BRAINSCAPE1
ASREB A-4 Exam with complete
solutions latest version
A blanket mortgage: - CORRECT ANSWER-Usually has a release clause, covers more
than one parcel of real estate
Which of the following is not a type of real estate mortgage? - CORRECT ANSWER-
Chattel mortgage
"Lis Pendens" is: - CORRECT ANSWER-A notice of pending court action
The following statements are true EXCEPT: - CORRECT ANSWER-An attachment and
a judgment are the same in every respect
A mechanic's lien, once filed, is a valid lien on the subject property for how long? -
CORRECT ANSWER-6 months
Work on a new dwelling was started on July 1. On August 1, the builder placed on
record a mortgage. On September 1, work was completed and on October 25, the
general contractor, not having been paid, files a mechanic's lien. Said lien has an
effective date as of: - CORRECT ANSWER-July 1
Of the following, which best describes a second mortgage? - CORRECT ANSWER-A
junior lien on real estate
The act of extinguishing a debt by regular payments is: - CORRECT ANSWER-
Amortization
What clause in a mortgage or trust deed calls for lender's action when the lender's
claims have been nullified? - CORRECT ANSWER-Defeasance clause
Payments on a "Deed of Trust" are due the: - CORRECT ANSWER-Beneficiary
BRAINSCAPE1
, BRAINSCAPE1
A defeasance clause is in a mortgage for the protection of the: - CORRECT ANSWER-
Borrower
What is the borrowing instrument that permits additional sums of money to be loaned by
the same security device? - CORRECT ANSWER-Open end note and mortgage
Which of the following is a security instrument in a real estate transaction? - CORRECT
ANSWER-Trust deed
When the title holder is in default and a court is asked to enforce the lenders lien, the
action is called: - CORRECT ANSWER-Foreclosure
Who places deed restrictions on real estate? - CORRECT ANSWER-Grantor
The primary difference in buying property subject to the mortgage instead of assumption
of the mortgage is in: - CORRECT ANSWER-The obligation of the vendee
The priority of a lien is, in the absence of fraud created as of the date it was: -
CORRECT ANSWER-Recorded
In a blanket mortgage, which special clause would you most likely find? - CORRECT
ANSWER-Release
Which of the following relates to a mechanics lien? - CORRECT ANSWER-Statue of
limitations, recordation is required, a statutory lien
An encumbrance is anything that burdens: - CORRECT ANSWER-Title to property
A trust deed may be released from the records by: - CORRECT ANSWER-Recording
the reconveyance
if a trust deed contained a clause providing that the indebtedness was to be paid in full if
the property was sold, it would be said that: - CORRECT ANSWER-The trust deed
contains an alienation clause
Which of the following could file a mechanics lien on a building being constructed? -
CORRECT ANSWER-Lumber supplier
The type of mortgage where the lender pays the borrower based on the equity of the
home is called: - CORRECT ANSWER-Reverse annuity
A monetary judgement by the court is: - CORRECT ANSWER-An involuntary lien on the
personalty and realty of the subject debtor
A signed release to substitute a new mortgagor for the original mortgagor is called: -
CORRECT ANSWER-A novation
BRAINSCAPE1
ASREB A-4 Exam with complete
solutions latest version
A blanket mortgage: - CORRECT ANSWER-Usually has a release clause, covers more
than one parcel of real estate
Which of the following is not a type of real estate mortgage? - CORRECT ANSWER-
Chattel mortgage
"Lis Pendens" is: - CORRECT ANSWER-A notice of pending court action
The following statements are true EXCEPT: - CORRECT ANSWER-An attachment and
a judgment are the same in every respect
A mechanic's lien, once filed, is a valid lien on the subject property for how long? -
CORRECT ANSWER-6 months
Work on a new dwelling was started on July 1. On August 1, the builder placed on
record a mortgage. On September 1, work was completed and on October 25, the
general contractor, not having been paid, files a mechanic's lien. Said lien has an
effective date as of: - CORRECT ANSWER-July 1
Of the following, which best describes a second mortgage? - CORRECT ANSWER-A
junior lien on real estate
The act of extinguishing a debt by regular payments is: - CORRECT ANSWER-
Amortization
What clause in a mortgage or trust deed calls for lender's action when the lender's
claims have been nullified? - CORRECT ANSWER-Defeasance clause
Payments on a "Deed of Trust" are due the: - CORRECT ANSWER-Beneficiary
BRAINSCAPE1
, BRAINSCAPE1
A defeasance clause is in a mortgage for the protection of the: - CORRECT ANSWER-
Borrower
What is the borrowing instrument that permits additional sums of money to be loaned by
the same security device? - CORRECT ANSWER-Open end note and mortgage
Which of the following is a security instrument in a real estate transaction? - CORRECT
ANSWER-Trust deed
When the title holder is in default and a court is asked to enforce the lenders lien, the
action is called: - CORRECT ANSWER-Foreclosure
Who places deed restrictions on real estate? - CORRECT ANSWER-Grantor
The primary difference in buying property subject to the mortgage instead of assumption
of the mortgage is in: - CORRECT ANSWER-The obligation of the vendee
The priority of a lien is, in the absence of fraud created as of the date it was: -
CORRECT ANSWER-Recorded
In a blanket mortgage, which special clause would you most likely find? - CORRECT
ANSWER-Release
Which of the following relates to a mechanics lien? - CORRECT ANSWER-Statue of
limitations, recordation is required, a statutory lien
An encumbrance is anything that burdens: - CORRECT ANSWER-Title to property
A trust deed may be released from the records by: - CORRECT ANSWER-Recording
the reconveyance
if a trust deed contained a clause providing that the indebtedness was to be paid in full if
the property was sold, it would be said that: - CORRECT ANSWER-The trust deed
contains an alienation clause
Which of the following could file a mechanics lien on a building being constructed? -
CORRECT ANSWER-Lumber supplier
The type of mortgage where the lender pays the borrower based on the equity of the
home is called: - CORRECT ANSWER-Reverse annuity
A monetary judgement by the court is: - CORRECT ANSWER-An involuntary lien on the
personalty and realty of the subject debtor
A signed release to substitute a new mortgagor for the original mortgagor is called: -
CORRECT ANSWER-A novation
BRAINSCAPE1
