1 Which of the following statements is true?

B. The grantee typically conveys title to the grantor by means of a deed

A lien waiver provides certification that contractor's on newly constructed properties have been compensated

C. Estate from year-to-year lasts for an indefinite period of time

A. After a house is purchased, contractors cannot ask the new owner of the house to pay any bills that were outstanding before the house was sold

2 A transaction in which a borrower sells a property for less than the current balance of the loan and then provides all of the proceeds to the sale to the lender, typically in full satisfaction of the loan.

A. Friendly foreclosure

B.Judicial foreclosure

C.Prepackaged bankruptcy

D. Short sale

3 Which of the following is true?

D. Promissory note is usually executed at the same time as a mortgage and creates the obligation to repay the loan in accordance with its terms

B. Statutory redemption refers to an owner's right to redeem a property before foreclosure

A. A mortgage creates an obligation to repay a loan under specific terms

C. Purchase-money mortgage conveys title to a property at the time the purchaser completes the performance of the obligation

4 Which of the following is false?

A. In judicial foreclosure, a borrower agrees to a court's jurisdiction and cooperates with the lender during litigation to resolve the situation

D. Prepayment of a loan without penalty is not a right of all borrowers

B. The mortgagor will be responsible if the person acquiring the property subject to the mortgage defaults

C. The equity of redemption is the right of a mortgagor to redeem his/her property from default during the period from the time of default until foreclosure proceedings are begun