BUL 3320 Chapter 26 Exam Questions
and Answers
deficiency judgement - ANSWER-judgement of a court that permits a secured lender
to recover other property or income from a defaulting debtor if the collateral is
insufficient to repay the unpaid loan
anti-deficiency judgement - ANSWER-statute that prohibits deficiency judgement
regarding certain types of mortgages, such as those on residential property
right of redemption - ANSWER-right that allows the mortgagor to redeem real
property after default and before foreclosures(must pay full debt)
land sales contract - ANSWER-arrangement where the owner of real property sells
property to a purchaser an extends credit to the purchaser
mechanics liens on real property - ANSWER-a contractor, laborer, and material
persons statutory lien that makes the real property to which services or materials
have been provided security for the payment of services and materials
lien release - ANSWER-written document signed by a contractor, subcontractor,
laborer, or material person, waiving his or her statuary lien against real property
writ of attatchment - ANSWER-a prejudgment court order that permits seizure of
debtors property while a lawsuit is pending
writ of excecution - ANSWER-post-judgement court order that permits the seizure of
the debtors property that is in the possession of debtor
writ of garnishment - ANSWER-post-judgement court order that permits the seizure
of a debtors property that is in the possession of a third party
title 3 of the consumer credit protection act - ANSWER-A federal law that permits
debtors who are subject to a writ of garnishment to retain a specified percentage or
amount of their earning can retain the greater of 75% of their weekly disposable
earnings or an amount equal to 30 hours of work paid at federal minimum wage
consumers financial protection act of 2010 - ANSWER-a federal statute that requires
increased disclosure of credit information and terms to consumers and regulates
consumer credit provers and others
mortgage reform and anti predatory lending act - ANSWER-federal statute designed
to eliminate abusive mortgage loan practices and mandates new duties and
disclosure requirements on mortgage lenders and other
and Answers
deficiency judgement - ANSWER-judgement of a court that permits a secured lender
to recover other property or income from a defaulting debtor if the collateral is
insufficient to repay the unpaid loan
anti-deficiency judgement - ANSWER-statute that prohibits deficiency judgement
regarding certain types of mortgages, such as those on residential property
right of redemption - ANSWER-right that allows the mortgagor to redeem real
property after default and before foreclosures(must pay full debt)
land sales contract - ANSWER-arrangement where the owner of real property sells
property to a purchaser an extends credit to the purchaser
mechanics liens on real property - ANSWER-a contractor, laborer, and material
persons statutory lien that makes the real property to which services or materials
have been provided security for the payment of services and materials
lien release - ANSWER-written document signed by a contractor, subcontractor,
laborer, or material person, waiving his or her statuary lien against real property
writ of attatchment - ANSWER-a prejudgment court order that permits seizure of
debtors property while a lawsuit is pending
writ of excecution - ANSWER-post-judgement court order that permits the seizure of
the debtors property that is in the possession of debtor
writ of garnishment - ANSWER-post-judgement court order that permits the seizure
of a debtors property that is in the possession of a third party
title 3 of the consumer credit protection act - ANSWER-A federal law that permits
debtors who are subject to a writ of garnishment to retain a specified percentage or
amount of their earning can retain the greater of 75% of their weekly disposable
earnings or an amount equal to 30 hours of work paid at federal minimum wage
consumers financial protection act of 2010 - ANSWER-a federal statute that requires
increased disclosure of credit information and terms to consumers and regulates
consumer credit provers and others
mortgage reform and anti predatory lending act - ANSWER-federal statute designed
to eliminate abusive mortgage loan practices and mandates new duties and
disclosure requirements on mortgage lenders and other
