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1. Which of the given is true about service providers' liens on personal property?

a. The liens attach with respect to any work performed on personal property that benefits the property regardless of the consent of the owner of the property.
b. They can exist only if provided for by statute.
c. Whether or not they are recorded, the lien will remain attached to property if debtor transfers property to another.
d. Such a lien applies only to reasonable value of services provided.

2.What is a mortgage?

a. A loan to buy house or other real property.
b. A contract to purchase house or other real property.
c. Any loan associated with real property.
d. A security agreement in which real property is pledged as collateral for the related debt.

3. How are mortgages and deeds of trust related to one another?

a. They are two different methods to give lender a security interest in real property of the debtor.
b. They are two names for the same instrument, and thus can be used interchangeably.
c. They are two distinct aspects of a security agreement covering real property, both of which must be present for the security interest to be valid.
d. Mortgages are used for real property, and deeds of trust are used for personal property.
e. Mortgages are used to make a security agreement covering residential real property, and deeds of trust are used in connection with commercial real property.

4. Which of the following best describes how a deed of trust works?

a. The state gives deed to lender to hold until borrower satisfies debt.
b. The borrower gives deed to the lender to hold until borrower satisfies the debt.
c. When a party borrows money to buy property, seller holds deed until debt is paid off, at which point it will be conveyed borrower.
d. When a trust is owner of real property, a special type of deed is required.
e. The borrower conveys deed to third party who holds legal title until debt is paid off or borrower defaults.

5. Under a land sales contract:

a. A third-party lender gives financing for purchase of a piece of property.
b. Credit is extended directly by seller to the buyer, with buyer not receiving a deed from seller until debt obligation is fully satisfied.
c. Credit is extended directly by seller to buyer, with buyer receiving a deed immediately and which will become null and void upon default.
d. Land is sold which will not involve use of a mortgage or deed of trust.

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  • Category:- Accounting Basics
  • Reference No.:- M920409

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