This quiz will test your knowledge of Section 7 of the training module and will focus on loan basics that will give you a good foundation for learning all other subsequent material.
Warranty Deed
Deed of Trust or Mortgage
Special Warranty Deed
Grant Deed
Grantor/Borrower
Beneficiary/Lender
Trustee
Notary Public
Release
Satisfaction of Mortgage
Reconveyance
All answers are correct
The process of taking possession of a mortgaged property as a result of the mortgagor's failure to keep up mortgage payments
The exchange of a commodity for money
The action of buying and selling goods and services
A financial transaction in which one party (a borrower) borrows money from another party (a lender), usually with interest paid to the lender in addition to the principal amount borrowed
True
False
Loan
Collateral
Mortgage
Line of credit
The lending party (typically a bank) takes ownership of the real property from the borrower
The borrower still owns the property
Nothing, terms of a loan are just words
The lender receives a net loss and can take no further action
True
False
Loans that involve multiple pieces of real property being used for collateral for a loan
Loans only involving one piece of property as collateral
Loans on which the interest is reduced by an explicit or hidden subsidy
Loans for artists using their body of work as collateral
The beneficiary
The grantee
The trustee
The grantor
Loans on which the interest is reduced by an explicit or hidden subsidy
Loans that involve multiple pieces of real property being used for collateral for a loan
Loans only involving one piece of property as collateral
Loans used by single people to purchase property for themselves, married people aren't allowed to have these
Refinancing
Line of Credit
Mortgage
Release
Foreclosure
Loan Assumption
Release of a loan
Refinancing