Question 1

A writ of ________ is a postjudgment court order that permits the seizure of a debtor's property that is in the debtor's possession.

Accepted Answer

A)  execution 
B)  garnishment 
C)  exigent 
D)  attachment 
A)  execution 
B)  garnishment 
C)  exigent 
D)  attachment

Question 2

When is a creditor a secured creditor?

Accepted Answer

A)  when the creditor has been guaranteed payment by a trustee 
B)  when the creditor gives a loan without security 
C)  when the creditor has been paid back his or her debt 
D)  when the creditor has a security interest in collateral 
A)  when the creditor has been guaranteed payment by a trustee 
B)  when the creditor gives a loan without security 
C)  when the creditor has been paid back his or her debt 
D)  when the creditor has a security interest in collateral

Question 3

Explain the procedure for obtaining a mechanic's lien.

Accepted Answer

Although the procedures for obtaining a

Question 4

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

Accepted Answer

A)  foreign currency mortgages 
B)  home improvement mortgages 
C)  first purchase money mortgages 
D)  second purchase money mortgages 
A)  foreign currency mortgages 
B)  home improvement mortgages 
C)  first purchase money mortgages 
D)  second purchase money mortgages

Question 5

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

Accepted Answer

A)  foreclosure statute 
B)  mortgage statute 
C)  recording statute 
D)  antideficiency statute 
A)  foreclosure statute 
B)  mortgage statute 
C)  recording statute 
D)  antideficiency statute

Question 6

Which of the following protects consumers' ability to challenge information contained in a credit file?

Accepted Answer

A)  Fair Credit Billing Act 
B)  Equal Credit Opportunity Act 
C)  Fair Debt Collection Practices Act 
D)  Fair Credit Reporting Act 
A)  Fair Credit Billing Act 
B)  Equal Credit Opportunity Act 
C)  Fair Debt Collection Practices Act 
D)  Fair Credit Reporting Act

Question 7

A ________ is a contractor's, laborer's, and material person's statutory lien that makes the real property to which services or materials have been provided security for the payment of the services and materials.

Accepted Answer

A)  material lien 
B)  judgment lien 
C)  tax lien 
D)  mechanic's lien 
A)  material lien 
B)  judgment lien 
C)  tax lien 
D)  mechanic's lien

Question 8

A ________ is an instrument that gives a creditor a security interest in the debtor's real property that is pledged as collateral for a loan.

Accepted Answer

A)  credit report 
B)  letter of credit 
C)  remittance advice 
D)  deed of trust 
A)  credit report 
B)  letter of credit 
C)  remittance advice 
D)  deed of trust

Question 9

Stanley lost a court case and was ordered to pay $50,000 to Wade. The day after the judgment, Stanley went missing, leaving Wade with no direct contact to recover the money. Wade then obtained a writ ordering the bank with Stanley's savings account to pay Wade. Which of the following writs did Wade use?

Accepted Answer

A)  writ of garnishment 
B)  writ of attachment 
C)  writ of prohibition 
D)  writ of exigent 
A)  writ of garnishment 
B)  writ of attachment 
C)  writ of prohibition 
D)  writ of exigent

Question 10

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

Accepted Answer

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

Question 11

What are foreclosure sales?

Accepted Answer

A debtor's default may trigger a legal a

Question 12

A written reconveyance transfers the title of a real property from the trustee.

Accepted Answer

A) True 
 B)False

Question 13

Alan wins a $50,000 judgment against Henderson, but Henderson refuses to pay the amount of the judgment to Alan. Alan obtains a postjudgment writ from the court directing the sheriff to seize Henderson's automobile and other property and have them publicly auctioned off to satisfy the judgment. Which of the following writs did Alan use?

Accepted Answer

A)  writ of attachment 
B)  writ of garnishment 
C)  writ of execution 
D)  writ of exigent 
A)  writ of attachment 
B)  writ of garnishment 
C)  writ of execution 
D)  writ of exigent

Question 14

An arrangement in which the owner of real property sells property to a purchaser and extends credit to the purchaser is known as ________.

