Aptitude Questions and Answers from US Mortgage - Title Search Part 7

 Aptitude Questions and Answers from US Mortgage - Title Search Part 7




Question No. 1

 In all ____________ foreclosure states, the encumbering instrument must explicitly contain power of sale wording.

a. Judicial

b. Non-Judicial

The correct answer is Option b. Non-Judicial.


Question No. 2

Judgment Lien is an example of ____________.

a. Voluntary Lien

b. Involuntary Lien

The correct answer is Option b. Involuntary Lien.


Question No. 3

Which refinance comes with a higher interest rate as it carries greater risk to the lender?

a. Cash-Out Refinance

b. Rate & Term Refinance

The correct answer is Option a. Cash-Out Refinance.

 

Question No. 4

For an added premium, title companies will issue an ____________ owner’s policy to cover possible title defects excluded.

a. Standard coverage

b. Extended coverage

The correct answer is Option b. Extended coverage.


Question No. 5

There is no need to obtain a survey or inspection for a ____________ policy.

a. CLTA

b. ALTA

The correct answer is Option a. CLTA.


Question No. 6

Mobile home with affidavit of affixture will be considered as ____________.

a. Real Property

b. Personal Property

The correct answer is Option a. Real Property.


Question No. 7

UCC-1 Financing Statement is generally filed ____________.

a. With the Secretary of State

b. In the County land records

The correct answer is Option b. In the County land records.


Question No. 8

MERSCORP Holdings, Inc. provides access to data in the MERS® System to homeowners, county officials, and regulatory officials. The access is ____________.

a. free of charge

b. Chargeable

The correct answer is Option a. free of charge.


Question No. 9

What does loan-to-value ratio (LTV) mean?

a. It's the outstanding mortgage balance to the current value of a home

b. Its the appraised value of a home

The correct answer is Option a. It's the outstanding mortgage balance to the current value of a home.


Question No. 10

When someone has satisfied their lien on their property it is then considered a ____________.

a. Conveyance

b. Reconveyance

The correct answer is Option b. Reconveyance.

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