Azure Tide 12 | Questions and Answers with complete solution
A contract for deed is also called a land contract. - True Florida is a title theory state. - False, Florida is a Lien Theory state When a buyer assumes an existing mortgage, a partial release will be issued which verifies the amount of the unpaid balance, interest rate, and date to which interest has been paid prior to the assignment. - False Hypothecation allows a person to live in a home that has been pledged as collateral. - True For every discount point purchased, the lender's yield increases by 1/8 of a percent. - True Even with an amortized mortgage, a buyer's loan payment covering PITI will change occasionally if the property taxes and homeowner's insurance increases or decreases. - True The acceleration clause calls the entire balance of the loan due if the borrower defaults on the loan. - True If upon a foreclosure, there isn't enough money to even pay off the debt to the mortgagee, then a deficiency judgment can be placed against the borrower. - True 1 Discount point on a $100,000 mortgage would cost $2,500 - False In a lien theory state, the lender holds title. - False In which of the following situations would a short sale be appropriate? - John has been in his home for 5 years. He wants to sell his home, but his mortgage is higher than the value of his home.
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