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90 Cards in this Set

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A-4 Recording easements do which of the following?
A-4 Place an encumbrance on the property
A-4 Liens and Encumbrances
A-4 To pledge real property as collateral is called:
A-4 Hypothecate
A-4 Liens and Encumbrances
A-4 Which of the following is an encumbrance:
A-4 Mechanics Lien
A-4 Liens and Encumbrances
A-4 All of the following would be a lien on real property except:
A-4 Lease for years
A-4 Liens and Encumbrances
A-4 What lien would be ahead of a lender's first mortgage?
A-4 Property taxes
A-4 Liens and Encumbrances
A-4 When a debt will be paid off by making constant level payments, this is called?
A-4 Amortized loan
A-4 Liens and Encumbrances
A-4 Which of the following listed below best describes the purpose of a trustee?
A-4 Foreclose in a deed of trust
A-4 Liens and Encumbrances
A-4 If a lender is doing business in a lien theory state, which of the following is true?
A-4 Legal title is held by mortgagor
A-4 Liens and Encumbrances
A-4 When a loan is secured by a deed of trust, who holds the deed of trust document?
A-4 Beneficiary
A-4 Liens and Encumbrances
A-4 Which of the following would not be part of a deed of trust?
A-4 Habendum
A-4 Liens and Encumbrances
A-4 A buyer is buying a business that includes real and personal property. the type of loan the buyer would obtain is called:
A-4 Package*
A-4 Liens and Encumbrances
A-4 Which of the following is not a security instrument?
A-4 Note
A-4 Liens and Encumbrances
A-4 When a lender agrees to change lien positions, this action is called
A-4 Subordination
A-4 Liens and Encumbrances
A-4 An open-end loan would do which of the following?
A-4 Aloow for sums of money to be loaned as a project progresses
A-4 Liens and Encumbrances
A-4 When a note and deed of trust are paid in full, the lender is required to issue a release of lien. this is called a:
A-4 Defeasance
A-4 Liens and Encumbrances
A-4 Which of the following liens has a different process than any other lien,and no money has been loaned?
A-4 Mechanics Lien
A-4 Liens and Encumbrances
A-4 Seller of a property has repair work on a home and does'nt pay the general contractor. The new buyer of the property obtains a new FHA loan that is recorded.The Mechanic not being paid by the seller, files a mechanic lien on the property. Which of the following statements is true.
A-4 The Mechanics lien valid and has priority over the FHa loan.
A-4 Liens and Encumbrances
A-4 When a homeowner sells their property to a lender but the seller remains in the property and receives regular payments from the lender this is best defined as
A-4 Reverse annunity
A-4 Liens and Encumbrances
A-4Which of the following is not synonymous
A-4
Lessee/landlord
A-4 Liens and Encumbrances
A-4 Which of the following would trigger the alienation clause
A-4 Sale of property
A-4 Liens and Encumbrances
A-4 An assignment of rents clause would most likely benefit which of the parties
A-4 Beneficiary
A-4 Liens and Encumbrances
A-4 When is a satisfaction piece used?
A-4 When a loan is paid in full
A-4 Liens and Encumbrances
A-4 In a lending agreement, who benefits from the term quiet enjoyment?
A-4 Trustor
A-4 Liens and Encumbrances
A-4 A buyer buys property for $180.000. The Property has first deed of trust for $135.000 and a second deed of trust for $100.000. The buyer will assume the second but requires that the first be paid in full. What is the order of recordation?
A-4 Record the deed of reconveyance then the general warranty deed.
A-4 Liens and Encumbrances
A-4 A loan that is paid in full at the end of the term is known as
A-4 Amortized
A-4 Liens and Encumbrances
A-4 Mr. Brown wants to purchase land with a mortagage and later on erect a building on the property. What clause should he put in the mortgage
A-4 Subordination
A-4 Liens and Encumbrances
A-4 An encumbrance that affects the use of the property would be
A-4 Deed restriction
A-4 Liens and Encumbrances
A-4 A real estate mortgage would be
A-4 Voluntary
A-4 Liens and Encumbrances
A-4 A loan you obtain in installments and payoff at maturity is called
A-4 construction
A-4 Liens and Encumbrances
A-4 What does not affect property value?
A-4 Title Insurance
A-4 Liens and Encumbrances
A-4 What does not affect property value
A-4 Title Insurance
A-4 Liens and Encumbrances
A-4 An owner puts up a fence that violates deed restrictions, whatremedy would the association take
A-4 Take action in court
A-4 Liens and Encumbrances
A-4 A loan is paid off but the lender never records the lien release
A-4 Have a cloud on a title
A-4 Liens and Encumbrances
A-4 When your time has run out to assert a claim. this is called?
A-4 Laches
A-4 Liens and Encumbrances
A-4A developer may not impose a deed restriction on which
A-4 testifying at future zone hearings
A-4 Liens and Encumbrances
A-4 When your time has run out asset a claim, this is called:
A-4 Laches
A-4 Liens and Encumbrances
A-4 all of the following are specific liens except:
A-4 Income taxes
A-4 Liens and Encumbrances
A-4 A graduated payment loan would:
A-4 Increease in Principal amount
A-4 Liens and Encumbrances
A-4 A property has a first lien of $50,000; there is a second lien of $12,00. The owners gives a quitclaim deed to the first lien holder. what is the stus of the second lien?
A-4 Second must foreclose to protect their interest.
A-4 Liens and Encumbrances
A-4 When a loan is assumed, which of the following is true?
