ÿþMortgage and Insurance~~1~2~2~1~1~1~1~1~1~1~1~1~Congratulations, you passed.~You did not pass.~75~1~~14~14~Finish~Next Question~Try Again~Feedback~Continue~Zoom~Question~of~Submit~Current Question~Point Value~Question Type~Score so far:~points out of~Finish~Quiz Results~Review Quiz~Previous~Next~Correct Response~Correct~Incorrect~Correct~Incorrect~(Quiz Review)~1~2~0~closes window~~closes window~~closes window~ <document><version>2.10</version><lastusedId></lastusedId><quizType>0</quizType></document> <property><fadertype>fade</fadertype><themecolor>haloBlue</themecolor><questiondisplay>0</questiondisplay><shufflequestion>1</shufflequestion><shufflenumber>35</shufflenumber><recipient_email><![CDATA[]]></recipient_email><subject><![CDATA[%TITLE% - Quiz Results]]></subject><message><![CDATA[Click the Send button on this message to submit your quiz results.]]></message><schemeName>Deep Blue</schemeName><schemeEnabled>1</schemeEnabled><showscoresofar>0</showscoresofar><emailResults>0</emailResults><showpointvalue>1</showpointvalue></property> <strings><summaryPoints>points</summaryPoints><summaryCorrectAnswer>Answer</summaryCorrectAnswer><summaryCorrectAnswer>Answer</summaryCorrectAnswer><summaryYourAnswer>Your Answer</summaryYourAnswer><summaryYourScore>Your Score</summaryYourScore><summaryPassingScore>Passing Score</summaryPassingScore><summaryResult>Result</summaryResult><summaryButtonEmail>Email Results</summaryButtonEmail><nothingSelectedA><![CDATA[NOTIFICATION:]]></nothingSelectedA><nothingSelectedB><![CDATA[An answer was not selected. 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Please complete all questions to continue.</wndincompletebody><wndsubmitincompletetitle>Submit Incomplete</wndsubmitincompletetitle><wndsubmitincompletebody>There are unanswered questions left in the quiz. Would you like to submit anyway?</wndsubmitincompletebody><navpaneenabled>1</navpaneenabled><icons>1</icons><ptvalue>1</ptvalue><ptaward>1</ptaward><question>Question</question><pointvalue>Point Value</pointvalue><pointsawarded>Points Awarded</pointsawarded></navigation> <timelimit><enabled>0</enabled><duration>3600</duration><timeformat>0</timeformat><showclock>0</showclock><wndtimeuptitle>Time Limit</wndtimeuptitle><wndtimeupbody>You have reached the time limit set for the quiz. Press 'OK' to continue.</wndtimeupbody><colorselapsed>2229503</colorselapsed><colorsremaining>2211674</colorsremaining><colorsborder>8388608</colorsborder></timelimit> <printresults><promptname>1</promptname><print>1</print><title>User Name</title><body>Enter your name and press 'OK' to continue:</body></printresults> <aoinfo><aotitle></aotitle><aodesc></aodesc><aoreport>0</aoreport></aoinfo> 1 Government agency that insures mortgage loans. Multiple Choice Government agency that insures mortgage loans. FHLMC (Federal Home Loan Mortgage Corporation)~VA Loans~FHA (Federal Housing Administration)~FNMA (Federal National Mortgage Association) No~No~Yes~No Correct~Incorrect ~~~ 1 1 1 2 2 14 14 2 Nonprofit, federally chartered institution that functions as a buyer and seller of savings and loan residential mortgages. Multiple Choice Nonprofit, federally chartered institution that functions as a buyer and seller of savings and loan residential mortgages. FHA (Federal Housing Administration)~FHLMC (Federal Home Loan Mortgage Corporation)~FNMA (Federal National Mortgage Association)~VA Loan No~Yes~No~No Correct~Incorrect ~~~ 1 1 1 2 2 14 14 3 A mortgage loan secured through an approved lending institution and guaranteed by the Veteran's Administration. Multiple Choice A mortgage loan secured through an approved lending institution and guaranteed by the Veteran's Administration. VA Loan~FHA Loan~HUD~Home Equity Loan Yes~No~No~No Correct~Incorrect ~~~ 1 1 1 2 2 14 14 4 A Loan whereby interest only is paid in each installment and at the end of the loan period the principal is due in full. Multiple Choice A Loan whereby interest only is paid in each installment and at the end of the loan period the principal is due in full. Balloon Payment (Balloon Note)~Term Loan~Conventional Loan~Conforming Loan No~Yes~No~No Correct~Incorrect ~~~ 1 1 1 2 2 14 14 5 A loan where each payment is different, consisting of a fixed