FIN 3306: Exam 3 (Test Questions) guided with complete solution & verified answers update

FIN 3306: Exam 3 (Test Questions) guided with complete solution & verified answers update
1
The element of an adjustable interest rate that is the "moving part" is the:
A. Teaser rate
B. Index
C. Margin
D. Adjustment period - correct answer ✔ B. Index
Which of these aspects of a mortgage loan will be addressed in the note rather
than in the mortgage?
A. Late fee
B. Escrow requirements
C. Takings
D. Acceleration
E. Maintenance of property - correct answer ✔ A. late fee
A lender may reserve the right to require prepayment of a loan at any time they
see fit through a:
A. Taking clause
B. Acceleration clause
C. Demand clause
D. Escrow clause - correct answer ✔ C. Demand clause
When a buyer of a property with an existing mortgage loan acquires the property
without signing the note for the existing loan, the buyer is acquiring the property:
A. By assumption
B. By contract for deed
C. By default
D. Subject to the mortgage - correct answer ✔ D. Subject to the mortgage

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