A-4 Original maker of the loan is primarily responsible in case of default
A-4 Liens and Encumbrances
A-4 When a person pays the entire principal balance at the end of a loan period, the loan would be:
A-4 Term
A-4 Liens and Encumbrances
A-4 If a subordination clause is in a mortgage or deed of trust, this would benefit which of the following parties:
A-4 Trustor / Mortgagor
A-4 Liens and Encumbrances
A-4 In order for a junior lien to have priority, the primary lien holder would sign which of the following:
A-4 Subordination
A-4 Liens and Encumbrances
A-4 Who signs the estoppel certificate
A-4 Borrower / lessee
A-4 Liens and Encumbrances
A-4 When a mortgage is created, it must also have which of the following:
A-4 Note
A-4 Liens and Encumbrances
A-4 A loan on a property is paid in full, but the deed of reconveyance is not recorded. What is the status of the title?
A-4 Cloud remains on the title
A-4 Liens and Encumbrances
A-4 A surety bond is most likely used when?
A-4 A title company issues Title Insurance
A-4 Liens and Encumbrances
A-4 A defeasance clause would be found in a:
A-4 Mortgage
A-4 Liens and Encumbrances
A-5 A loan that is structured so additional funds could be paid out on future calls is called:
A-4 Open-end
A-4 Liens and Encumbrances
When the trust deed has been paid in full. The defeasance clause states that the full deed of reconveyance be issued by the:
A-4 Trustee
A-4 Liens and Encumbrances
A-4 What type of loan would change in payment, rate, and amount owed?
A-4 Open-end mortgage
A-4 Liens and Encumbrances
A-4 All of the following are encumbrances EXCEPT:
A-4 Declaration of homestead
A-4 Liens and Encumbrances
A-4 A buyer assumes a loan and agrees to pay. Who is ultimately responsible?
A-4 Seller
A-4 Liens and Encumbrances
A-4 What is the purpose of an Estoppel certificate?
A-4 states the balance of the rents or mortgage due
A-4 Liens and Encumbrances
A-4 A due on sale clause is a:
A-4 Non-assumability clause
A-4 Liens and Encumbrances
A-4 A term loan is
A-4 Interest Only
A-4 Liens and Encumbrances
A-4 what type of loan would you get if it included real and personal property?
A-4 Package
A-4 Liens and Encumbrances
A-4 When a lien was released but the release was not recorded, this could cause which of the following?
A-4 CLoud on title
A-4 Liens and Encumbrances
A-4Which of the following may be assigned?
A-4 Trust deed
A-4 Liens and Encumbrances
A-4 Which of the following is true regarding a long loan term?
A-4 Higher total costs
A-4 Liens and Encumbrances
A-4 Which of the following instruments do not convey title?
A-4 Lease
A-4 Liens and Encumbrances
A-4 A mortgage is:
A-4 Security for the note
A-4 Liens and Encumbrances
A-4 Mortgages would not contain:
A-4 Subrogation clause
A-4 Liens and Encumbrances
A-4 Amortizing a loan over 30 years that is to be paid in seven years is called:
A-4 Balloon payment
A-4 Liens and Encumbrances
A-4 Wehn a lawsuit is filed, it is referred to as:
A-4Lis Pendens
A-4 Liens and Encumbrances
A-4 Which of the following relates to encroachments?
A-4 Physical in characteristic
A-4 Liens and Encumbrances
A-4 Which circumstance would negate encroachment?
A-4 Owner's permission
A-4 Liens and Encumbrances
A-4 Which of the following would be considered an encroachment?
A-4 A wall built on another's property
A-4 Liens and Encumbrances
A-4 When a loan payment is made which is substantially larger than the other payments, this is referred to as:
A-4 Balloon
A-4 Liens and Encumbrances
A-4 Which of the following is a specific lien regarding real estate:
A-4 Specail assessment
A-4 Liens and Encumbrances
A-4 The document used to verify a mortgage assumption is called:
A-4 Reduction certificate
A-4 Liens and Encumbrances
A-4 A mortgage that contains release clases is called:
A-4 Blanket
A-4 Liens and Encumbrances
A-4 When a loan contains a clause calling for the outstanding balance to be paid, this clause is known as:
A-4 Acceleration
A-4 Liens and Encumbrances
A-4 If two mortgages are on the same property, which would have priority?
A-4 First recorded
A-4 Liens and Encumbrances
A-4 The evidence of the debt and the promise to pay is called the:
A-4 Note
A-4 Liens and Encumbrances
A-4 If the mortgagor has the right to obtain legal title after payment in full, this referred to as a"
A-4 Title theory state
A-4 Liens and Encumbrances
A-4 When real property is given as security but still retained by the motgagor, this is called:
A-4 Hypothecate
A-4 Liens and Encumbrances
A-4 To have a mortgage you must have a:
A-4 Note
A-4 Liens and Encumbrances
A-4 When a loan is called all due and payable the loan has a:
A-4 Alienation
A-4 Liens and Encumbrances
A-4
A-4
A-4 Liens and Encumbrances
A-4
A-4
A-4 Liens and Encumbrances
A-4
A-4
A-4 Liens and Encumbrances
A-4
A-4
A-4 Liens and Encumbrances
A-4
A-4
A-4 Liens and Encumbrances
A-4
A-4
A-4 Liens and Encumbrances
A-4
A-4
A-4 Liens and Encumbrances
A-4
A-4
A-4 Liens and Encumbrances
A-4
A-4
A-4 Liens and Encumbrances
A-4
A-4
A-4 Liens and Encumbrances
A-4
A-4
A-4 Liens and Encumbrances