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FLORIDA REAL ESTATE U FINAL EXAM (ACTUAL
LATEST QUESTIONS WITH VERIFIED GRADE A+
What is a deficiency judgement?
A Home Inspector's Report
Notification of not qualifying for an FHA loan
Notification of failure to complete post-licensing course
The judgement a lender seeks when proceeds from a foreclosure sale do not cover the amount owed to the lender The judgement a lender seeks when proceeds from a foreclosure sale do not cover the amount owed to the lender A deficiency judgement is sought by a lender when proceeds from a foreclosure sale do not cover the amount owed to the lender.
At a foreclosure sale there was money left over after the debts were paid who got it?
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The Sheriff The Mortgagee Grantor The Mortgagor The Mortgagor
The Mortgagor (the borrower in a mortgage), gets any residual money from the sale after all debts and expenses have been paid.
What Title does the seller retain until the loan is paid in full in an installment land contract?
Equitable Mortgage Tenants in Common Joint Tenancy Legal Legal
The seller retains legal title in an installment land contract until the agreed price is paid in full.
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What is the term for a mortgage that is junior to another mortgage?
Wraparound Mortgage Equitable Mortgage A Subordinate Mortgage First Mortgage A Subordinate Mortgage
is one that is junior to another.
Which of the following best describes Equity in a property?
The value over and above the outstanding mortgage balance(s) The Property Tax Assessment Value The value of the outstanding mortgage The price at which it was purchased before the last sale The value over and above the outstanding mortgage balance(s)
Equity is best represented by the value over and above the outstanding mortgage balance(s).
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What does a defeasance clause in a mortgage provide for?
Alienation Penalties if the mortgage is paid off early Subordination Release of the indebtedness once the loan is paid off Release of the indebtedness once the loan is paid off
A defeasance clause in a mortgage releases the indebtedness once the loan has been paid off.
An instrument confirming one person owing another money is called?
A rescindment A mortgage A deed A note A note
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