

The existence of unequal opportunities and rewards for different social positions or statuses within a group or society.

Big Cheese

Big Cheese is a colloquial term used to describe someone of importance or high status in a particular area or field.

Social Honour

Recognition or respect gained within a society based on one's actions, characteristics, or achievements.

Wealth And Property

The total value of all the financial and non-financial assets owned by an individual or group, minus the value of all its outstanding liabilities.