CHAPTER TWELVE QUIZ

A distinctive feature of a promissory note is that

The person who executes a mortgage is called the

The process of enforcing a lien by forcing sale of the lienee’s property is called

When the terms of the mortgage loan are satisfied, the mortgagee

Which of the following best expresses the mechanics of a mortgage loan transaction?

Why is mortgage priority important to a mortgage lender?

An important difference between a judicial foreclosure and a non-judicial foreclosure is

A lender who charges a rate of interest in excess of legal limits is guilty of

A homeowner borrows money from a lender and gives the lender a mortgage on the property as collateral for the loan. The homeowner retains title to the property. This is an example of

A lender is charging 3 points on a $500,000 loan. The borrower must therefore pay the lender an advance amount of

A lender lends money to a homeowner and takes legal title to the property as collateral during the payoff period. They are in a

A defaulting borrower may avoid foreclosure by giving the mortgagee