amount plus interest on the remaining balance. Multiple Choice A loan where each payment is different, consisting of a fixed amount plus interest on the remaining balance. Straight Line Amortized Loan~Term Loan~Conventional Loan~Home Equity Loan Yes~No~No~No Correct~Incorrect ~~~ 1 1 1 2 2 14 14 6 When a seller keeps the existing loan and continues to pay on it, while giving the buyer another mortgage. A Form of junior mortgage that may be used when it is not feasible to retire the first mortgage, land contract or lease-purchase agreement. Title to the real estate does not pass until subsequent payments occur. Multiple Choice When a seller keeps the existing loan and continues to pay on it, while giving the buyer another mortgage. A Form of junior mortgage that may be used when it is not feasible to retire the first mortgage, land contract or lease-purchase agreement. Title to the real estate does not pass until subsequent payments occur. Wraparound Loan~Term Loan~FHA Loan~Amortized Loan Yes~No~No~No Correct~Incorrect ~~~ 1 1 1 2 2 14 14 7 A loan that is paid back in regular installment amounts of pinciple and interest over a specified period of time. Multiple Choice A loan that is paid back in regular installment amounts of pinciple and interest over a specified period of time. Amortized Loan~Straight Line Amortized Loan~Term Loan~Conventional Loan Yes~No~No~No Correct~Incorrect ~~~ 1 1 1 2 2 14 14 8 Department of Housing and Urban Development; a cabinet department of the federal government that administers fair housing laws (e.g., RESPA, Title VIII) and FHA loan programs. Multiple Choice Department of Housing and Urban Development; a cabinet department of the federal government that administers fair housing laws (e.g., RESPA, Title VIII) and FHA loan programs. HUD~FHA~FHLMC~VA Yes~No~No~No Correct~Incorrect ~~~ 1 1 1 2 2 14 14 9 Federal Housing Administration, an agency of the federal government created in 1934 to improve housing standards, provide a home financing system to insure home mortgages and credit, and stabilize the mortgage market. Multiple Choice Federal Housing Administration, an agency of the federal government created in 1934 to improve housing standards, provide a home financing system to insure home mortgages and credit, and stabilize the mortgage market. FHA~VA~HUD~FHLMC Yes~No~No~No Correct~Incorrect ~~~ 1 1 1 2 2 14 14 10 Loans Insured by an agency of the federal government. Multiple Choice Loans Insured by an agency of the federal government. VA Loan~FHA Loan~Term Loan~Home Equity Loan No~Yes~No~No Correct~Incorrect ~~~ 1 1 1 2 2 14 14 11 Federal National Mortgage Association, an association created under Title VIII of the National Housing Act for the purpose of buying Title V loans to keep the market sound. Multiple Choice Federal National Mortgage Association, an association created under Title VIII of the National Housing Act for the purpose of buying Title V loans to keep the market sound. FNMA (Fannie Mae)~FHA~FHLMC~HUD Yes~No~No~No Correct~Incorrect ~~~ 1 1 1 2 2 14 14 12 The nation's Largest, privately owned, investor in residential mortgages. Multiple Choice The nation's Largest, privately owned, investor in residential mortgages. FNMA (Federal National Mortgage Association)~VA~FHA (Federal Housing Administration)~FHLMC (Federal Home Loan Mortgage Corporation) Yes~No~No~No Correct~Incorrect ~~~ 1 1 1 2 2 14 14 13 Loans that meet FNMA/FHLMC standards and thus can be sold on the secondary market. Multiple Choice Loans that meet FNMA/FHLMC standards and thus can be sold on the secondary market. Conforming Loans~FHA Loans~Home Equity Loan~Conventional Loan Yes~No~No~No Correct~Incorrect ~~~ 1 1 1 2 2 14 14 14 A loan that is not guaranteed or insured by a government agency. Multiple Choice A loan that is not guaranteed or insured by a government agency. Conventional Loan~Conforming Loan~Home Equity Loan~Straight Line Amortized Loan Yes~No~No~No Correct~Incorrect ~~~ 1 1 1 2 2 14 14 15 A loan taken out by a homeowner, secured by a second mortgage on his or her principle residence. Multiple Choice A loan taken out by a homeowner, secured by a second mortgage on his or her principle residence. Home Equity Loan~Straight Line Amortized