Finance
In South Dakota, a 'bridge loan' is a type of:
ALong-term fixed-rate mortgage
BShort-term financing used until permanent financing is secured, often to purchase a new home before selling an existing one✓ Correct
CGovernment-subsidized loan for low-income homebuyers
DCommercial construction loan for bridges and infrastructure
Explanation
A bridge loan is short-term financing that 'bridges' the gap when a buyer needs to purchase a new home before their current home sells, using the current home's equity as security.
Related South Dakota Finance Questions
- In South Dakota, which of the following would be considered 'predatory lending'?
- The secondary mortgage market in South Dakota allows lenders to:
- Which type of mortgage loan is guaranteed by the Department of Veterans Affairs?
- A South Dakota buyer uses an FHA loan. The minimum down payment required is:
- In a fully amortized loan, the monthly payment:
- In South Dakota, a 'balloon mortgage' requires the borrower to:
- In South Dakota, which type of mortgage clause allows the lender to accelerate (call due) the entire loan balance upon sale of the property?
- A South Dakota property has a potential gross income of $60,000, vacancy and credit losses of $3,000, and operating expenses of $22,000. What is the net operating income (NOI)?
Practice More South Dakota Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free South Dakota Quiz →