The Real Estate Settlement Procedures Act (RESPA) was enacted by Congress
to provide each of the following EXCEPT
a maximum level of closing costs
In the event of mortgage default, FHA-insured loans provide protection for the
lender
Mortgagees are entitled to possession of mortgaged propert...
The development of a secondary market for mortgage loans is largely
attributable to
✓ the standardization of mortgage loans due to insurance and
guarantee programs
If the mortgagor fails to make payments or defaults on other terms of the
mortgage agreement, the mortgagee can begin
✓ foreclosure proceedings
Which of the following is true regarding "lien theory" states
✓ The mortgagee holds a security interest in the mortgaged property and
can seek a court's assistance in using the property to satisfy the debt in
the event of default
In a real estate transaction, the debt obligation secured by a mortgage is
generally accompanied by a
✓ promissory note
Master01 | October, 2024/2025 | Latest update
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