Promissory note - Study guides, Class notes & Summaries

Gold Coast Final Exam Questions and Answers 100% Solved What is the form you sign that says you will pay the loan back ? promissory note What is the post licensing grace period after first expiration ? none Deposits is a form of... valuable consideration Physical land and improvements real property Is it a violation if a sales associate work for two brokers Monday-Friday, and Saturday and Sunday and getting paid commission from both Yes What is the maximum fine per offense ? $5,000 per fine...

Guarantee Correct Answer-A promise made by one party to share responsibility for the debts of another party Mortgage Correct Answer-An interest in land created by a written instrument providing security for the performance of a duty or the payment of a debt Promissory note Correct Answer-A promise or an engagement in writing to pay a specified sum at a time therein stated or on demand or at sight to a person named therein Debtor Correct Answer-One who owes a debt Payee Correct Answer...

What method of settling a default involves a conveyance of title to the lender? - deed in lieu of foreclosure A way for the mortgagor (borrower) to avoid foreclosure. The borrower who is in default under the terms of the mortgage gives a deed to the lender - a deed in lieu of foreclosure When a promissory note is executed, it becomes - evidence of the debt The legal instrument that represents the primary evidence of a debt - promissory note A mortgage clause (in title theory states) that pro...

Woodcrest, Inc. borrowed $50,000 from a local bank and signed a promissory note. What entry should Woodcrest record? a) debit Cash, $50,000; credit Notes Receivable, $50,000 b) debit Notes Receivable, $50,000; credit Cash, $50,000 c) debit Cash, $50,000; credit Notes Payable, $50,000 d) debit Notes Payable, $50,000; credit Cash, $50,000 Correct Answer: debit Cash, $50,000; credit Notes Payable, $50,000 We record interest expense in the period in which we pay it, rather than in the perio...

Woodcrest, Inc. borrowed $50k from a local bank and signed a promissory note. What entry should they record? A. Debit Cash, 50k. Credit Notes Receivable, 50k B. Debit Notes Rec., 50k. Credit Cash, 50k C. Debit Cash, 50k. Credit Notes Pay 50k D. Debit Notes Pay, 50k, Credit Cash 50k correct answers C We record interest expense in the period in which we pay it, rather than in the period we incur it A. T B. F correct answers B. Interest expense is recorded in the period incurred, not in ...

OHIO NOTARY EXAM QUESTIONS AND ANSWERS 100% PASS LIST THE 4 POWERS OF A NOTARY ADMINISTER OATHS; TAKE & CERTIFY ACKNOWLEDGEMENTS; TAKE & CERTIFY DEPOSITIONS; & RECEIVE, MAKE & RECORD NOTARIAL PROTESTS WHAT IS THE TERM OF A NOTARY? 5 YEARS WHERE DO NOTARIES GET SWORN IN & WHAT IS THE CLERK FEE? CLERK OF COURTS / $5.00 STATUTE FOR PENALTY OF NOTARY ACT AFTER EXPIRED COMMISSION 147.10 Notary public acting after commission expires. No notary public shall do or perform any act as a notary public k...

LOUISIANA NOTARY PRACTICE EXAM 2024/2025 | ACTUAL EXAM QUESTIONS AND CORRECT ANSWERS | ALREADY GRADED A+ | LATEST EDITION Notary's statement placed on the face of a document to identify and connect it with another's instrument passed before the notary. - Correct Answer Paraph Where is a paraph is most commonly made on? - Correct Answer A promissory note to identify it with a mortgage, priviledge, or other security device. What is an example form of a recitation of a paraph? - Correct An...

2024 Fundamentals of Louisiana Notarial Law and Practice with Complete Solutions2024 Fundamentals of Louisiana Notarial Law and Practice with Complete Solutions2024 Fundamentals of Louisiana Notarial Law and Practice with Complete Solutions Mortgagor - ANSWER-one who grants/gives a mortgage; the one making the mortgage, so that's the borrower/home-buyer Mortgagee - ANSWER-one who takes the mortgage and is thus, the lender/bank - the one who provides a loan to someone buying the house; the p...

Broker A receives two offers on Seller B's house, which is listed for sale at $250,000. The first offer is for all cash at $200,000. The second offer is for 20% down with 80% financing for the full price. What should the broker do with respect to both offers? - Present both offers to the seller as soon as possible. Broker A receives two offers on Seller B's house, which is listed for sale at $250,000. The first offer is for all cash at $200,000. The second offer is for 20% down with 80% fi...

Income Statement Produced once a month to ensure expense review and control Income Statement' Allows a company to determine how much money is coming in and how it's being spent Promissory Note Indicates a loan and debt financing to raise capital Convertible Securities Used to raise capital by way of equity financing Convertible Securities' Stock or bond, that can be converted to another type of security Convertible' Securities Another type of bond or stock