What is a Good Faith Estimate? - Definition & Components


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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

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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