Question 1

Credit that requires collateral that protects payment of the loan is referred to as ________.

Accepted Answer

A) unsecured credit 
B) secured credit 
C) equal credit 
D) fair credit 
A) unsecured credit 
B) secured credit 
C) equal credit 
D) fair credit

Question 2

The term ________ refers to a written document signed by a contractor, subcontractor, laborer, or material person, waiving his or her statutory lien against real property.

Accepted Answer

A) garnishment 
B) accommodation 
C) lien release 
D) notice of lien 
A) garnishment 
B) accommodation 
C) lien release 
D) notice of lien

Question 3

How does the Mortgage Reform and Anti-Predatory Lending Act of 2010 help regulate mortgage transactions?

Accepted Answer

The act requires mortgage originators an

Question 4

A(n)________ is an instrument that evidences a borrower's debt to the lender for a real property.

Accepted Answer

A) note 
B) consignment 
C) accommodation 
D) deed of trust 
A) note 
B) consignment 
C) accommodation 
D) deed of trust

Question 5

Which of the following is true of a deed of trust?

Accepted Answer

A) The legal right of the property is with the creditor until payment. 
B) The legal rights to possession of real property lie with a trustee. 
C) The trustor has legal rights to possession of the real property. 
D) The deed of trust is a two-party instrument. 
A) The legal right of the property is with the creditor until payment. 
B) The legal rights to possession of real property lie with a trustee. 
C) The trustor has legal rights to possession of the real property. 
D) The deed of trust is a two-party instrument.

Question 6

A mortgage is a two-party instrument.

Accepted Answer

A) True 
 B)False

Question 7

Which of the following Acts protects debtors who are subject to writ of garnishment from excessive action?

Accepted Answer

A) Fair Credit Billing Act 
B) Consumer Leasing Act 
C) Truth-in-Lending Act 
D) Title III of the Consumer Credit Protection Act 
A) Fair Credit Billing Act 
B) Consumer Leasing Act 
C) Truth-in-Lending Act 
D) Title III of the Consumer Credit Protection Act

Question 8

The recording statute gives potential purchasers of real property the ability to determine whether there are any existing liens on the property.

Accepted Answer

A) True 
 B)False

Question 9

A legal procedure by which a secured creditor causes the judicial sale of the secured real estate to pay a defaulted loan is known as ________.

Accepted Answer

A) attachment 
B) accountability 
C) land sales contract 
D) foreclosure sale 
A) attachment 
B) accountability 
C) land sales contract 
D) foreclosure sale

Question 10

An improperly recorded document is effective against subsequent purchasers of the real property.

Accepted Answer

A) True 
 B)False

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

Credit that requires collateral that protects payment of the loan is referred to as ________.

The term ________ refers to a written document signed by a contractor, subcontractor, laborer, or material person, waiving his or her statutory lien against real property.

How does the Mortgage Reform and Anti-Predatory Lending Act of 2010 help regulate mortgage transactions?

A(n)________ is an instrument that evidences a borrower's debt to the lender for a real property.

Which of the following is true of a deed of trust?

A mortgage is a two-party instrument.

Which of the following Acts protects debtors who are subject to writ of garnishment from excessive action?

The recording statute gives potential purchasers of real property the ability to determine whether there are any existing liens on the property.

A legal procedure by which a secured creditor causes the judicial sale of the secured real estate to pay a defaulted loan is known as ________.

An improperly recorded document is effective against subsequent purchasers of the real property.

Legal Heritage and the Digital Age

Courts and Jurisdiction

Judicial,Alternative,and E-Dispute Resolution

Constitutional Law for Business and E-Commerce

Intentional Torts and Negligence

Product and Strict Liability

Intellectual Property and Cyber Piracy

Criminal Law and Cyber Crimes

Nature of Traditional and E-Contracts

Agreement

Consideration and Promissory Estoppel

Capacity and Legality

Genuineness of Assent and Undue Influence

Statute of Frauds and Equitable Exceptions

Third-Party Rights and Discharge

Remedies for Breach of Traditional and E-Contracts

E-Commerce and Digital Law

Formation of Sales and Lease Contracts

Title to Goods and Risk of Loss

Remedies for Breach of Sales and Lease Contracts

Warranties

Creation of Negotiable Instruments

Holder in Due Course and Transferability

Liability, Defenses, and Discharge

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Bankruptcy and Reorganization

Agency Formation and Termination

Liability of Principals, Agents, and Independent Contractors

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Equal Opportunity in Employment

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Limited Partnerships and Special Partnerships

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Corporate Governance and the Sarbanes-Oxley Act

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Franchises and Special Forms of Businesses

Investor Protection, E-Securities, and Wall Street Reform

Ethics and Social Responsibility of Business

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Antitrust Law and Unfair Trade Practices

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