CTFA

CTFA practice questions, page 29 of 35, with answer review and explanations.

Question 141

___________ is a claim upon a piece of property for the payment or satisfaction of a debt or obligation.

  1. Escrow
  2. Lien
  3. Callable debt
  4. Balloon payment mortgage

Question 142

First mortgage is:

  1. Flexible payment mortgage
  2. A mortgage score which is in first lien position,
  3. Taking priority over all other liens
  4. Graduated payment mortgage

Question 143

The mortgage interest rate will remain the same on these mortgages throughout the term of the mortgage.

  1. Adjustable term mortgage
  2. Graduated payment mortgage
  3. Adjustable rate mortgage
  4. Fixed rate mortgage

Question 144

_____________ is the money paid to insure the mortgage when the down payment is less than 20 percent

  1. Origination fee
  2. Points
  3. Down payment
  4. Mortgage Insurance

Question 145

What can be a short term interim loan to pay for the construction of buildings and homes?

  1. Adjustable rate mortgage
  2. Appraisal
  3. Construction loan
  4. Conventional loan