Jumbo CDs That a Bank Obtains from a Third-Party Broker

question 9

Multiple Choice

Jumbo CDs that a bank obtains from a third-party broker are called:

• A) money market demand accounts.
• B) time deposit accounts.
• C) mortgage loans.
• D) brokered deposits.
• E) core deposits.

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Definitions:

Statute of Frauds

A rule of law mandating that specific contract categories must be documented in written form to be legally binding.

Three-Party Agreement

A contract involving three distinct parties, each undertaking specific obligations or rights.

Co-Signs

refers to the act of signing a loan or agreement alongside another person, assuming joint responsibility for the obligation.

Statute of Frauds

A legal principle that requires certain types of contracts (e.g., real estate transactions, contracts not to be performed within a year) to be in writing and signed by the parties to be enforceable.