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30-HOUR PA FUNDAMENTALS COURSE EXAM PREP QUESTIONS WITH COMPLETE ANSWERS.
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30-HOUR PA FUNDAMENTALS COURSE EXAM PREP QUESTIONS WITH COMPLETE ANSWERS.
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30-HOUR PA FUNDAMENTALS COURSEEXAM PREP QUESTIONS WITH
COMPLETE ANSWERS
What eeis eethe eeloan eebalance eecalled? ee- eeCorrect eeAnswer ee- eethe eeprincipal
Charging eeinterest eein eeexcess eeof eethis eerate eeis eecalled ee__________ eeor eeillegal
eeinterest. ee- eeCorrect eeAnswer ee- eeusury
What eeis eethe eetotal eedollar eeamount eeof eeinterest eeand eepoints eepaid eeby eea
eeborrower eeat eeclosing. ee- eeCorrect eeAnswer ee- eeprepaid eeinterest
What eeare eea eeone-time eefee eepaid eeat eeclosing eeto eeincrease eethe eeyield eeto eethe
eeinvestor. ee- eeCorrect eeAnswer ee- eepoints
Points eegive eethe eelender eemore eemoney eeup-front eeso eehe eewill eebe eeencouraged
eeto eemake eea eeloan eeat eea ee__________ eeinterest eerate. ee- eeCorrect eeAnswer ee-
eelower
The eelender eeis eeable eeto eemake eelower eeinterest eerate eeloans, eebut eethe eebuyer
eemust eecome eeup eewith eethe eepoint eemoney eein ee___________ eeat eethe eetime eeof
eeclosing. ee- eeCorrect eeAnswer ee- eecash
What eeis eethe eeprincipal eeof eeusing eeother eepeople's eemoney eeto eemake
eeinvestments? ee- eeCorrect eeAnswer ee- eeleverage
The eeratio eeof eeloan eeamount eecompared eeto eethe eevalue eeof eethe eeproperty eeis
eecalled eethe ee__________. ee- eeCorrect eeAnswer ee- eeLoan eeto eeValue eeRatio
The eevalue eein eea eeproperty eeheld eeby eethe eeowner eein eeexcess eeof eeany eeliens
eeagainst eeit eeis eecalled ee__________. ee- eeCorrect eeAnswer ee- eeequity
What eeis eethe eecost eeper eethousand eethat eeis eerequired eeto eecreate eethe eeprincipal
eeand eeinterest eepayment eenecessary eeto eepay eeoff eethe eeloan? ee- eeCorrect eeAnswer
ee- eea eefactor
The eelonger eethe eeloan, eethe eelower eethe ee__________. ee- eeCorrect eeAnswer ee-
eeinterest eerate
What eeis eethe eeorder eeof eepayment eein eeforeclosure? ee(4 eethings) ee- eeCorrect
eeAnswer ee- eeCost eeof eeSale ee- eeadvertising, eeattorney eefees, eeetc. ee
,Special eeassessment eeand eegeneral eetaxes eeare eepaid eeafter eethe eecosts eeof eethe
eesale. ee
The eefirst eemortgage, eewhich eeis eedetermined eeby eethe eeorder eeof eerecording. ee
Whatever eeis eerecorded eenext
What eekind eeof eeforeclosure eeis eerequired eeto eeforeclose eea eeMortgage? ee- eeCorrect
eeAnswer ee- eejudicial
What eekind eeof eeforeclosure eeis eerequired eeto eeforeclose eeon eea eeDeed eeof eeTrust?
ee- eeCorrect eeAnswer ee- eenon-judicial
Who, eein eea eeDeed eeof eeTrust, eeholds ee"Naked eeLegal eeTitle" ee(one eewithout
eepossessory eerights), eeand eecan eeclaim eethe eeproperty eewithout eegoing eethrough
eethe eecourts? ee- eeCorrect eeAnswer ee- eethe eetrustee
What eegives eethe eeborrower eethe eeright eeto eeclear eeup eethe eedebt eeprior eeto eethe
eeforeclosure eesale? ee- eeCorrect eeAnswer ee- eeThe eeEquitable eeRight eeof
eeRedemption
What eegives eethe eeborrower eea eecertain eeamount eeof eetime eeafter eethe eesale eeto
eeclear eethe eedebt? ee- eeCorrect eeAnswer ee- eeThe eeStatutory eeRight eeof eeRedemption
If eethe eeproceeds eefrom eethe eeforeclosure eesale eeare eenot eesufficient eeto eecover eethe
eedebt, eethe eelender eecan eego eeto eecourt eeand eeseek eewhat ee2 eethings? ee- eeCorrect
eeAnswer ee- eeDeficiency eejudgment ee- eea eegeneral eelien eeand eewould eeapply eeto eeall
eeof eethe eeborrower's eeassets. ee
Deed eein eelieu eeof eeforeclosure ee- eeLender eeand eeborrower eeagree eethat eethe
eelender eewill eebecome eethe eeowner eeof eethe eeproperty eeinstead eeof eegoing eethrough
eethe eeformal eeforeclosure eeprocess.
What eeis eethe eepromise eeto eerepay eethe eedebt eeand eea eenegotiable eeinstrument? ee-
eeCorrect eeAnswer ee- eea eepromissory eenote ee(pledge)
What eeis eea eelong-term eenote eethat eeis eenot eesecured eeby eea eespecific eeproperty? ee-
eeCorrect eeAnswer ee- eea eedebenture
The eebuyer eeof eethe eeproperty eeretains eethe eeright eeto eeuse eethe eeproperty
eeexclusively eewhile eeit eeis eesubject eeto eea ee__________ eeor ee__________. ee-
eeCorrect eeAnswer ee- eeMortgage eeor eeDeed eeof eeTrust
Both eecreate eethe eecollateral eefor eea eeloan eeby eepromising eethe eeproperty eein eecase
eeof eedefault eeby eethe eeborrower.
