A seller who pledges his carryback note as collateral for a loan, called
_______________, triggers the reporting of the profit which was allocated to
principal in an amount equal to the amount borrowed.
a) hypothecation
b) an assumption
c) a novation
d) reallocation Interest paid on any portion of a loan balance which exceeds the fair market
value (FMV) of a residence:
a) is deductible.
b) can be applied to satisfy a debt.
c) is not deductible.
d) a and b.
_______________ occurs when a seller accepts payment from a buyer in an amount which will not cover the interest accruing each month.
a) Compounding interest b) Amortization c) Negative amortization d) Residual amortization A credit report does not contain information on a buyer’s capacity to pay,
called _______________, or his propensity to commit a crime.
a) loan-to-value ratio
b) implicit rent
c) net worth
d) personal income carryback seller’s foreclosure sale is automatically halted by filing a
bankruptcy petition, called a(n):
a) injunction.
b) sufferance.
c) stop notice.
d) stay.
A(n) _______________ converts recourse paper into nonrecourse paper by
eliminating personal liability for a deficiency in property value.
a) dragnet clause
b) reverse trust deed
c) exculpatory clause
d) right of redemption An owner can ________________ by paying all sums due under the note and trust
deed, and reimbursing the lender’s costs of foreclosure, prior to completion of
the trustee’s sale.
a) redeem property in
foreclosure
b) reinstate the loan
c) initiate foreclosure
d) b and c
At least _______________ the date selected by a trustee to hold a
trustee’s sale, the trustee must send two copies of the notice of trustee’s sale
(NOTS) to each party the trustee previously sent a notice of default (NOD).
a) 20 calendar days before
b) 6 business days before
c) three months before
d) 30 calendar days before
_______________, triggers the reporting of the profit which was allocated to
principal in an amount equal to the amount borrowed.
value (FMV) of a residence:
_______________ occurs when a seller accepts payment from a buyer in an amount which will not cover the interest accruing each month.
called _______________, or his propensity to commit a crime.
bankruptcy petition, called a(n):
A(n) _______________ converts recourse paper into nonrecourse paper by
eliminating personal liability for a deficiency in property value.
deed, and reimbursing the lender’s costs of foreclosure, prior to completion of
the trustee’s sale.
foreclosure
At least _______________ the date selected by a trustee to hold a
trustee’s sale, the trustee must send two copies of the notice of trustee’s sale
(NOTS) to each party the trustee previously sent a notice of default (NOD).
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