The priority of a mortgage lien is established by the:

 Order in which the mortgage is recorded

2.   In a judicial foreclosure, the Equitable right of redemption:

a.    Can be exercised by the borrower up to the time of the sale

3.   In a non-judicial or Power of Sale foreclosure involving a deed of trust there is no:

b.   Statutory right of redemption

1.   A quitclaim deed:

Conveys whatever interest the owner has, if any.

2.   For a deed to be valid:

b.   It does not have to be recorded.

3.   The recording system provides__________ notice about the ownership of real estate.

d.   Constructive

d.   Disclosure of closing costs prior to the closing.

1.   Compounding:

d.   None of the above.

2.   Time value of money:

b.   Would still be relevant in a non-inflationary world.

3.   Julie wishes to begin making monthly deposits into a savings account that earns 5% interest.  If she intends to have saved $8,500 by the end of 3 years, how much must she deposit each month?

a.    $219

4.   Suppose an investor buys a property today for $70,000.  If it increases in value by 10% each year, what will it be worth at the end of three years?

b.   $93,170

1.   With an interest only loan the monthly payment would:

1. b and c above

2.   Amortization is the:

c.    Process of retiring a debt by making periodic payments.

You are buying a $62,000 house for 10% down, with the rest financed at 11¾% for 30 years with fixed monthly payments.  You must pay 2 points for the loan in cash.

b.   $563.25

4.   Consider a $245,000 mortgage at 5.75% and a 30-year amortization term.  If 3 points are charged on the loan and are paid in cash, what would the effective interest rate be on the loan?

c.    6.03%

The comprehensive or general plan:

Is the justification for assigning individual parcels their zoning classifications

1.      The Real Estate Settlement Procedures Act (RESPA) prohibits all of the following except:

1.      Compounding:

Julie wishes to begin making monthly deposits into a savings account that earns 5% interest. If she intends to have saved $8,500 by the end of 3 years, how much must she deposit each month?

The recording system provides______ notice about the ownership of real estate

The priority of a mortgage lien is established by the:

In a judicial foreclosure, the Equitable right of redemption:

A.     Can be exercised by the borrower up to the time of the sale

Amoritization is the:

A.     Process of retiring a debt by making periodic payments

You are buying a $62,000 house for 10% down, with the rest financed at 11 ¾ % for 30 years with fixed monthly payments. You agree to pay 2 points for the loan in cash. What is your monthly loan payment?

B.     $563.25 

1.      Suppose Chuck and Barbara agree to purchase a vacant lot in AZ from Steve, the legal owner, Two days later, Steve’s father calls and informs them that Steve has changed his mind, as many precocious 16 yr olds are apt to do. At the time the contract was signed, Steve did not reveal his age. What are options?

a.       Accept Steve’s decision and look for another property

1.      Required elements for a sales contract to be valid include: