Financing
Mortgages, loans, lending practices, and financing instruments
Key Concepts
Foreclosure
Foreclosure is the legal process by which a lender takes possession of a property when a borrower fails to make mortgage payments. It allows the lender to sell the property to recover the outstanding debt.
Trustee Sale
A trustee sale is a type of foreclosure where a trustee, appointed under a deed of trust, sells the property at auction to satisfy the debt.
Deed (in foreclosure context)
In the context of foreclosure, a deed transfers ownership of the foreclosed property to the new owner, typically the buyer at a foreclosure sale.
Practice Questions
A plot plan is drawn by an architect to show:
Oklahoma redemption period is:
In Pennsylvania, a buyer can rescind a home equity loan within:
Pennsylvania allows deficiency judgments after foreclosure:
Foreclosure in Nevada is typically:
Ohio uses which document as the security instrument for real estate loans?
Deficiency judgments in Montana are:
A capital improvement to real property will always:
Nevada Foreclosure Mediation Program:
Ohio allows deficiency judgments after foreclosure:
In Ohio, a land contract (contract for deed) is:
Nevada deficiency judgments after non-judicial foreclosure:
Nevada uses which security instrument?
The Georgia Housing and Finance Authority (GHFA) provides:
North Carolina's statutory right of redemption after foreclosure is:
Michigan's redemption period after foreclosure sale is typically:
Usury laws in Michigan limit interest rates on:
Deficiency judgments in Tennessee are:
Wisconsin redemption period after foreclosure is:
Tennessee has which redemption period after foreclosure?
+ 156 more questions
Government Loans(15)
Assume the contract for the sale of real prop- erty includes the sale of certain removable items, such as paintings and furniture. Upon delivery of the deed, the seller also should deliver
Barnard made an offer to buy a vacant residence. The offer was accepted by the seller. Prior to the close of escrow, Barnard requested permission from the broker to enter and make minor repairs to the house. Which of the following is true?
All of the following are required in valid contracts, except:
Generally, things or objects of a temporary or easily movable nature are
A motivated seller in a seller’s market is least likely to accept an offer contingent on the:
Which of the following is NOT required for a valid bill of sale?
All of the following substances need to be referenced in a statement disclosing the presence of various environmental hazards, except:
Before closing, a buyer asks their broker for permission to enter the vacant house they will be purchasing in order to paint the kitchen. The broker is to:
When one broker authorizes another broker to act as their subagent on the approval of the seller, the subagent is primarily responsible to the:
A valid agency requires a(n):
An elevation sheet used in a subdivision plan shows:
Which government agency insures FHA loans?
Crops that grow on land and require annual planting and cultivation are called
The removal of land when a stream suddenly changes its channel is
A man dies without leaving a valid will. He is said to have died
Loan Types(1)
Mortgages(2)
Heather, a single mother, is able to get down payment assistance as well as a below market rate of interest on her mortgage. What type of mortgage did she receive?
Two buyers cannot afford down payment on 3-unit residence. Government program requires mortgage default insurance, permits 3.5% down payment. They used:
Points(1)
Other Exam Topics
Buyer Representation Agreement
8% of exam
Property Ownership
10% of exam
Land Use Controls and Regulations
8% of exam
Valuation and Market Analysis
10% of exam
Laws of Agency
12% of exam
Mandated Disclosures
6% of exam
Contracts
12% of exam
Transfer of Title
8% of exam
Practice of Real Estate
10% of exam
Real Estate Math
12% of exam