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Cards In This Set
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A blanket mortgage: a. Usually has a release clauseb. Covers more than one parcel of real estaec. Covers both personal and real propertyd. Both a and b
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D. Both a and b
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Which of the following is not a type of real estate mortgage? a. Chattel mortgageb. Deed of trustc. VA mortgaged. Conventional mortgage
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A. Chattel mortgage
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'Lis Pendens" is: a. Type of special assessment levied under the tax lawsb. An intermediate license statusc. A notice of pending court actiond. A pending contract
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C. A notice of pending court action
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The following statements are true EXCEPT: a. An attachment on property prevents the owner from conveying marketable title.b. An attachment is a lien created for a specific purposec. An attachment and a judgement are the same in every respectd. Both an execution and an attachment are authorized by court
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C. An attachment and a judgement are the same in every respect
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A mechanic's lien, once filed, is a valid lien on the subject property for how long? a. 90 Daysb. 60 Daysc. 6 monthsd. 1 year
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C. 6 months
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Work on a new dwelling was started on 01 July. On 01 Aug, the builder placed on record a mortgage. On 01 Sep, work was completed and on 25 Oct, the general contractor, not having been paid, files a mechanic's lien. Said lien has an effective date as of: a. 01 Julb. 01 Augc. 01 Sepd. 25 Oct
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A. 01 Jul
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Of the following, which best describes a second mortgage? a. One always made by a sellerb. One of equal standing with the first mortgage on the same propertyc. A junior lien on real estated. None of the above
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C. A junior lien on real estate
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The act of distinguishing a debt via regular payments is: a. Depreciationb. Amortizationc. Prepaymentd. Acceleration
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B. Amortization
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What clause in a mortgage or trust deed calls for lender's action when the lender's claims have been nullified? a. Alienation clauseb. Substitution clausec. Defeasance claused. Acceleration clause
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C. Defeasance clause
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A defeasance clause is in a mortgage for the protection of the:
a. Lenderb. Borrowerc. Sellerd. Broker |
B. Borrower
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Payments on a deed of trust are due the: a. Trustorb. Trusteec. Beneficiaryd. Mortgagor
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C. Beneficiary
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What is the borrowing instrument that permits additional sums of money to be loaned by the same security devise? A Subordination clauseb. partial advancec. Obligatory advancesd. Open end note and mortgage
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D. Open end note and mortgage
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Which of the following is a security instrument in a real estate transaction? a. Noteb. Trust deedc. Easementd. Estopple
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B. Trust deed
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When the title holder is in default and a court is asked to enforce the lender's lean, the action is called; a. Lis pendensb. Foreclosurec. Attachmentd. Encroachment
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B. Foreclosure
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Who places deed restrictions on real estate? a. Zoning boardb. City commissionerc. Grantord. State ordinance
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C. Grantor
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