REAE 3325 Unit 3 Section 1 Quiz Review with Correct Solutions
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Course
REAE 3325
Institution
REAE 3325
REAE 3325 Unit 3 Section 1 Quiz Review with Correct SolutionsREAE 3325 Unit 3 Section 1 Quiz Review with Correct SolutionsREAE 3325 Unit 3 Section 1 Quiz Review with Correct SolutionsREAE 3325 Unit 3 Section 1 Quiz Review with Correct SolutionsTexas is a _______ theory state. - ANSWER-title
The ...
REAE 3325 Unit 3 Section 1 Quiz Review
with Correct Solutions
Texas is a _______ theory state. - ANSWER-title
The __________ is the borrower and the ___________ is the lender. - ANSWER-
mortgagor/mortgagee
Texas is not a "power of sale" state. - ANSWER-False
Which of the following is a benefit of mortgage debt?
A). The debt has a favorable tax implications.
B). All of these are correct.
C). The debt usually has a longer term which allows for lower monthly payments.
D). The debt usually has lower interest rate than standard consumer debt. - ANSWER-
B). All of these are correct.
The __________ provides for a temporarily reduced initial rate in Adjustable Rate
Mortgages. - ANSWER-Teaser Rate
A nonrecourse loan typically has little or no personal liability for the borrower. -
ANSWER-True
The ____________ provides the exact terms of the financial obligation. - ANSWER-
Note
If a payment cap is applied and the required payment does not cover the interest
expense, the unpaid interest is added to the loan thereby increasing the loan balance
even though the required payment is being made. This is known as ___________. -
ANSWER-negative amortization
The _______________ is the right of the lender to require prepayment. - ANSWER-
demand clause
Only Chapter 11 Bankruptcy can set aside a mortgage lien. - ANSWER-False
RESPA is an acronym for ___________________. - ANSWER-Real Estate Settlement
Procedures Act
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