Accepted Answer

A)  a lien release 
B)  a credit release 
C)  accommodation 
D)  land sales contract 
A)  a lien release 
B)  a credit release 
C)  accommodation 
D)  land sales contract

Question 15

Which of the following statements is true of the Consumer Financial Protection Bureau (CFPB)?

Accepted Answer

A)  It is a non-federal agency that governs consumer finance and mortgage area. 
B)  The automobile industry is exempt from its supervision. 
C)  The credit card and debit card industry is beyond its purview. 
D)  It lacks investigative and subpoena powers. 
A)  It is a non-federal agency that governs consumer finance and mortgage area. 
B)  The automobile industry is exempt from its supervision. 
C)  The credit card and debit card industry is beyond its purview. 
D)  It lacks investigative and subpoena powers.

Question 16

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

Accepted Answer

A)  The mortgagor has to pay the full amount of the debt incurred by the mortgagee. 
B)  The title of possession is passed on to the mortgagee upon completion of redemption. 
C)  The mortgagee is allowed to pay back partial interest until the statutory period of redemption. 
D)  The right to redemption is enacted after the foreclosure is complete. 
A)  The mortgagor has to pay the full amount of the debt incurred by the mortgagee. 
B)  The title of possession is passed on to the mortgagee upon completion of redemption. 
C)  The mortgagee is allowed to pay back partial interest until the statutory period of redemption. 
D)  The right to redemption is enacted after the foreclosure is complete.

Question 17

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

Accepted Answer

A) True 
 B)False

Question 18

Credit that requires collateral, which ensures 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 19

The Consumer Financial Protection Bureau (CFPB) has authority to supervise all participants in the consumer finance and mortgage area, including depository institutions.

Accepted Answer

A) True 
 B)False

Question 20

Which of the following real property transactions places legal title in real property with a trustee?

Accepted Answer

A)  land sales contract 
B)  garnishment 
C)  deed of trust 
D)  mortgage 
A)  land sales contract 
B)  garnishment 
C)  deed of trust 
D)  mortgage

Exam 26: Credit, Mortgages, and Debtors Rights

A writ of ________ is a postjudgment court order that permits the seizure of a debtor's property that is in the debtor's possession.

When is a creditor a secured creditor?

Explain the procedure for obtaining a mechanic's lien.

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

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

Which of the following protects consumers' ability to challenge information contained in a credit file?

A ________ is a contractor's, laborer's, and material person's statutory lien that makes the real property to which services or materials have been provided security for the payment of the services and materials.

A ________ is an instrument that gives a creditor a security interest in the debtor's real property that is pledged as collateral for a loan.

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

What are foreclosure sales?

A written reconveyance transfers the title of a real property from the trustee.

An arrangement in which the owner of real property sells property to a purchaser and extends credit to the purchaser is known as ________.

Which of the following statements is true of the Consumer Financial Protection Bureau (CFPB)?

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

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

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

The Consumer Financial Protection Bureau (CFPB) has authority to supervise all participants in the consumer finance and mortgage area, including depository institutions.

Which of the following real property transactions places legal title in real property with a trustee?

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 Crime

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

Digital Law and E-Commerce

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

Banking System and Electronic Financial Transactions

Secured Transactions

Bankruptcy and Reorganization

Agency Formation and Termination

Liability of Principals, Agents, and Independent Contractors

Employment, Worker Protection, and Immigration Law

Labor Law

Equal Opportunity in Employment

Small Business, Entrepreneurship, and General Partnerships

Limited Partnerships and Special Partnerships

Corporate Formation and Financing

Corporate Governance and the Sarbanes-Oxley Act

Corporate Acquisitions and Multinational Corporations

Limited Liability Companies and Limited Liability Partnerships

Franchise and Special Forms of Business

Investor Protection and E-Securities Transactions

Ethics and Social Responsibility of Business

Administrative Law and Regulatory Agencies

Consumer Protection and Product Safety

Environmental Protection

Antitrust Law and Unfair Trade Practices

Personal Property, Real Property, and Insurance

Real Property

Landlord-Tenant Law and Land Use Regulation

Insurance

Accountants Duties and Liability

Wills, Trusts, and Estates

Family Law

International and World Trade Law

Filters