Ch 12 CA RE Legal Aspect - Loan/Finance Flashcards
1
Q
The date by which a loan is to be paid in full is referred to as the…? ATermination date BSatisfaction date CMaturity date DPay-off date
A
Maturity date
2
Q
Stated income is no longer used by lenders when qualifying a borrower for a loan…?
AT (True)
BF (False)
A
(True)
3
Q
Regulation Z is also known as…? ARESPA BADA CTILA DFair Housing Act
A
TILA
4
Q
Who creates the promissory note…? AThe trustee BThe borrower CThe beneficiary DThe lender
A
The borrower
5
Q
A deed of trust utilizes a non-judicial foreclosure process in the event of default on the loan…?
AT (True)
BF (False)
A
(True)
6
Q
The lender in a deed of trust is referred to as the…? ATrustee BGrantor CTrustor DBeneficiary
A
Beneficiary
