A property with an existing loan is sold, the buyer takes ownership, but the lender's permission was not obtained. The lender:

5.2 Loan Types + Clauses

Quiz
•
Other
•
Professional Development
•
Hard
Raquel Huerta
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
has no recourse against the seller or buyer
can increase the interest rate
may call the loan due on sale
may exercise the defeasance clause.
2.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
A release clause is normally found in a(an):
installment loan
blanket loan
budget loan
participation loan
3.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
A seller who wants to help a buyer who has insufficient down payment might suggest a(an):
budget mortgage
open-end mortgage
package mortgage
purchase money mortgage
4.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
The provision in a mortgage in which the lender agrees not to evict a tenant if a property is acquired through a foreclosure is a:
a non-disturbance clause
personal guarantee clause
subordination clause
defeasance clause
5.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
If a real estate company wants to borrow money but does not want the company or the broker to be liable in the event of default, they should execute a(an):
personal note
recourse note
nonrecourse note
unsecure note
6.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
A loan that includes both real and personal property as collateral is a:
package loan
purchase money loan
blanket loan
budget loan
7.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
The clause in a first mortgage that permits a second mortgage to take priority is called a:
subordination clause
subrogation clause
substitution clause
release clause
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