Fin 417 Week 1 Quiz

1. (TCO 1) Evidence of a secured interest is shown through the ________. 2. (TCO 1) What type of estate expires on a definite date? 3. (TCO 1) Which of the following is FALSE concerning Mechanic’s Liens? 4. (TCO 1) Future estates ________. 5. (TCO 1) Which type of deed conveys property without seller warranties? 6. (TCO 1) A ________ must lawfully have a title that they claim to have a property in order for the transfer of title to be valid. 7. (TCO 1) A historical summary of the publicly-recorded documents that affect the ownership of a property is known as a what? 8. (TCO 2) Which of the following situations is NOT a common cause for the use of a purchase-money mortgage? 9. (TCO 2) A mortgage is BEST defined as a legal document that ________. 10. (TCO 2) Which of the following is NOT an alternative to foreclosure? 11. (TCO 2) Which of the following types of bankruptcy is filed with the end result of liquidating the debtor’s assets? 12. (TCO 2) Which of the following solutions is LEAST likely to be acceptable to a mortgagee when discussing alternatives to foreclosing a property? 13. (TCO 2) The Acceleration Clause says notice of all, but which of the following must be given to the mortgager? 14. (TCO 2) When is seller financing NOT used? 15. (TCO 2) A property is encumbered as follows: First mortgage, A: $250,000 Second mortgage, B: $40,000 Third mortgage, C: $10,000 How much can mortgagee B pay for the property at a foreclosure sale without having to raise additional funds?