Question 1

A mortgagor has the right to rents and profits from the property.

Accepted Answer

A) True 
 B)False  True

Question 2

Mortgages are interpreted according to the contract law rules.

Accepted Answer

A) True 
 B)False  True

Question 3

Which of the following is true of governmental mortgage insurance?

Accepted Answer

A)  The insurance lasts for two years after the mortgage period. 
B)  The Federal Housing Administration charges a higher rate of interest than a conventional mortgage. 
C)  The U.S. Department of Veterans Affairs offers mortgages for the general public. 
D)  The U.S. Department of Veterans Affairs offers lesser interest rates for those who served in active duty in the armed forces. 
A)  The insurance lasts for two years after the mortgage period. 
B)  The Federal Housing Administration charges a higher rate of interest than a conventional mortgage. 
C)  The U.S. Department of Veterans Affairs offers mortgages for the general public. 
D)  The U.S. Department of Veterans Affairs offers lesser interest rates for those who served in active duty in the armed forces. D

Question 4

The first mortgage takes precedence over the cost of foreclosure and taxes.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following is true of a deed of trust?

Accepted Answer

A)  The creditor may sell the property through an auction upon default. 
B)  The trustee becomes responsible for the payment mortgage upon default. 
C)  It conveys title to the property to a disinterested third-party. 
D)  The trustee holds the property in trust for the benefit of the debtor. 
A)  The creditor may sell the property through an auction upon default. 
B)  The trustee becomes responsible for the payment mortgage upon default. 
C)  It conveys title to the property to a disinterested third-party. 
D)  The trustee holds the property in trust for the benefit of the debtor.

Question 6

Which of the following is true of foreclosures?

Accepted Answer

A)  Foreclosure proceedings are the same throughout the country. 
B)  An officer of court is allowed to make the sale when a mortgage becomes due. 
C)  Unrecorded mortgages takes precedence over mechanic's lien. 
D)  The first mortgage always takes precedence over the cost of foreclosure and taxes. 
A)  Foreclosure proceedings are the same throughout the country. 
B)  An officer of court is allowed to make the sale when a mortgage becomes due. 
C)  Unrecorded mortgages takes precedence over mechanic's lien. 
D)  The first mortgage always takes precedence over the cost of foreclosure and taxes.

Question 7

A(n) _____ is an interest in real estate given to secure the payment of a debt.

Accepted Answer

A)  assignment 
B)  consideration 
C)  mortgage 
D)  annuity 
A)  assignment 
B)  consideration 
C)  mortgage 
D)  annuity

Question 8

A person who holds a mortgage as a security for a debt is a mortgagee.

Accepted Answer

A) True 
 B)False

Question 9

If a mortgagor wishes to pay off the mortgage debt before the due date, the right must be reserved at the time the mortgage is given.

Accepted Answer

A) True 
 B)False

Question 10

A mortgagor has the right to redemption after default.

Accepted Answer

A) True 
 B)False

Question 11

A mortgagee has the duty to pay taxes on the property mortgaged.

Accepted Answer

A) True 
 B)False

Question 12

Which of the following best describes a lien?

Accepted Answer

A)  It is an encumbrance or claim against property. 
B)  It is the interest paid on a mortgage. 
C)  It is a consideration given to the mortgager. 
D)  It is the title deed of the property mortgaged. 
A)  It is an encumbrance or claim against property. 
B)  It is the interest paid on a mortgage. 
C)  It is a consideration given to the mortgager. 
D)  It is the title deed of the property mortgaged.

Question 13

Which of the following is a right of a mortgagor?

Accepted Answer

A)  Right to assign the mortgage 
B)  Right to deny foreclosure 
C)  Right to stop mortgage payments 
D)  Right to possession of property 
A)  Right to assign the mortgage 
B)  Right to deny foreclosure 
C)  Right to stop mortgage payments 
D)  Right to possession of property

Question 14

A mortgagee normally retains possession of the property.

