Chapter 36 Questions

Chapter 36 Questions - 6 In the purchase of real property...

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Chapter 36 Questions 1. Why do creditors frequently require security devices when lending money or extending credit? 2. In what principal way does a conventional mortgage differ from an FHA or a VA mortgage? 3. What are the differences among a variable-rate mortgage, a graduated-payment mortgage, and a balloon-payment mortgage? 4. Why is it important to record a mortgage in a public office in the county where the property is located? 5. What are four rights that belong to a mortgagor? What are four rights that belong to a mortgagee?
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Unformatted text preview: 6. In the purchase of real property, what is the difference between assuming a mortgage and taking property subject to a mortgage? 7. What elements must be included in a security agreement? 8. Explain the reason for perfecting a security interest. 9. What rules are found in the UCC for determining who prevails over who when secured and secured parties lay claim to the same collateral? 10. What rights and responsibilities does a secured party have if a debtor defaults by failing to make payments when due?...
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