Question 1

Explain the difference between equity of redemption and equity.

Accepted Answer

The equity of redemption is th

Question 2

George owns an acre of land and severs,or divides,it into building lots.Before George can build on the lots he requires money to finance the construction costs,so he goes to his bank and gets first mortgage financing in the amount of $1.5 million and the bank registers the mortgage on all the building lots.If George finishes construction on one building lot,sells it,and pays down the bank's mortgage,the bank will give George

Accepted Answer

A) a complete assignment of the mortgage. 
B) a complete discharge of the mortgage. 
C) a partial assignment of the mortgage. 
D) a reconveyance of legal title to all the lots. 
E) a partial discharge of the mortgage. 
A) a complete assignment of the mortgage. 
B) a complete discharge of the mortgage. 
C) a partial assignment of the mortgage. 
D) a reconveyance of legal title to all the lots. 
E) a partial discharge of the mortgage.

Question 3

If a mortgagee does NOT register the mortgage,the mortgagee

Accepted Answer

A) loses the right to foreclose on the property. 
B) loses the right to sue the mortgagor. 
C) cannot enforce the mortgage against the property if it is sold. 
D) loses the right to have a court-supervised sale. 
E) all of the above 
A) loses the right to foreclose on the property. 
B) loses the right to sue the mortgagor. 
C) cannot enforce the mortgage against the property if it is sold. 
D) loses the right to have a court-supervised sale. 
E) all of the above

Question 4

What is an acceleration clause,and what is its purpose?

Accepted Answer

This is a clause found in a mortgage con

Question 5

In a real estate transaction,the draft deed is usually prepared by the vendor.

Accepted Answer

A) True 
 B)False

Question 6

The date for completing the sale of a real estate transaction is known as

Accepted Answer

A) the discharge date. 
B) the mortgage date. 
C) the closing date. 
D) the equitable date. 
E) the final date. 
A) the discharge date. 
B) the mortgage date. 
C) the closing date. 
D) the equitable date. 
E) the final date.

Question 7

A creditor who has no security other than the debtor's promise to pay is

Accepted Answer

A) a secured creditor. 
B) a preferential creditor. 
C) a preferred creditor. 
D) a general creditor. 
E) a mortgagee. 
A) a secured creditor. 
B) a preferential creditor. 
C) a preferred creditor. 
D) a general creditor. 
E) a mortgagee.

Explain the difference between equity of redemption and equity.

If a mortgagee does NOT register the mortgage,the mortgagee

What is an acceleration clause,and what is its purpose?

In a real estate transaction,the draft deed is usually prepared by the vendor.

The date for completing the sale of a real estate transaction is known as

A creditor who has no security other than the debtor's promise to pay is

Law, society, and Business

The Machinery of Justice

Government Regulation of Business

The Law of Torts

Professional Liability: the Legal Challenges

Formation of a Contract: Offer and Acceptance

Formation of a Contract: Consideration and Intention

Formation of a Contract: Capacity to Contract and Legality of Object

Grounds Upon Which a Contract May Be Set Aside: Mistake and Misrepresentation

Writing and Interpretation

Privity of Contract and the Assignment of Contractual Rights

The Discharge of Contracts

Breach of Contract and Its Remedies

Sale of Goods and Consumer Contracts

Bailment and Leasing

Insurance and Guarantee

Agency and Franchising

The Contract of Employment

Negotiable Instruments

Intellectual Property

Interests in Land and Their Transfer

Landlord and Tenant

Sole Proprietorships and Partnerships

The Nature of a Corporation and Its Formation

Corporate Governance: the Internal Affairs of Corporations

Corporate Governance: External Responsibilities

Secured Transactions

Creditors Rights

International Business Transactions

Electronic Commerce

Privacy

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Exam 23: Mortgages of Land and Real Estate Transactions

Explain the difference between equity of redemption and equity.

If a mortgagee does NOT register the mortgage,the mortgagee

What is an acceleration clause,and what is its purpose?

In a real estate transaction,the draft deed is usually prepared by the vendor.

The date for completing the sale of a real estate transaction is known as

A creditor who has no security other than the debtor's promise to pay is

Law, society, and Business

The Machinery of Justice

Government Regulation of Business

The Law of Torts

Professional Liability: the Legal Challenges

Formation of a Contract: Offer and Acceptance

Formation of a Contract: Consideration and Intention

Formation of a Contract: Capacity to Contract and Legality of Object

Grounds Upon Which a Contract May Be Set Aside: Mistake and Misrepresentation

Writing and Interpretation

Privity of Contract and the Assignment of Contractual Rights

The Discharge of Contracts

Breach of Contract and Its Remedies

Sale of Goods and Consumer Contracts

Bailment and Leasing

Insurance and Guarantee

Agency and Franchising

The Contract of Employment

Negotiable Instruments

Intellectual Property

Interests in Land and Their Transfer

Landlord and Tenant

Sole Proprietorships and Partnerships

The Nature of a Corporation and Its Formation

Corporate Governance: the Internal Affairs of Corporations

Corporate Governance: External Responsibilities

Secured Transactions

Creditors Rights

International Business Transactions

Electronic Commerce

Privacy

Filters