A.   First mortgage

B.   Junior mortgage

C.   Subordinate mortgage

D.   Home equity line of credit

A.   The prepayment penalty can be as much as 30 days' interest.

B.   The lender can only charge a prepayment penalty if it was disclosed to the borrower.

C.   Lenders may not charge a prepayment penalty.

D.   The prepayment penalty can be as much as 5% of the original loan balance.

A.   The lender releases the deed of trust that secured her mortgage loan.

B.   The lender tells the trustee to release the title to Olivia.

C.   The trustee releases the mortgage that secured her mortgage loan.

D.   The lender releases the mortgage that secured her mortgage loan.

A.   Strict

B.   Non-judicial

C.   Judicial

D.   Eviction

A.   Tim will have to accept existing terms of the loan

B.   Janice will have to pay any loan assumption fee

C.   The entire loan balance may be due at once, and Tim won't be able to assume it

D.   The interest rate will rise with the assumption

A.   Prepayment penalties are illegal.

B.   All loans involve prepayment penalties.

C.   Lenders don't have to tell borrowers about prepayment penalties until the borrower's payoff amount is received.

D.   Lenders must disclose up front if they reserve the right to charge a prepayment penalty, and under what conditions a penalty will apply.

A.   To deter buyers from ever paying off their mortgage

B.   To cover the costs of processing an early payoff

C.   To recover the money lost in anticipated interest

D.   Because the lender is a subprime lender

A.   They're recorded at the real estate brokerage's main office.

B.   They're recorded at the recorder's office in the county where the property is located.

C.   Mortgages are not recorded; only deeds are.

D.   They're recorded at the lending bank's main office.