Housing and Housing Markets

Description: This quiz will test your knowledge on the topic of Housing and Housing Markets.
Number of Questions: 15
Created by:
Tags: sociology sociology of housing housing and housing markets
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What is the term used to describe the process by which people move from rural areas to urban areas?

  1. Urbanization

  2. Suburbanization

  3. Gentrification

  4. Redlining


Correct Option: A
Explanation:

Urbanization is the process by which people move from rural areas to urban areas.

What is the term used to describe the process by which people move from urban areas to suburban areas?

  1. Urbanization

  2. Suburbanization

  3. Gentrification

  4. Redlining


Correct Option: B
Explanation:

Suburbanization is the process by which people move from urban areas to suburban areas.

What is the term used to describe the process by which a neighborhood changes from being low-income to high-income?

  1. Urbanization

  2. Suburbanization

  3. Gentrification

  4. Redlining


Correct Option: C
Explanation:

Gentrification is the process by which a neighborhood changes from being low-income to high-income.

What is the term used to describe the practice of denying mortgages or insurance to people in certain neighborhoods?

  1. Urbanization

  2. Suburbanization

  3. Gentrification

  4. Redlining


Correct Option: D
Explanation:

Redlining is the practice of denying mortgages or insurance to people in certain neighborhoods.

What is the term used to describe the process by which housing prices increase faster than the rate of inflation?

  1. Housing bubble

  2. Housing crash

  3. Foreclosure

  4. Short sale


Correct Option: A
Explanation:

A housing bubble is a period of rapid increase in housing prices, typically followed by a sharp decline.

What is the term used to describe a sharp decline in housing prices?

  1. Housing bubble

  2. Housing crash

  3. Foreclosure

  4. Short sale


Correct Option: B
Explanation:

A housing crash is a sharp decline in housing prices.

What is the term used to describe the process by which a lender takes possession of a property when the borrower defaults on their mortgage?

  1. Housing bubble

  2. Housing crash

  3. Foreclosure

  4. Short sale


Correct Option: C
Explanation:

Foreclosure is the process by which a lender takes possession of a property when the borrower defaults on their mortgage.

What is the term used to describe the sale of a property for less than the amount owed on the mortgage?

  1. Housing bubble

  2. Housing crash

  3. Foreclosure

  4. Short sale


Correct Option: D
Explanation:

A short sale is the sale of a property for less than the amount owed on the mortgage.

What is the term used to describe the government agency that insures mortgages?

  1. Federal Housing Administration (FHA)

  2. Veterans Administration (VA)

  3. Federal National Mortgage Association (Fannie Mae)

  4. Federal Home Loan Mortgage Corporation (Freddie Mac)


Correct Option: A
Explanation:

The Federal Housing Administration (FHA) is the government agency that insures mortgages.

What is the term used to describe the government agency that guarantees mortgages for veterans?

  1. Federal Housing Administration (FHA)

  2. Veterans Administration (VA)

  3. Federal National Mortgage Association (Fannie Mae)

  4. Federal Home Loan Mortgage Corporation (Freddie Mac)


Correct Option: B
Explanation:

The Veterans Administration (VA) is the government agency that guarantees mortgages for veterans.

What is the term used to describe the government agency that buys and sells mortgages on the secondary market?

  1. Federal Housing Administration (FHA)

  2. Veterans Administration (VA)

  3. Federal National Mortgage Association (Fannie Mae)

  4. Federal Home Loan Mortgage Corporation (Freddie Mac)


Correct Option: C
Explanation:

The Federal National Mortgage Association (Fannie Mae) is the government agency that buys and sells mortgages on the secondary market.

What is the term used to describe the government agency that buys and sells mortgages on the secondary market?

  1. Federal Housing Administration (FHA)

  2. Veterans Administration (VA)

  3. Federal National Mortgage Association (Fannie Mae)

  4. Federal Home Loan Mortgage Corporation (Freddie Mac)


Correct Option: D
Explanation:

The Federal Home Loan Mortgage Corporation (Freddie Mac) is the government agency that buys and sells mortgages on the secondary market.

What is the term used to describe the process by which a landlord evicts a tenant?

  1. Eviction

  2. Foreclosure

  3. Short sale

  4. Rent control


Correct Option: A
Explanation:

Eviction is the process by which a landlord evicts a tenant.

What is the term used to describe a law that limits the amount of rent that a landlord can charge?

  1. Eviction

  2. Foreclosure

  3. Short sale

  4. Rent control


Correct Option: D
Explanation:

Rent control is a law that limits the amount of rent that a landlord can charge.

What is the term used to describe a government program that provides financial assistance to low-income families for housing?

  1. Section 8

  2. Public housing

  3. Housing choice voucher program

  4. Low-income housing tax credit


Correct Option: A
Explanation:

Section 8 is a government program that provides financial assistance to low-income families for housing.

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