CTFA

CTFA practice questions, page 30 of 35, with answer review and explanations.

Question 146

The amount of debt, not counting interest, on a loan.

  1. Principle
  2. Appraisal
  3. Down payment
  4. Commitment

Question 147

Money given by a buyer to a seller, as part of the purchase price to bind a transaction or assure payment.

  1. Down Payment
  2. Escrow
  3. Earnest money
  4. Deed of trust

Question 148

A legal by which a lender or a seller forces a sale of a mortgaged property.

  1. Foreclosure
  2. Callable debt
  3. Escrow
  4. Default

Question 149

A construction loan made during completion of a building or a project.

  1. Interim Financing
  2. First mortgage
  3. Conventional loan
  4. Blanket Mortgage

Question 150

A mortgage which is in first lien position, taking priority over all other liens.

  1. First mortgage
  2. Callable debt
  3. Fixed rate mortgage
  4. Graduated payment mortgage