Exam 26: Credit,Mortgages,and Debtor's Rights

Who is the beneficiary in a deed of trust transaction?

The property on which a security interest is taken is called collateral.

An arrangement where an owner of real property borrows money from a lender and pledges the real property as collateral to secure the repayment of the loan is known as a(n)________.

The Fair Credit Billing Act requires that creditors promptly acknowledge in writing consumer billing complaints and investigate billing errors.

An arrangement in which a third party promises to be primarily liable with the borrower for the payment of the borrower's debt is referred to as ________.

Tara lost a large sum of money to Judy when she invested in what she alleged was a fraudulent investment scheme run by Judy.So Tara sued Judy for fraud.However, as it would take more than a year before the case was heard, Tara was afraid that Judy would transfer any money or property she had to avoid having to pay a judgment if she lost at trial.Which of the following writ motions would help Tara stop Judy from doing so?

Which of the following federal statutes requires creditors to disclose finance charge, including interest, points, and other fees paid for the extension of credit to debtors?

A power stated in a mortgage or deed that permits foreclosure without court proceedings and sale of the property through an auction is known as ________.

The ________ prohibits deficiency judgments regarding certain types of mortgages, such as those on residential property.

Creditors that violate the Consumer Lease Act are subject to the civil and criminal penalties provided in the ________ Act.

Stanley lost a court case against Wade and was ordered to pay $50, 000 in compensation to Wade.But the day after the judgment, Stanley went missing, leaving Wade with no direct contact to recover the money.Wade then obtained a writ that allowed the government to order the bank in which Stanley had his savings to pay Wade.Which of the following writ did Wade motion to obtain the payment order?

When is credit said to have occurred?

The surety is primarily liable for paying the principal debtor's debt when it is due in a surety arrangement.

What are foreclosure sales?

The deficiency judgment protects the mortgagor from being recovered further in case there is a foreclosure sale deficiency.

Which of the following legislations protects consumers in challenging information contained in a credit file?

Notice of the lien must be given to the owner of the real property for it to be valid.

The ________ Act of 2003 permits consumers to place fraud alerts in their credit files.

In a deed of trust, the creditor is the beneficiary.

The power of sale foreclosure is implied in mortgages and deeds of trust.