Question 1

Explain why mortgagee rarely take possession of homes in the event of a default.

Accepted Answer

A number of reasons explain why mortgage

Question 2

Which of the following is not true regarding a Charge and Mortgage?

Accepted Answer

A)  The remedy for a default under a Charge is the sale of the land that is charged. 
B)  Under the land titles system, mortgages are called charges. 
C)  A Charge is a lien upon the land. 
D)  A Charge is conveyance of the legal title. 
E)  A mortgage is the conveyance of the legal title as security for a debt. 
A)  The remedy for a default under a Charge is the sale of the land that is charged. 
B)  Under the land titles system, mortgages are called charges. 
C)  A Charge is a lien upon the land. 
D)  A Charge is conveyance of the legal title. 
E)  A mortgage is the conveyance of the legal title as security for a debt.

Question 3

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

Accepted Answer

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

Question 4

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

Accepted Answer

A) True 
 B)False

Question 5

Where the vendor accepts an offer to purchase his or her property, what are five of the matters that the purchaser will have to investigate before closing?

Accepted Answer

When an offer to purchase property is ac

Question 6

The right of the mortgagee, given by a statute or the terms of the mortgage, to sell the property upon default is called

Accepted Answer

A)  legal sale. 
B)  a power of sale. 
C)  sale by court. 
D)  an equitable right to sell. 
E)  an equitable sale. 
A)  legal sale. 
B)  a power of sale. 
C)  sale by court. 
D)  an equitable right to sell. 
E)  an equitable sale.

Question 7

A mortgagee is an unsecured creditor.

Accepted Answer

A) True 
 B)False

Question 8

Who is a general creditor?

Accepted Answer

A creditor who has n

Question 9

A mortgagee is

Accepted Answer

A)  an unsecured creditor 
B)  a subsequent creditor. 
C)  a general creditor. 
D)  a secured creditor. 
E)  a preferred creditor. 
A)  an unsecured creditor 
B)  a subsequent creditor. 
C)  a general creditor. 
D)  a secured creditor. 
E)  a preferred creditor.

Question 10

The court orders that a foreclosing mortgagee is entitled to a court supervised sale. The land is sold, but the proceeds of sale are not enough to satisfy what is owed to the first mortgagee. The first mortgagee can sue the mortgagor for the shortfall.

Accepted Answer

A) True 
 B)False

Question 11

A clause that states that in the event of a default, the whole amount of the principal of the mortgage, plus accrued interest immediately falls due is

Accepted Answer

A)  an acceleration clause. 
B)  a demand payment clause. 
C)  a payment clause. 
D)  an immediate payment clause. 
E)  a quick payment clause. 
A)  an acceleration clause. 
B)  a demand payment clause. 
C)  a payment clause. 
D)  an immediate payment clause. 
E)  a quick payment clause.

Exam 25: Mortgages of Land and Real Estate Transactions

Explain why mortgagee rarely take possession of homes in the event of a default.

Which of the following is not true regarding a Charge and Mortgage?

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

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

Where the vendor accepts an offer to purchase his or her property, what are five of the matters that the purchaser will have to investigate before closing?

The right of the mortgagee, given by a statute or the terms of the mortgage, to sell the property upon default is called

A mortgagee is an unsecured creditor.

Who is a general creditor?

A mortgagee is

The court orders that a foreclosing mortgagee is entitled to a court supervised sale. The land is sold, but the proceeds of sale are not enough to satisfy what is owed to the first mortgagee. The first mortgagee can sue the mortgagor for the shortfall.

A clause that states that in the event of a default, the whole amount of the principal of the mortgage, plus accrued interest immediately falls due is

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