Which of the following is not an essential element of a mortgage?
2
Which of the following transactions will require a buyer to be liable for an
existing mortgage?
Detailed Answer
A
3
The market value of a property, less the value of existing mortgages, is
known as:
Detailed Answer
D
4
A form of constructive notice concerning the existence of a pending litigation,
such as a foreclosure, is known as
Detailed Answer
A
5
To which theory of mortgages does Florida subscribe?
Detailed Answer
A
6
In a fully amortized mortgage, although the monthly payment stays the same,
the portion of each monthly payment that is applied to reduce the principal debt
Detailed Answer
B
7
The component of an adjustable rate mortgage that remains constant
throughout the term of the loan is the:
Detailed Answer
B
8
A below-market interest rate offered on adjustable rate mortgages utilized to
attract new borrowers is known as the:
Detailed Answer
A
9
Which of the following applies to a biweekly mortgage?
I. The loan is typically paid off faster
II. Twenty-six payments are made annually
III. The interest rate is typically higher
Detailed Answer
D
10
Christina has entered into a mortgage for a condominium that she intends to
rent on a weekly basis. The lender has accepted a mortgage which covers the
condominium plus all its furnishings. Which type of mortgage has Christina entered
into?