Loan~Conforming Loan~Conventional Loan Yes~No~No~No Correct~Incorrect ~~~ 1 1 1 2 2 14 14 16 A mortgage which serves the dual purpose of being security for both the original loan, and other future loans. Multiple Choice A mortgage which serves the dual purpose of being security for both the original loan, and other future loans. Open-Ended Mortgage~Adjustable Rate Mortgage~Assumption of Mortgage~Variable Rate Mortgage Yes~No~No~No Correct~Incorrect ~~~ 1 1 1 2 2 14 14 17 An agreement by a buyer to assume the liability under an existing note secured by a mortgage. Multiple Choice An agreement by a buyer to assume the liability under an existing note secured by a mortgage. Assumption of Mortgage~Open-Ended Mortgage~Variable Rate Mortgage~Adjustable Rate Mortgage Yes~No~No~No Correct~Incorrect ~~~ 1 1 1 2 2 14 14 18 Allows lender to increase or decrease the interest rate within parameters written down in the mortgage note. Multiple Choice Allows lender to increase or decrease the interest rate within parameters written down in the mortgage note. Variable Rate Mortgage~Adjustable Rate Mortgage~Assumption Mortgage~Open-Ended Mortgage Yes~No~No~No Correct~Incorrect ~~~ 1 1 1 2 2 14 14 19 A type of financing available for real estate mortgages on property through which the Annual Percentage Rate charged will differ from year to year acoording to terms specified by the lender and authorized by the Federal Reserve banking system. Multiple Choice A type of financing available for real estate mortgages on property through which the Annual Percentage Rate charged will differ from year to year acoording to terms specified by the lender and authorized by the Federal Reserve banking system. Adjustable Rate Mortgage (ARM)~Variable Rate Mortgage~Purchase Money Mortgage~Mortgage Note Yes~No~No~No Correct~Incorrect ~~~ 1 1 1 2 2 14 14 20 An instrument that creates a voluntary lien on real property to secure repayment of a debt. Multiple Choice An instrument that creates a voluntary lien on real property to secure repayment of a debt. Mortgage~Mortage Note~Note~General Lein Yes~No~No~No Correct~Incorrect ~~~ 1 1 1 2 2 14 14 21 A corportation or firm that provides its own funds for mortgage financing. Multiple Choice A corportation or firm that provides its own funds for mortgage financing. Mortgage Banker~Mortgage Broker~Mortgagor~Mortgagee Yes~No~No~No Correct~Incorrect ~~~ 1 1 1 2 2 14 14 22 The lender who Receives and holds a mortgage as security for a debt. Multiple Choice The lender who Receives and holds a mortgage as security for a debt. Mortgagee~Mortgagor~Mortgage Broker~Mortgage Banker Yes~No~No~No Correct~Incorrect ~~~ 1 1 1 2 2 14 14 23 The borrower who gives a mortgage on his or her property to a lender as security for a loan. Multiple Choice The borrower who gives a mortgage on his or her property to a lender as security for a loan. Mortgagor~Mortgagee~Mortgage Banker~Mortgage Broker Yes~No~No~No Correct~Incorrect ~~~ 1 1 1 2 2 14 14 24 A state in which real estate mortgages are regarded as a lein (title remains with the mortgagor as long as no default occurs). Multiple Choice A state in which real estate mortgages are regarded as a lein (title remains with the mortgagor as long as no default occurs). Lien Theory State~Assumption of Mortgage~Specific Lien~Mortage Note Yes~No~No~No Correct~Incorrect ~~~ 1 1 1 2 2 14 14 25 The document, promising to pay back money according to specific terms. Multiple Choice The document, promising to pay back money according to specific terms. Mortgage Note~Mortgage Lien~Lien Theory State~Mortgage Yes~No~No~No Correct~Incorrect ~~~ 1 1 1 2 2 14 14 26 A deed that includes the most warranties. Multiple Choice A deed that includes the most warranties. General Warranty Deed~Mortgage~Mortgage Note~Specific Lien Yes~No~No~No Correct~Incorrect ~~~ 1 1 1 2 2 14 14 27 A valid encombrance affecting title of estate in land, such as a mortgage or judgment. Multiple Choice A valid encombrance affecting title of estate in land, such as a mortgage or judgment. Cloud on Title~Mortgage~Encumbrance~Deficiency Judgment Yes~No~No~No Correct~Incorrect ~~~ 1 1 1 2 2 14 14 28 Insurance offered by private companies to insure a lender against default on a loan