Of all the loans outstanding on real estate in the United States, the largest total amount of money is loaned on

a$.$ one$-$to four$-$family residential properties.

b$.$ multifamily properties.

c$.$ commercial properties.

d$.$ farm properties.

All of the following participate in a national secondary market for real estate mortgages EXCEPT

a$.$ the Federal Deposit Insurance Corporation.

b$.$ Ginnie Mae.

c$.$ Freddie Mac.

d$.$ Fannie Mae.

The secondary mortgage market is designed to

a$.$ issue new real estate loans.

b$.$ insure FHA loans.

c$.$ guarantee DVA loans.

d$.-$ redistribute money nationally.

Real estate cycles are primarily retlections of

a$.$ supply and demand.

b$.$ interest rates.

c$.$ international events.

d$.$ the income tax code.

With increases in the age of the California population, in the number of single persons living alone, and in the number of large Asian American and Latin American families, all of the following housing markets will be in demand EXCEPT

a$.$ condominium projects.

b$.$ affordable detached homes.

c$.$ luxury beach homes.

d$.$ congregant living centers.