P3-123 Quiz

In mortgage lending, the process of approving or denying a loan based on the property and the applicant’s ability to repay is called:

A comprehensive codification and modernization of commercial law (excluding real property law) is the:

Charging more for the use of money than is allowed by law is known as:

The federal agency referred to by the initials “VA” in mortgage lending is the:

A mortgage that is guaranteed by the VA and often referred to as a “government loan” is a:

A mortgage agreement that allows the interest rate to adjust with the market according to the terms in the note is a:

The party to whom personal or real property is sold is called the:

The seller of personal or real property is called the:

The federal agency created in 1944 to administer benefit programs, including the home loan guaranty program for eligible veterans, is the:

When a contractor or supplier gives up the legal claim they would normally have against a property for unpaid labor or materials, they have signed a:

The depth from the land surface to the level at which natural ground water is found is called the:

The short-term borrowing of funds by a mortgage banker from a commercial bank using closed mortgage loans as collateral is called:

A deed in which the grantor guarantees that good title is being conveyed, as opposed to making no warranty about title, is a:

When a negotiable instrument is endorsed in a way that protects the endorser from liability, it is endorsed:

A junior mortgage whose face value includes both the amount it secures and the balance due under the first mortgage is a: