Get Solved GOVT 406 Quiz Financing

Get Solved GOVT 406 Quiz Financing

GOVT 406 Quiz: Financing the Transfer of Real Estate

1. The general priority rule between recorded land interests is first in time, first in right.
2. Judicial foreclosure does not require notice to the mortgagor.
3. In a subject to transfer, the grantee will be personally liable to the mortgagee.
4. Regulation Z is inapplicable to second mortgages on residential property.
5. The Secure and Fair Enforcement of the Mortgage Licensing Act of 2008 provides mortgage relief for home buyers who secured their mortgages prior to January 2007.
6. Flippers are also known as speculators.
7. The Troubled Asset Relief Program (TARP) does not permit the federal government to purchase mortgages directly.
8. A PMSI in fixtures recorded before an attachment will have priority over a mortgage with an after-acquired property clause.
9. Small errors in lending disclosure statements are acceptable and will not result in the loss of mortgage rights.
10. There are three parties in a deed of trust financing arrangement.
11. The Soldiers and Sailors Relief Act:
12. Information required to be disclosed to the borrower includes:
13. A piggyback mortgage:
14. What is ATR?
15. Louis and Karen Moroz can no longer make the payments on their home. They owe $280,000 on their mortgage and their home was appraised at $195,000. The Morozes decide to just walk away from their home. What are the implications of their decision?
16. What is the length of the rescission period if a mortgage lender makes a mistake in the disclosure of the APR to the consumer borrower?
17. James and Debra Reid purchased a home for $623,000 in January 2014. They put down $62,300 and financed the remainder with Fifth Third Bank. Fifth Third Bank recorded its mortgage on February 1, 2014. On March 31, 2014, the Reids purchased a swimming pool and the pool contractors, Cristoria Pools, financed the construction for $45.000. Criteria recorded a second mortgage on the property on April 15, 2014. On December 15, 2014, the Reids sold their house to the Griffins for $720,000. The Griffins put $120,000 down and agreed to pay the Reids for the existing mortgage in wrap-around. The mortgage balance at the time of the sale was $619,000. The balance on the Cristoria mortgage was $42,000. On August 15, 2015, the Griffins defaulted on their payments. The Reids had already purchased another home and were unable to make the payments on the home. Fifth Third Bank foreclosed on the mortgage. Who has first priority on the sales proceeds after expenses are paid?
18. The Secure and Fair Enforcement of the Mortgage Licensing Act of 2008:
19. Louis and Karen Moroz can no longer make the payments on their home. They owe $280,000 on their mortgage and their home was appraised at $195,000. The Morozes decide to just walk away from their home. Suppose that Louis and Karen removed their water heater, kitchen cupboards, and toilets. What can the mortgagee do?
20. On commercial properties, leases that antedate the mortgage:

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