Quiz & Worksheet - Good Faith Estimates in Real Estate

question 1 of 3

What is a Good Faith Estimate?

A form that provides an itemization of a lender's financial obligations. A form that lists all the lenders that a borrower applies to for a mortgage loan

A form that explains all of the cost a borrower is required to pay associated with mortgage financing. A form used to get approval for a mortgage

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Worksheet

Print What is a Good Faith Estimate? - Definition & Components Worksheet

1. When does a buyer receive a good faith estimate?

Three weeks after receiving submitting a loan application
Three days after signing the loan application
Three business days after the lender approves their loan application
Three business days after the lender receives their loan application

2. If certain fees increase before a closing, the Good Faith Estimate (GFE) must be

Adjusted after the settlement
Used as it until the date of the closing
Corrected after the borrower makes their first mortgage payment.
Revised and updated to reflect the changes

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About This Quiz & Worksheet

Find out what you know about good faith estimates in real estate. You will be tested on topics including what a Good Faith Estimate shows and when a buyer receives a Good Faith Estimate.

Quiz & Worksheet Goals

Use this worksheet and quiz to:

Determine what happens to a Good Faith Estimate if fees increase before closing
Define the Good Faith Estimate
Identify the law which requires a lender to provide a borrower with a copy of the GFE within a predetermined amount of days

Skills Practiced

Practice the following study skills with the quiz and worksheet:

Reading comprehension - ensure that you draw the most important information from the related lesson on Good Faith Estimates in real estate
Critical thinking - apply relevant concepts to examine information about when a buyer receives a Good Faith Estimate in a different light
Interpreting information - verify that you can read information regarding the Good Faith Estimate and interpret it correctly

Additional Learning

Learn more about the Good Faith Estimate with this lesson called What is a Good Faith Estimate? - Definition & Components. The lesson will teach you the following:

Understand what a Good Faith Estimate is
Assess how it is calculated
Analyze an example of the tenets of a Good Faith Estimate
Name the fees on the Good Faith Estimate
Explain the summary of loan terms and all that it entails

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What is a Good Faith Estimate?

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1. When does a buyer receive a good faith estimate?

2. If certain fees increase before a closing, the Good Faith Estimate (GFE) must be

About This Quiz & Worksheet

Quiz & Worksheet Goals

Skills Practiced

Additional Learning

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