,In eea eemortgage, eethe eeborrower eeis eethe ee__________, eeand eethe eelender eeis eethe
ee__________. ee- eeCorrect eeAnswer ee- eemortgagor
mortgagee
In eea eeDeed eeof eeTrust, eethe eetrustor eeis eethe ee__________. eeThe eebeneficiary eeis
eethe ee__________. eeAnd eethe eetrustee eeis ee__________. ee- eeCorrect eeAnswer ee-
eeborrower
lender
anyone eedesignated eeby eethe eelender
Under eea eeDeed eeof eeTrust, eewho eeholds eethe eepromise eeto eerepay ee(Promissory
eeNote) eefrom eethe eeborrower? ee- eeCorrect eeAnswer ee- eethe eebeneficiary ee(lender)
Who eeholds eethe eesecurity ee(Deed eeof eeTrust) eefor eethe eedebt. ee- eeCorrect eeAnswer
ee- eethe eetrustee
Duties eeof eethe eeborrower eein eea eemortgage eeor eedeed eeof eetrust: ee(4 eethings) ee-
eeCorrect eeAnswer ee- eePayment eeof eethe eedebt eein eeaccordance eewith eethe eeterms
eeof eethe eenote. ee
Payment eeof eeall eereal eeestate eetaxes eeon eethe eeproperty eegiven eeas eesecurity. ee
Maintenance eeof eeadequate eeinsurance eeand eethe eeproperty eein eegood eerepair eeat
eeall eetimes. ee
Obtain eelender eeauthorization eeprior eeto eemaking eeany eemajor eealterations eeto eethe
eeproperty.
What eeclause eeapplies eeto eeIf eea eeborrower eedefaults eeon eethe eeloan, eethe eelender
eecan eecall eethe eeentire eebalance eedue eeand eepayable eeimmediately. ee- eeCorrect
eeAnswer ee- eeAcceleration eeClause
Allows eethe eeinterest eerate eeto eeadjust eeover eethe eelife eeof eethe eeloan. ee- eeCorrect
eeAnswer ee- eeEscalation eeClause
What eeclause eeapplies eeto eewhen eethe eebeneficiary eedeclares eethe eeentire eebalance
eeof eethe eeloan eedue eeand eepayable eewhen eethe eeproperty eeis eetransferred? ee-
eeCorrect eeAnswer ee- eeAlienation eeClause
What eeputs eeon eepublic eerecord eethat eethe eeloan eewas eepaid, eeand eethat eethe
eelender eeno eelonger eehas eea eelien eeon eeyour eeproperty? ee- eeCorrect eeAnswer ee-
eeSatisfaction eePiece
, What eeclause eeallows eea eelender eeto eecharge eeextra eeinterest eeif eethe eeloan eeis
eepaid eeoff eebefore eethe eenormal eecompletion eedate? ee- eeCorrect eeAnswer ee-
eePrepayment eePenalty eeClause
What eeclause eein eea eeMortgage eeor eeDeed eeof eeTrust eewherein eea eesubsequent
eemortgage eeor eedeed eeof eetrust eetakes eepriority? ee- eeCorrect eeAnswer ee-
eeSubordination eeClause
What eeis eethe eesubstitution eeof eea eethird eeperson eein eeplace eeof eea eecreditor eeto
eewhose eerights eethe eethird eeperson eesucceeds eein eerelation eeto eethe eedebt? ee-
eeCorrect eeAnswer ee- eeSubrogation
What eeis eeit eecalled eewhen eethe eebuyer eetakes eeover eethe eeoriginal eepayment, eethe
eeoriginal eeloan, eeand eethe eeoriginal eeinterest eerate eeof eethe eeseller's eeexisting eeloan?
ee- eeCorrect eeAnswer ee- eean eeassumption
When eedoes eea ee"Budget eeMortgage eeor eeDeed eeof eeTrust" eeoccurs? ee- eeCorrect
eeAnswer ee- eeas eea eeresult eeof eea eelender eerequiring eetax eeor eeinsurance eeescrows
A eemonthly eeloan eepayment eeconsists eeof eewhat ee4 eethings? ee- eeCorrect eeAnswer ee-
eePrincipal
Interest
Taxes
Insurance
If eerecorded, eewhere eemust eea eemortgage eeor eedeed eeof eetrust eebe eerecorded? ee-
eeCorrect eeAnswer ee- eein eethe eecity, eecounty eeor eemunicipality eewhere eethe eeproperty
eeis eelocated
What eeare eesecond eemortgages eeor eedeeds eeof eetrust eecalled? ee- eeCorrect eeAnswer
ee- eejunior eemortgages
The eepriority eeof eejunior eeliens eeis eedetermined eeby eewhat? ee- eeCorrect eeAnswer ee-
eethe eedate eeand eetime eeof eerecording
In eean eeinstallment eeland eecontract, eewhat eetype eeof eetitle eedid eethe eeseller eeretain?
ee- eeCorrect eeAnswer ee- eelegal
Under eean eeFHA eegraduated eepayment eemortgage, eewhich eeof eethe eefollowing
eefluctuates eeover eethe eeterm eeof eethe eeloan? ee- eeCorrect eeAnswer ee- eemonthly
eepayments
Usury eemost eenearly eemeans ee__________. ee- eeCorrect eeAnswer ee- eeillegal eeinterest
An eeimpound eeor eereserve eeaccount eemost eebenefits eewhom? ee- eeCorrect eeAnswer
ee- eethe eelender
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