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Exam Prep - National Section VII - Trebs 2021 (100% Correct)
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N7. The instrument that the purchaser gives promising to pay back a loan is a: A. Mortgage B. Lien C. Deed of trust D. Note - ANSWERSD. Note. The promissory note, often called the "note," is the promise made by the buyer to the lender to repay the loan. N7. Who must sign the mortgage and the...

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  • November 7, 2024
  • 17
  • 2024/2025
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  • exam prep national section vii trebs 2021 100
  • n7 the instrument that the purchaser gives promis

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Exam Prep - National Section VII - Trebs
2021 (100% Correct)
N7. The instrument that the purchaser gives promising to pay back a loan is a:

A. Mortgage

B. Lien

C. Deed of trust

D. Note - ANSWERSD. Note. The promissory note, often called the "note," is the promise made by the
buyer to the lender to repay the loan.



N7. Who must sign the mortgage and the note?

A. Mortgagor

B. Mortgagee

C. Trustee

D. Beneficiary - ANSWERSA. Mortgagor. The borrower is the mortgagor. Remember borrower and
mortgagor.



N7. Who gives real estate as security for a loan?

A. Trustee

B. Mortgagor

C. Mortgage

D. Vendee - ANSWERSB. Mortgagor. The owner/borrower is called the mortgagor and gives the real
estate as security for a loan. The mortgage is the loan.



N7. One who pledges property as security for a loan is the:

A. Mortgagee

B. Mortgagor

C. Lender

D. Trustee - ANSWERSB. Mortgagor. The borrower, who is the mortgagor, is the person who pledges
property as security for a loan.

,N7. In real estate financing, the debt is evidenced by a:

A. Mortgage

B. Chattel mortgage

C. Promissory note

D. Financing statement - ANSWERSC. Promissory note. The note is the promise to repay the debt. The
mortgage is the pledge of the property to secure the repayment of that debt.



N7. When property is sold in a foreclosure proceeding, and the sale does NOT bring sufficient funds to
cover the senior mortgages, the original mortgagor may be subject to a:

A. Deficiency judgment

B. Foreclosure judgment

C. Lien

D. Default - ANSWERSA. Deficiency judgment. The mortgagee (lender) will attempt to collect the money
owed by the (mortgagor) borrower.



N7. What is the primary responsibility of the Federal National Mortgage Association?

A. To insure loans for qualified purchasers

B. To determine the number of discount points charged on a loan

C. To prohibit redlining

D. To maintain an active secondary money market for mortgages - ANSWERSD. To maintain an active
secondary money market for mortgages. FNMA was created in 1938 to buy FHA mortgage loans from
lenders. It is part of the secondary market. Lenders in the primary market sell their loans to the
secondary market. This makes it possible for the primary lenders to make more loans to buyers.



N7. First established in the 1930's, this provided liquidity of funds and created more available money for
consumption.

A. Primary market

B. Federal Reserve System

C. VA loans

D. Secondary market - ANSWERSD. Secondary market. The secondary market encouraged the purchasing
of real property to stimulate the economy during the Great Depression in the 1930's. the players that

, make up the secondary market include FNMA (Fannie Mae). FHLMC ( Freddie Mac) and GNMA (Ginnie
Mae).



N7. _______________ typically aim to build commercial mortgage loan portfolios that are diversified by
property type and geography as well as in accordance with applicable investment guidelines.

A. Pension funds

B. Commercial banks

C. REITs

D. Life insurance companies - ANSWERSD. Life insurance companies. The life insurance company spreads
the risks on these investments across the country. They are considered a primary market.



N7. The secondary mortgage market is:

A. A market in which mortgage loans can be sold to investors

B. A mortgage loan for persons over the age of 65

C. A local lender who offers loans to homebuyers

D. A way to put two mortgages on a house - ANSWERSA. A market in which mortgage loans can be sold
to investors. The secondary market is made up of three entities: FNMA, FHLMC and GNMA. They provide
lenders (who make the loan) the ability to sell those loans to the secondary market so the lender can
make more loans.



N7. The largest buyer of residential mortgages in United States today is:

A. FHLMC

B. GNMA

C. Banks

D. FNMA - ANSWERSD. FNMA. FNMA was founded in 1938 and is a U.S. government-sponsored
corporation created to establish a secondary market for mortgages.



N7. When does title change with contract for deed?

A. When the buyer has completed the terms of the contract

B. At closing

C. When the contract is executed

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