Principles Quiz 8 Rooks

Principles Quiz 8 Rooks - Principles Quiz #8 El Camino...

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1 Principles Quiz #8 – El Camino College 1. The practice of purchasing real estate using a small amount of your own money and a large portion of borrowed funds is known as: A. hypothecation C. amortization B. Ieverage D. alienation 2. The basic instrument used to evidence an obligation or debt is a: A. trust deed C. Iand contract B. promissory note D. mortgage 3. Which of the following liens are NOT eliminated by a foreclosure sale? A. Pretrust deed recordation mechanic’s liens C. Property taxes B. Secondary trust deeds D. A and C 4. A person who takes a negotiable instrument from another is called a(n): A. assignee C. holder in due course B. attorney-in-fact D. Iimited note holder 5. A clause in a financial instrument that allows a lender to demand immediate payment of the entire note balance is known as a(n): A. acceleration clause C. assumption clause B. damage clause D. demand clause 6. What do we call a borrower who secures a loan through a trust deed? A. Trustor
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Principles Quiz 8 Rooks - Principles Quiz #8 El Camino...

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