Questions

Question 0

A mortgage must have power of sale clause to be foreclosed by?

Answer 0

By advertisement (title theory)

Question 1

Who signs not and mortgage?

Answer 1

Answer: Mortgagor is borrower
Promissor
Mortgagee is lender

Question 2

Title theory state?

Answer 2

Mortgage takes title to the mortgaged property during term of mortgage.

Question 3

Do u have to qualify to obtain FHA loan?

Answer 3

Yes

Question 4

Which of following is Lien on real estate?

Easement
Recorded mortgage
Encroachment
Restrictive covenant

Answer 4

Recorded mortgage

Question 5

Buyer has 10% down payment, what will lender most likely do?

Answer 5

Borrower has less than 20% so lender will have them purchase private mortgage insurance to reduce risk (PMI)

Question 6

Fannie Mae and Ginnie Mae

R both involved in?

Answer 6

Secondary markets

Question 7

Discount points

Answer 7

An added fee charged by lender to make yield on lower than market value

FHA or VA loan

Question 8

Straw buyer

Answer 8

Person using another persons identity to secure a loan

Question 9

What’s it called when seller lends money to the borrower for down payment without the lender knowing?

Answer 9

Silent second