Chapter 15 pt1
Understanding Credit Concepts Quiz
Test your knowledge on the fundamentals of unsecured and secured credit, mortgages, and related financial instruments. This quiz will challenge you to differentiate between various types of credit and how they fun
- 10 multiple choice questions
- Measure your understanding of credit and mortgage terminology
- Ideal for students and anyone looking to enhance their financial literacy
Unsecured Credit
Credit that does not require any security (collateral) to protect the payment of the debt
Credit that requires security (collateral) that secures payment of the loan
Security interests may be taken in real, personal, intangible, and other property
Secured Credit
Credit that does not require any security (collateral) to protect the payment of the debt
Credit that requires security (collateral) that secures payment of the loan
A collateral arrangement where a property owner borrows money from a creditor who uses a deed as collateral for repayment of the loan
Mortgage
A collateral arrangement where a property owner borrows money from a creditor who uses a deed as collateral for repayment of the loan
Credit that does not require any security (collateral) to protect the payment of the debt
A collateral arrangement where a property owner borrows money from a creditor who uses a deed as collateral for repayment of the loan
Note
An instrument that evidences the borrower’s debt to the lender
An instrument that gives the creditor a security interest in the debtor’s property that is pledged as collateral
A collateral arrangement where a property owner borrows money from a creditor who uses a deed as collateral for repayment of the loan
Deed of Trust
An instrument that gives the creditor a security interest in the debtor’s property that is pledged as collateral
An instrument that evidences the borrower’s debt to the lender
A collateral arrangement where a property owner borrows money from a creditor who uses a deed as collateral for repayment of the loan
Recording Statute
A statute that requires the mortgage or deed of trust to be recorded in the county recorder’s office of the county in which the real property is located
An instrument that evidences the borrower’s debt to the lender
A collateral arrangement where a property owner borrows money from a creditor who uses a deed as collateral for repayment of the loan
Foreclosure
Legal procedure by which a secured creditor causes the judicial sale of the secured real estate to pay a defaulted loan
A statute that requires the mortgage or deed of trust to be recorded in the county recorder’s office of the county in which the real property is located
An instrument that evidences the borrower’s debt to the lender
Deficiency Judgment
Some states permit the mortgagee to bring a separate legal action to recover a deficiency from the mortgagor
Legal procedure by which a secured creditor causes the judicial sale of the secured real estate to pay a defaulted loan
A statute that requires the mortgage or deed of trust to be recorded in the county recorder’s office of the county in which the real property is located
Material Person’s Lien
Owners of real property often hire contractors and laborers to make improvements to that property
Some states permit the mortgagee to bring a separate legal action to recover a deficiency from the mortgagor
Legal procedure by which a secured creditor causes the judicial sale of the secured real estate to pay a defaulted loan
Secured Transaction
A transaction that is created when a creditor makes a loan to a debtor in exchange for the debtor’s pledge of personal property as security.
Owners of real property often hire contractors and laborers to make improvements to that property
Some states permit the mortgagee to bring a separate legal action to recover a deficiency from the mortgagor
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