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ABA CTFA Practice Test - Questions Answers, Page 17
Question list
List of questions
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Question 161
A mortgage which is in first lien position, taking priority over all other liens.
A.
First mortgage
B.
Callable debt
C.
Fixed rate mortgage
D.
Graduated payment mortgage
Suggested answer: A
Question 162
__________ refers to failure to meet legal obligations in a contract, specifically, failure to make the monthly payments on the mortgage.
A.
Foreclosure
B.
Default
C.
Amortization
D.
Callable debt
Suggested answer: A
Question 163
The difference between fair market value and current indebtedness is called:
A.
Down payment
B.
Amortization
C.
Equity
D.
Fixed rate mortgage
Suggested answer: A
Question 164
An account held by the lender into which the home buyer pays money for tax or insurance payments.
A.
Entitlement
B.
Deed of trust
C.
Escrow
D.
Earnest money
Suggested answer: C
Question 165
It is a document that gives evidence of an individual's ownership of property. What is it?
A.
Title
B.
Lien
C.
Deed of trust
D.
Escrow
Suggested answer: A
Question 166
Mutual funds let you invest_________.
A.
Invest risk free
B.
Avoid taxes
C.
Profit in any market
D.
Invest in many stocks with relatively little money
Suggested answer: D
Question 167
The fund's investment objective can be found in:
A.
The prospectus
B.
Statement of omitted information
C.
Letter from the president
D.
Statement of additional information
Suggested answer: A
Question 168
Large- value funds own__________.
A.
Large company stocks considered overvalued
B.
Large amounts of value companies
C.
Large company stocks considered under valued
D.
Largely overvalued stocks
Suggested answer: C
Question 169
___________ specializes in low cost index funds.
A.
Vanguard
B.
Fidelity
C.
T. Rowe Price
D.
Tocqueville
Suggested answer: A
Question 170
Small-value funds own__________:
A.
Small company stock considered undervalued
B.
Stocks of small value
C.
Small amounts of value companies
D.
Small company stocks considered overvalued
Suggested answer: A
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