Quiz 8 - March 2006 - Rooks - Quiz 8 Principles ECC Donna...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
1 Quiz 8 – Principles ECC – Donna Grogan 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. Trust deed recorded before mechanic’s liens C. Property taxes B. Secondary trust deeds D. A and C 4. A person who takes a negotiable instrument from another with no knowledge of defect 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.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 02/07/2011 for the course REAL ESTAT 330 taught by Professor Hadley during the Spring '11 term at American College of Computer & Information Sciences.

Page1 / 2

Quiz 8 - March 2006 - Rooks - Quiz 8 Principles ECC Donna...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online