by a borrower. Multiple Choice Insurance offered by private companies to insure a lender against default on a loan by a borrower. Private Mortgage Insurance~American Land Title Association~Home Owners Insurance~Mortgage Insurance Yes~No~No~No Correct~Incorrect ~~~ 1 1 1 2 2 14 14 29 In appraisal for sale purposes, the true economic value of a building in terms of years of use to the owner; for tax purposes, the life set for depreciation. Multiple Choice In appraisal for sale purposes, the true economic value of a building in terms of years of use to the owner; for tax purposes, the life set for depreciation. Useful Life~Appraisal~Alienation Clause~Escalation Clause Yes~No~No~No Correct~Incorrect ~~~ 1 1 1 2 2 14 14 30 The Clause in a lease or mortgage allowing the holder to vary the interest rate. Multiple Choice The Clause in a lease or mortgage allowing the holder to vary the interest rate. Escalation Clause~Acceleration Clause~Alienation Clause~Theory Clause Yes~No~No~No Correct~Incorrect ~~~ 1 1 1 2 2 14 14 31 A provision of a promissory note or mortgage where, upon the happening of a certain event the entire amount of the unpaid loan balance becomes due. Multiple Choice A provision of a promissory note or mortgage where, upon the happening of a certain event the entire amount of the unpaid loan balance becomes due. Balloon Payment~Acceleration Clause~Alienation Clause~Escalation Clause No~Yes~No~No Correct~Incorrect ~~~ 1 1 1 2 2 14 14 32 A clause used in a mortgage allowing the lender to demand the full and immediate payment of the mortgage because the owner transferred ownership of the property. Multiple Choice A clause used in a mortgage allowing the lender to demand the full and immediate payment of the mortgage because the owner transferred ownership of the property. Alienation Clause~Theory Clause~Escalation Clause~Acceleration Clause Yes~No~No~No Correct~Incorrect ~~~ 1 1 1 2 2 14 14 33 A lien against all property of a debtor, instead of a particular piece of property.The right of a creditor to claim all of a debtor's property, both real and personal, have it seized and sold at public auction. Multiple Choice A lien against all property of a debtor, instead of a particular piece of property.The right of a creditor to claim all of a debtor's property, both real and personal, have it seized and sold at public auction. General Lien~Deficiency Judgment~Specific Lien~Mechanic's Lien Yes~No~No~No Correct~Incorrect ~~~ 1 1 1 2 2 14 14 34 A lien affecting or attaching only to a certain specific parcel of land or piece of property mortgage, mechanic's lien, ad valorem taxes. Multiple Choice A lien affecting or attaching only to a certain specific parcel of land or piece of property mortgage, mechanic's lien, ad valorem taxes. Specific Lien~General Lien~Deficiency Judgment~Mechanic's Lien Yes~No~No~No Correct~Incorrect ~~~ 1 1 1 2 2 14 14 35 The mortgage debt that remains due and payable by the borrower after a sheriff's sale of property. Multiple Choice The mortgage debt that remains due and payable by the borrower after a sheriff's sale of property. Deficiency Judgment~Specific Lien~General Lien~Mechanic's Lien Yes~No~No~No Correct~Incorrect ~~~ 1 1 1 2 2 14 14 36 A statutory lien to secure payment for the value of work performed and material provided for improvments to land. Multiple Choice A statutory lien to secure payment for the value of work performed and material provided for improvments to land. Mechanic's Lien~General Lien~Specific Lien~Deficiency Judgment Yes~No~No~No Correct~Incorrect ~~~ 1 1 1 2 2 14 14 37 A document signed (and usually recorded) by the lending institution when a mortgage has been satisfied in full. Multiple Choice A document signed (and usually recorded) by the lending institution when a mortgage has been satisfied in full. Release of Mortgage~Deed~Note~Mortgage Note Yes~No~No~No Correct~Incorrect ~~~ 1 1 1 2 2 14 14 38 A document or statement that prevents its issuer from later asserting different facts. Multiple Choice A document or statement that prevents its issuer from later asserting different facts. Estoppel Certificate~Release of Mortgage~Subordination Agreement~Note Yes~No~No~No Correct~Incorrect ~~~ 1 1 1 2 2 14 14