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ASREB National Test A-4 Questions with Solutions
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ASREB National Test A-4
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ASREB National Test A-4Recording easements do which of the following?
Place an encroachment on the property
Place an encumbrance on the property
Place a lien on the property
Places a deed restriction on the property - answer Place an encumbrance on the
property
To pledge real property as collateral is called:
Hypothecate
Devise
Demise
Descent - answer Hypothecate
Which of the following is an encumbrance?
Assignment
License
Note
Mechanics lien - answer Mechanics lien
All of the following would be a lien on real property EXCEPT:
Lease for years
First mortgage
Property Taxes
Property Assessment - answerLease for years
What lien would be ahead of a lender's first mortgage?
Mechanics Lien
Property taxes
Special Assessment
Judgment - answerProperty Taxes
When a debt will be paid off by making constant level payments, this is called:
Interest only
Blanket loan
Graduated payment
Amortized loan - answerAmortized loan
Which of the following listed below best describes the purpose of a trustee?
Hold the note in a mortgage
Foreclose in a deed of trust
, Act as a lender in an agreement for sale
Enforce property deed restrictions - answerForeclose in a deed of trust
If a lender is doing business in a lien theory state, which of the following is true?
Legal title is held by the beneficiary
Legal title is held by the mortgagee
Legal title is held by mortgagor
Legal title is held by the trustor - answerLegal title is held by mortgagor
When a loan is secured by a deed of trust, who holds the deed of trust documents?
Mortgagee
Mortgagor
Trustor
Beneficiary - answerBeneficiary
Which of the following would not be part of a deed of trust?
Alienation
Defeasance
Acceleration
Habendum - answerHabendum
A buyer is buying a business that includes real and personal property. The type of loan
the buyer would obtain is called:
Blanket
Package
Open end
Chattel - answerPackage
Which of the following is not a security instrument?
Note
Deed of Trust
Mortgage
Agreement for Sale - answerNote
When a lender agrees to change lien positions, this action is called:
Subrogation
Subordination
Alienation
Defeasance - answerSubordination
An open-end loan would do which of the following?
Allow for sums of money to be loaned as a project progresses
Will act as a package loan
Will serve as a builder's blanket loan
Will be a long term loan to pay off a construction loan - answerAllows for sums of
money to be loaned as a project progresses
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