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CHAPTER TWELVE QUIZ

Compass Real Estate Academy > CHAPTER TWELVE QUIZ

CHAPTER TWELVE QUIZ

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  1. Question 1 of 12
    1. Question

    A distinctive feature of a promissory note is that

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  2. Question 2 of 12
    2. Question

    The person who executes a mortgage is called the

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  3. Question 3 of 12
    3. Question

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

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  4. Question 4 of 12
    4. Question

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

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  5. Question 5 of 12
    5. Question

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

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  6. Question 6 of 12
    6. Question

    Why is mortgage priority important to a mortgage lender?

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  7. Question 7 of 12
    7. Question

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

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  8. Question 8 of 12
    8. Question

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

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  9. Question 9 of 12
    9. Question

    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

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  10. Question 10 of 12
    10. Question

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

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  11. Question 11 of 12
    11. Question

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

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  12. Question 12 of 12
    12. Question

    A defaulting borrower may avoid foreclosure by giving the mortgagee

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