6. Quiz

in order for a buyer to take over a seller's existing loan on the property, the loan must contain an?

assumption clause

a promissory note includes which of the following?

effective date of contract list of collateral amount of debt

a lien on all the property of a debtor is known as a?

general lien

a lien imposed against property without consent of an owner is known as an?

involuntary lien

which of the following estate offers the right of possession and control but not title?

leasehold estate

according to lien theory, the lender retains equitable rights to the property, while the borrower retains?

legal rights

a lien that attaches to one specific property only is known as a?

specific lien

a mortgage lien is an example of a?

specific lien

which of the following liens takes top priority over other liens?

tax lien

if a buyer assumes a seller's existing mortgage, who is responsible for the payments on the mortgage?

the buyer