ABA CTFA Practice Test - Questions Answers, Page 16
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___________ is a claim upon a piece of property for the payment or satisfaction of a debt or obligation.
First mortgage is:
A document that gives evidence of an individual's ownership of a property.
The mortgage interest rate will remain the same on these mortgages throughout the term of the mortgage.
_____________ is the money paid to insure the mortgage when the down payment is less than 20 percent
What can be a short term interim loan to pay for the construction of buildings and homes?
The amount of debt, not counting interest, on a loan.
Money given by a buyer to a seller, as part of the purchase price to bind a transaction or assure payment.
A legal by which a lender or a seller forces a sale of a mortgaged property.
A construction loan made during completion of a building or a project.
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