Accepted Answer

A) True 
 B)False

Question 15

When a mortgage is assigned:

Accepted Answer

A)  the assignee attains greater rights than the assignor had. 
B)  the assignor should require the assignee to produce an estoppel certificate. 
C)  the assignee should have the assignment recorded. 
D)  the last party to record an assignment has preference when there is more than one assignment. 
A)  the assignee attains greater rights than the assignor had. 
B)  the assignor should require the assignee to produce an estoppel certificate. 
C)  the assignee should have the assignment recorded. 
D)  the last party to record an assignment has preference when there is more than one assignment.

Question 16

Which of the following is true of mortgage?

Accepted Answer

A)  Improvements cannot be mortgaged separate from the land. 
B)  The mortgagee normally retains possession of the property. 
C)  A person who gives a mortgage as a security for a debt is a mortgagee. 
D)  A mortgage constitutes the security of the debt. 
A)  Improvements cannot be mortgaged separate from the land. 
B)  The mortgagee normally retains possession of the property. 
C)  A person who gives a mortgage as a security for a debt is a mortgagee. 
D)  A mortgage constitutes the security of the debt.

Question 17

Mortgages insured by the Federal Housing Administration require a larger down payment than conventional mortgages.

Accepted Answer

A) True 
 B)False

Question 18

A mortgagor's payment of the debt does not divest the lien of the mortgagee.

Accepted Answer

A) True 
 B)False

Question 19

Explain any one duty of a mortgagor.

Accepted Answer

The duties of a mortgagor regarding inte

Question 20

The rights of the mortgagee under the mortgage agreement may be assigned.

Accepted Answer

A) True 
 B)False

Exam 43: Real Estate Mortgages

A mortgagor has the right to rents and profits from the property.

Mortgages are interpreted according to the contract law rules.

Which of the following is true of governmental mortgage insurance?

The first mortgage takes precedence over the cost of foreclosure and taxes.

Which of the following is true of a deed of trust?

Which of the following is true of foreclosures?

A(n) _____ is an interest in real estate given to secure the payment of a debt.

A person who holds a mortgage as a security for a debt is a mortgagee.

If a mortgagor wishes to pay off the mortgage debt before the due date, the right must be reserved at the time the mortgage is given.

A mortgagor has the right to redemption after default.

A mortgagee has the duty to pay taxes on the property mortgaged.

Which of the following best describes a lien?

Which of the following is a right of a mortgagor?

A mortgagee normally retains possession of the property.

When a mortgage is assigned:

Which of the following is true of mortgage?

Mortgages insured by the Federal Housing Administration require a larger down payment than conventional mortgages.

A mortgagor's payment of the debt does not divest the lien of the mortgagee.

Explain any one duty of a mortgagor.

The rights of the mortgagee under the mortgage agreement may be assigned.

Introduction to Law

Courts and Court Procedure

Business Torts and Crimes

Government Regulation of Business

Nature and Classes of Contracts

Offer and Acceptance

Capacity to Contract

Consideration

Defective Agreements

Illegal Agreements

Written Contracts

Third Parties and Contracts

Termination of Contracts

Nature of Personal Property

Special Bailments

Sales of Personal Property

Formalities of a Sale

Transfer of Title and Risk in Sales Con

Warranties, Product Liability, and Cons

Nature of Negotiable Instruments

Essentials of Negotiability

Promissory Notes and Drafts

Negotiation and Discharge

Liabilities of Parties and Holders in Due Course

Defenses

Nature and Creation of an Agency

Operation and Termination of an Agency

Employer and Employee Relations

Employees Rights

Labor Legislation

Introduction to Business Organization

Creation and Operation of a Partnership

Dissolution of a Partnership

Nature of a Corporation

Ownership of a Corporation

Management and Dissolution of a Corpora

Principles of Insurance

Types of Insurance

Security Devices

Bankruptcy

Nature of Real Property

Transfer of Real Property

Landlord and Tenant

Wills, Inheritances, and Trusts

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