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Azure Tide 12 Exam/25 Questions and Answers
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Azure Tide 12 Exam/25 Questions andAnswers
A contract for deed is also called a land contract. - -True
-Florida is a title theory state. - -False, Florida is a Lien Theory state
-When a buyer assumes an existing mortgage, a partial release will be
issued which verifies the amount of the unpaid balance, interest rate, and
date to which interest has been paid prior to the assignment. - -False
-Hypothecation allows a person to live in a home that has been pledged as
collateral. - -True
-For every discount point purchased, the lender's yield increases by 1/8 of a
percent. - -True
-Even with an amortized mortgage, a buyer's loan payment covering PITI will
change occasionally if the property taxes and homeowner's insurance
increases or decreases. - -True
-The acceleration clause calls the entire balance of the loan due if the
borrower defaults on the loan. - -True
-If upon a foreclosure, there isn't enough money to even pay off the debt to
the mortgagee, then a deficiency judgment can be placed against the
borrower. - -True
-1 Discount point on a $100,000 mortgage would cost $2,500 - -False
-In a lien theory state, the lender holds title. - -False
-In which of the following situations would a short sale be appropriate? - -
John has been in his home for 5 years. He wants to sell his home, but his
mortgage is higher than the value of his home.
-A homeowner has multiple mortgages on his home. Which one of the
following would be considered the primary lien? - -The loan that closed on
November 20th and was recorded on December 4th, 2010.
-Brett is developing a local community. He obtained a blanket mortgage for
the collection of properties with multiple legal descriptions. As he sold the
properties under the blanket mortgage, what happens to the property under
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