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PASSING AMP / FINANCE 2024/2025 (100% verified) A+ grade assured
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PASSING AMP / FINANCE 2024/2025 (100% verified) A+ grade assured
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PASSING AMP / FINANCEWho is the individual who obtains a real estate loan by signing a note and a mortgage? -
ANSA) Mortgagor
Which of the following describes a mortgage that *uses both real and personal property as
security?* - ANSB) *Package Mortgage*
Which of the following describes a mortgage that *requires principal and interest payments*
at regular intervals until the debt is satisfied? - ANSB) *Amortized Mortgage*
What is the clause in a note, mortgage, or trust deed that permits a lender to declare the
entire unpaid sum due should the borrower default? - ANSB) *Acceleration clause*.
A mortgage must include a *power-of-sale clause* to be foreclosed by - ANSB)
*Advertisement*
In many states, by paying the debt after a foreclosure sale, the *mortgagor* has the right to
regain the property. What is the right called? - ANSD) *Statutory right of redemption*.
In a *title theory state,* the - ANSA) *mortgagee* takes title to the mortgaged property
*during the term of the mortgage*.
A woman is qualified to obtain an *FHA* loan for the purchase of a new home. From which
of the following may she obtain this loan? - ANSC) A *qualified* Federal Housing
Administration *mortgagee.
A mortgage instrument may include a clause that *prevents the assumption* of the mortgage
by a new purchaser without the lender's consent. What is this clause called? - ANSA)
*Alienation Clause*
The *defeasance clause* in a mortgage requires that the *mortgagee* execute - ANSB) a
*satisfaction of mortgage*.
A seller enters into a contract with a buyer to sell his house for $400,000. The buyer cannot
obtain complete financing, and at the closing, the buyer and seller enter into a *contract for
deed*. On signing the *contract for deed*, the *buyer's interest* in the property is that of -
ANSB) *equitable title*.
Which of the following is a *lien* on real estate? - ANSB) *Recorded mortgage*.
A mortgage loan that requires monthly payments of $1,175.75 for *20 years* and a *final
payment of $25,095* is - ANSD) *a variable mortgage*.
, The ratio of the property's net income to the initial investment is the - ANSA) *after-tax cash
flow.*
The difference between the *market value and any liens* on the property is the owner's -
ANSB) *return*.
The borrower has a *10% down payment* and has applied for a *conventional loan*. The
lender will *most likely* require the borrower to purchase - ANSB) *private mortgage
insurance*. or PMI.
Fannie Mae and Ginnie Mae - ANSD) are both involved in the *secondary market*.
A *deficiency judgement* can be filed when - ANSA) a foreclosure sale *does not produce
sufficient funds* to pay a mortgage debt in full.
When a buyer assumes the mortgage, which of the following is *TRUE*? - ANSD) The buyer
who assumes a mortgage becomes liable for the debt.
An eligible veteran made an offer of $250,000 to purchase a home contingent upon
obtaining a no-down-payment, VA-guaranteed loan. Four weeks after the offer was
accepted, a certificate of reasonable value or CRV for $247,000 was issued for the property.
In this case, the veteran may - ANSB) purchase the property with a $3,000 down payment.
In an FHA-insured loan transaction, the - ANSA) discount points may be paid by the *seller
or the buyer*.
A *government-backed loan* that guarantees the lender against a loss is - ANSB) a *VA
mortgage*.
The loan which is *MOST likely* to create *negative amortization* is the - ANSD) *graduated
payment mortgage.*
The mortgage that includes both *real and personal property* is called a - ANSB) *package
mortgage*.
Which of the following is *TRUE* regarding a *purchase money mortgage* - ANSC) The
*seller finances a portion* of the purchase price and places a *junior lien* on the property.
*Regulation Z* applies to - ANSB) *residential loans* made to a person.
A seller lent money to a buyer, and in return, took a mortgage as security for the debt. The
seller immediately recorded the mortgage. Later, the buyer negotiated a loan with another
lender who recorded a lien on the property. The buyer defaulted and a court determined that
the second lender had priority over the first lender. For this to occur, the - ANSC) first lender
signed a *subordination agreement*in favor of the second lender.
Borrowers who are classified as high risk will *MOST likely* negotiate a - ANSD) *subprime
loan*.
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