1. A mortgage is:
a. A place to park your car.
b. Never longer than 10 years.
c. A type of loan for real estate.
d. All of the above.

2. All of the following are types of mortgages except:
a. Adjustable Rate Mortgages.
b. Interest-Only Mortgages.
c. 30-year Mortgages.
d. Premium Interest Mortgages.

3. Owner financing means:
a. The owner becomes the lender.
b. The owner takes payments over time.
c. The owner receives interest on the loan.
d. All of the above.

A mortgage is a loan for buying real estate, with types including fixed-rate and adjustable-rate mortgages. Owner financing involves owners acting as lenders. Owner financing involves owners acting as lenders.

Explanation:

Mortgage: A mortgage is a special type of loan used to purchase real estate, with the property serving as collateral. It allows individuals to buy homes without having to pay the full purchase price upfront.

Types of Mortgages:

Fixed-rate Mortgages
Adjustable Rate Mortgages
Interest-Only Mortgages

Owner Financing: Owner financing involves the owner serving as the lender, taking payments over time and potentially earning interest on the loan.

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