Attempt #6817B762D373084BFA9C59E0 answers You have scored 100 % (30/30) in 11 minutes, 20 seconds
1. A promissory note serves as evidence of debt…?
T (True) Your answer was correct
F (False)
Your answer is correct.
2. The date by which a loan is to be paid in full is referred to as the…?
Termination date
Satisfaction date
Maturity date Your answer was correct
Pay-off date
Your answer is correct.
3. A note in which a borrower repays the principal in a lump sum at maturity while interest is paid on a regular
basis is known as a…?
Fixed interest rate loan
Straight note Your answer was correct
ARM
Conventional loan
Your answer is correct.
4. A loan to be repaid, interest and principal, by a series of regular payments that are equal, or nearly equal,
without any special balloon payment prior to maturity is known as a…?
Straight note
Term loan
ARM
Amortized loan Your answer was correct
Your answer is correct.
, 5. An installment payment on a promissory note, usually the final one for discharging the debt, which is
significantly larger than the other installment payments provided under the terms of the promissory note, is
known as a…?
Term payment
Balloon payment Your answer was correct
Fixed payment
Maturity payment
Your answer is correct.
6. This occurs when monthly installment payments are insufficient to pay the interest accruing on the principal
balance, so that the unpaid interest must be added to the principal due…?
Negative amortization Your answer was correct
Partial amortization
Full amortization
Fixed amortization
Your answer is correct.
7. California uses a deed of trust system rather than a mortgage…?
T (True) Your answer was correct
F (False)
Your answer is correct.
8. The borrower in a deed of trust is referred to as the…?
Trustee
Grantor
Trustor Your answer was correct
Beneficiary
Your answer is correct.
1. A promissory note serves as evidence of debt…?
T (True) Your answer was correct
F (False)
Your answer is correct.
2. The date by which a loan is to be paid in full is referred to as the…?
Termination date
Satisfaction date
Maturity date Your answer was correct
Pay-off date
Your answer is correct.
3. A note in which a borrower repays the principal in a lump sum at maturity while interest is paid on a regular
basis is known as a…?
Fixed interest rate loan
Straight note Your answer was correct
ARM
Conventional loan
Your answer is correct.
4. A loan to be repaid, interest and principal, by a series of regular payments that are equal, or nearly equal,
without any special balloon payment prior to maturity is known as a…?
Straight note
Term loan
ARM
Amortized loan Your answer was correct
Your answer is correct.
, 5. An installment payment on a promissory note, usually the final one for discharging the debt, which is
significantly larger than the other installment payments provided under the terms of the promissory note, is
known as a…?
Term payment
Balloon payment Your answer was correct
Fixed payment
Maturity payment
Your answer is correct.
6. This occurs when monthly installment payments are insufficient to pay the interest accruing on the principal
balance, so that the unpaid interest must be added to the principal due…?
Negative amortization Your answer was correct
Partial amortization
Full amortization
Fixed amortization
Your answer is correct.
7. California uses a deed of trust system rather than a mortgage…?
T (True) Your answer was correct
F (False)
Your answer is correct.
8. The borrower in a deed of trust is referred to as the…?
Trustee
Grantor
Trustor Your answer was correct
Beneficiary
Your answer is correct.
