Exam 26: Credit, mortgages, and Debtors Rights

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

Regulation Z is an administrative agency regulation that sets forth detailed rules for compliance with the ________ Act.

The Fair and Accurate Credit Transactions Act (FACT A)of 2003 permits credit reporting companies to place fraud alerts in their credit files.

A mortgage is a two-party instrument.

Unsecured credits require collateral to protect the payment of the debt.

A(n)________ is an arrangement in which a third party promises to be secondarily liable for the payment of another's debt.

Credit that requires collateral,which ensures payment of the loan,is referred to as ________.

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

To which of the following type of mortgages does the antideficiency statute apply?

Wesley buys a house for $1,000,000.He puts $400,000 down and borrows $600,000 from a bank,which takes a mortgage on the property to secure the loan.Wesley defaults,and when the bank forecloses on the property,it is worth only $500,000.There is a shortage of 100,000,as the foreclosure sale price was $500,000.The bank brings a legal action against Wesley.Which of the following can help the bank recover the shortage from Wesley?

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

Explain the procedure for obtaining a mechanic's lien.

The Dodd-Frank Wall Street Reform and Consumer Protection Act regulates mortgage lending.

Which of the following is designed put the burden on mortgage lenders to verify that a borrower can afford to repay the loan for which he or she has applied?

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 a(n)________.

Who is the beneficiary in a deed of trust transaction?

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

A writ of attachment releases a property in the creditor's possession to the debtor.

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

Which of the following is true of the right of redemption for mortgages?