which of the following is specialized in lending money for the purpose of developing real estate?

Assessment: WAEC SSCE - Economics - 2009 (Objective) Subject: Economics

Question 1 Report

which of the following is specialized in lending money for the purpose of developing real estate?
Answer Details
The institution that is specialized in lending money for the purpose of developing real estate is a "mortgage bank". A mortgage bank provides loans specifically for real estate purchases, construction, and development. These loans are secured by the property itself, which means that the property serves as collateral for the loan. Mortgage banks usually have longer loan terms and offer lower interest rates compared to commercial banks, as their business is solely focused on real estate lending.

Download The App On Google Playstore

Everything you need to excel in your exams

Green Bridge CBT Mobile App
Personalized AI Learning Chat Assistant
200,000+ Exam Questions Across IGCSE, JAMB, WAEC & NECO
Over 3,900 Lesson Notes
Offline Support - Learn Anytime, Anywhere
Green Bridge Timetable
Literature Summaries & Potential Questions
Track Your Performance & Progress
In-depth Explanations for Comprehensive Learning