Most debt in the United States is created by ________________________.

Group of answer choices

Statute

Court Judgments

Contract

None of the above

Flag question: Question 2

Question 21 pts

Secured debt is debt backed by _______________________.

Group of answer choices

collateral

a surety

collateral AND a surety

collateral OR a surety

Flag question: Question 3

Question 31 pts

Unsecured debt is backed by _____________________.

Group of answer choices

Only the debtor's contractual obligation to pay.

Only a surety, but not collateral.

Only collateral, but not a surety.

The government.

Flag question: Question 4

Question 41 pts

There are two types of property in the world, ________________ and ____________________.

Group of answer choices

intellectual and private

real and intangible

real and personal

abandoned and saleable

Flag question: Question 5

Question 51 pts

If Jane loans money to Joe, and Joe uses that money to by land, Jane automatically has a right to foreclose on the land if Joe doesn't repay the loan.

Group of answer choices

True

False

Flag question: Question 6

Question 61 pts

The document that grants a lender the right to foreclose on real property is called a ______________________.

Group of answer choices

Promissory Note

Bill of Sale

Loan Agreement

Mortgage

Flag question: Question 7

Question 71 pts

The document that grants a trustee the power to forclose on real property at the lender's request following a default by the borrower is called a ________________.

Group of answer choices

Sherriff's Deed

Warranty Deed

Deed of Trust

Quit Claim Deed

Flag question: Question 8

Question 81 pts

A mortgage is an agreement between at least 3 parties.

Group of answer choices

True

False

Flag question: Question 9

Question 91 pts

In Texas, a debtor DOES NOT have a statutory right of redemption if their home is sold at auction as a result of a _______________________________.

Group of answer choices

Foreclosure by a lender.

Foreclosure by a government taxing authority.

Foreclosure by a homeowners association.

All of the above; A debtor always has a right of redemption regardless of the type of foreclosure.

None of the above; A debtor never has a right of redemption.

Flag question: Question 10

Question 101 pts

If a lender receives more at a foreclosure sale than the debtor owed on the property, the surplus proceeds of the sale belong to ____________________.

Group of answer choices

the debtor

the lender

the government

the purchaser at the auction