Cram exam 2 Questions well answered
graded A+ updated
Which remedies are available when a seller breaches a contract?
A or b but not both
(a) A suit for specific performance.
(b) Buyer gets deposit returned.
What term refers to the right of a mortgagor to stop a foreclosure process by paying the entire
balance, interest and so on?
Right of redemption
Which type of mortgage is known as seller financing?
Purchase money mortgage
Where are the interest rate, payment, and other terms of a loan found?
Note
Which statement is correct in a lien-theory state such as Florida?
The mortgage serves as a lien against the property,
,Which of the following is a characteristic of an amortized or level payment mortgage?
The early payments are mostly interest.
Which term refers to the process of sand deposits building up over time, causing an increase in
land?
Accretion
Which estate or tenancy is the most comprehensive?
Fee simple
Which term refers to the government's right to limit or control the actions of citizens in the form
of such things as zoning codes and building codes?
Police power
Which process is used by the government to take private land for public use?
Condemnation
Which term refers to the interest that is charged when banks borrow from the Federal Reserve?
Discount rate
, If a lender charges 8% interest plus 2 points, what is the approximate yield on the loan?
8.25%
The primary purpose of the Federal Home Loan Bank System is to provide support for which of
the following?
Savings associations
Which characteristic applies to the note documentary stamp tax?
$.35 per $100
What would the Federal Reserve do when it wants to increase the supply of loanable funds?
Decrease the reserve requirement
When is intermediation in financial institutions most likely to occur?
When supply of funds is increasing, and the demand is decreasing
How would an escrow deposit typically appear on a closing statement?
Credit to buyer
graded A+ updated
Which remedies are available when a seller breaches a contract?
A or b but not both
(a) A suit for specific performance.
(b) Buyer gets deposit returned.
What term refers to the right of a mortgagor to stop a foreclosure process by paying the entire
balance, interest and so on?
Right of redemption
Which type of mortgage is known as seller financing?
Purchase money mortgage
Where are the interest rate, payment, and other terms of a loan found?
Note
Which statement is correct in a lien-theory state such as Florida?
The mortgage serves as a lien against the property,
,Which of the following is a characteristic of an amortized or level payment mortgage?
The early payments are mostly interest.
Which term refers to the process of sand deposits building up over time, causing an increase in
land?
Accretion
Which estate or tenancy is the most comprehensive?
Fee simple
Which term refers to the government's right to limit or control the actions of citizens in the form
of such things as zoning codes and building codes?
Police power
Which process is used by the government to take private land for public use?
Condemnation
Which term refers to the interest that is charged when banks borrow from the Federal Reserve?
Discount rate
, If a lender charges 8% interest plus 2 points, what is the approximate yield on the loan?
8.25%
The primary purpose of the Federal Home Loan Bank System is to provide support for which of
the following?
Savings associations
Which characteristic applies to the note documentary stamp tax?
$.35 per $100
What would the Federal Reserve do when it wants to increase the supply of loanable funds?
Decrease the reserve requirement
When is intermediation in financial institutions most likely to occur?
When supply of funds is increasing, and the demand is decreasing
How would an escrow deposit typically appear on a closing statement?
Credit to buyer
