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Unformatted text preview: C. D. Only by going to court By exercising the power of sale or by going to court By trustee's sale only None of the above 6. When a borrower has defaulted on a loan, and the lender chooses judicial foreclosure, the mortgagor is given a specified period of time to redeem the
Dynasty School (www.dynastySchool.com) 8-41 REAL ESTATE FINANCE
property. During this redemption period, the right of possession of the property is held by the: A. B. C. D. 7. Mortgagee; Court-appointed trustee; Beneficiary; Mortgagor. An alienation clause: A. B. C. D. Is a due–on–sale clause” Conveys the title of a property to a transferee Gives a lender the right to “call” a loan Both A and C 8. A deficiency judgment may be granted by a court for a loan which is: A. B. C. D. Used for the purchase of an owner–occupied dwelling For a second trust deed note secured at the time of purchase, foreclosed upon a personal residence A refinance on an owner–occupied residence for the purpose of home improvements None of the above 9. Under the Uniform Commercial Code, when an individual has satisfied a debt, the document that releases the lien of a previously filed financing statement is a: A. B. C. D. Satisfaction of mortgage Termination statement Reconveyance Paid–in–full statement 10. The Garn–St. Germain Act preempted state regulations on due–on–sale clauses and prescribes that due–on–sale clauses: A B C D Are not enforceable Are enforceable only in mortgages Are enforceable only in trust deeds Are enforceable with certain exceptions 8-42 Licensing School for Appraisal, CPA, Contractors, Insurance, Real Estate, Notary, Nurse, Food Handlers, Tax and Securities 8: FINANCING INSTRUMENTS Answer Key: 1–A, 2–C, 3–A, 4–B, 5–C, 6–D, 7–D, 8–D, 9–C, 10–A Dynasty School (www.dynastySchool.com) 8-43 9: FIXED RATE MORTGAGE AND ALTERNATIVE MORTGAGE INSTRUMENTS CHAPTER 9: FIXED RATE MORTGAGE AND ALTERNATIVE MORTGAGE INSTRUMENTS PREVIEW
This chapter is designed to distinguish between fixed rate mortgage and another...
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This note was uploaded on 12/30/2010 for the course SOC 101 taught by Professor Zhung during the Spring '10 term at Punjab Engineering College.
- Spring '10