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REE 3433 Exam 3 prep (1)
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REE 3433 Exam 3 prepThe following description best characterizes which instrument listed below: "A debtor
deeds legal title to an independent third party who holds the deed as security for the
creditor" - ANS-Deed of trust
The following description best characterizes which instrument listed below: "A debtor
deeds legal title to an independent third party who holds the deed as security for the
creditor" - ANS-Deed of trust
A mortgage secures a deed to real property
-True
-False - ANS--False
A mortgage secures a deed to real property
-True
-False - ANS--False
Redlining occurs whenever lenders refuse to make mortgage loans to, or impose stricter
mortgage terms on, certain individuals.
-True
-False - ANS--False
Redlining occurs whenever lenders refuse to make mortgage loans to, or impose stricter
mortgage terms on, certain individuals.
-True
-False - ANS--False
Which of the following fair lending laws was created to fight predatory lending practices:
- ANS--Home Ownership and Equity Protection Act.
Which of the following fair lending laws was created to fight predatory lending practices:
- ANS--Home Ownership and Equity Protection Act.
Under a reverse annuity mortgage:
,- If the amount due the lender at the homeowner's death exceeds the value of the
home, the Federal Housing Administration will cover the loss.
- All of the above
- The homeowner receives a monthly payment from a bank as long as he remains in the
home
- The lender receives a mortgage on the home but principal and interest are not due
until the homeowner dies or sells the property - ANS--All of the above
Under a reverse annuity mortgage:
- If the amount due the lender at the homeowner's death exceeds the value of the
home, the Federal Housing Administration will cover the loss.
- All of the above
- The homeowner receives a monthly payment from a bank as long as he remains in the
home
- The lender receives a mortgage on the home but principal and interest are not due
until the homeowner dies or sells the property - ANS--All of the above
An acknowledgment made by a notary of the grantor's and the witnesses' signatures is
not required to make a deed legally valid, but it is required for recordation.
-True
-False - ANS--True
An acknowledgment made by a notary of the grantor's and the witnesses' signatures is
not required to make a deed legally valid, but it is required for recordation.
-True
-False - ANS--True
A document can be rejected from a recorder's office for not having the proper color ink
or size of characters.
-True
-False - ANS--True
A document can be rejected from a recorder's office for not having the proper color ink
or size of characters.
, -True
-False - ANS--True
A deed is a written or oral conveyance of real estate from one party to another
-True
-False - ANS--False
A deed is a written or oral conveyance of real estate from one party to another
-True
-False - ANS--False
An exception is something taken back from the grant of real estate while a reservation is
some part of the estate which is not granted
-True
-False - ANS--False
An exception is something taken back from the grant of real estate while a reservation is
some part of the estate which is not granted
-True
-False - ANS--False
Trahan privately signed the deed to his property naming his daughter Beverly as
grantee. He did not, however, tell her what he had done. Trahan continued to live and
pay taxes on the property. When he died, Beverly discovered the deed in Trahan's
safety deposit box. She now claims she has been the owner from the time her father
signed the deed and placed it in the safety deposit box. Beverly: - ANS-is not correct,
since the deed must be delivered to her when her father, the grantor, is alive.
Trahan privately signed the deed to his property naming his daughter Beverly as
grantee. He did not, however, tell her what he had done. Trahan continued to live and
pay taxes on the property. When he died, Beverly discovered the deed in Trahan's
safety deposit box. She now claims she has been the owner from the time her father
signed the deed and placed it in the safety deposit box. Beverly: - ANS-is not correct,
since the deed must be delivered to her when her father, the grantor, is alive.
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