1. Fully describe what is meant by a seller’s market and a buyer’s market in res

1. Fully describe what is meant by a seller’s market and a buyer’s market in residential real estate.
2. Explain in detail the difference between the U.S. Government’s budget deficit versus the national debt.
3. Explain in detail what is the Secondary Mortgage Market and what is it that they do?
4. Name the 3 agencies of the Secondary Mortgage Market, both their full names and their nicknames.
5. Define (in detail) loan underwriting.
Note: Please number your responses to match the questions.