CHAPTER 12- RESIDENTIAL MORTAGES fully solved graded A+

CHAPTER 12- RESIDENTIAL MORTAGES fully solved graded A+Which legal instrument evidences the debt and states the interest rate, term, payment requirement, and other information related to the loan? (a) Promissory note (b) Contract (c) Lien (d) Mortgage - correct answer (a) Promissory note What is the function of a mortgage? (a) It conveys title to real property. (b) It secures the repayment of the debt. (c) It creates a personal pledge to repay a loan. (d) It creates a lien on the mortgagee's property. - correct answer (b) It secures the repayment of the debt. When financing the purchase of real estate, what is the role of the mortgagor? (a) The mortgagor gives a mortgage to a mortgagee. (b) The mortgagor takes a mortgage from a mortgagee. (c) The mortgagor gives a mortgage to a borrower. (d) The mortgagor takes a mortgage from a lender. - correct answer (a) The mortgagor gives a mortgage to a mortgagee. Which clause in a mortgage requires the lender to acknowledge performance by the borrower? (a) Estoppel (b) Acceleration (c) Defeasance (d) Release - correct answer (c) Defeasance