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- Question Cómpletion If a borrower lives in a recourse state and defaults on a mortgage note that contains an exculpatory clause and the lender receives less than the amount owed on the mortgage when the property is sold, the lender will.. O file for bankruptcy protection seek the difference from the borrower's title insurance company O do nothing since the lender is limited to the proceeds from the sale of the property O take legal action against the borrower to recover the difference QUESTION 6 Suppose you sign up for an annuity in which you save $500 weekly for 35 years. The annuity promises you an annual interest rate of 3% compounded weekly. How much will the annuity be worth in 35 years? (note: there are 52 weeks in a year) $370,781.83 $30,231.04 $910,000 $1,609,214.57 QUESTION 7 Which of the following deed types protects the buyer from encumbrances that arose during the time at which the current grantor held title? O special warranty deed O general warranty deed quitclaim deed O…Some debtors who file for bankruptcy may prefer liquidation under Chapter 7 but, due to the means test, may be required to file under _________ of the Bankruptcy Code, which provides for "Adjustment of Debts of an Individual with Regular Income". a. Chapter 9 b. Chapter 11 c. Chapter 12 d. Chapter 13Cancellation of Debt Income Question 9 of 75. Which of the following is generally excluded from cancellation of debt income without having to prove insolvency? O Credit card principal from a personal expense. A mortgage on a qualified principal residence that was secured by the residence. A recourse loan with no pledged property as collateral. Student loans that were canceled due to nonpayment. Mark for follow up Question 10 of 75. Arthur has a nonrecourse loan financed by his bank. This means that O Arthur must recognize ordinary income if this debt is canceled. Arthur will not recognize gain or loss on the disposition of the property. The lender has no right to seek payment from Arthur for any debt in excess of collateral. O The lender may not foreclose or repossess the property that secures the debt. Mark for follow up Question 11 of 75. Unless an exception or exclusion applies, in what specific order must tax attributes be reduced? O Basis of all property, net operating loss (NOL),…
- A creditor must file a(n) 44,362 Multiple Choice O lawsuit against the debtor before a creditor can "attach" property. involuntary bankruptcy petition attachment order garnishment petitionUnder which process might you not have to pay off all your debts in full? A) chapter 7 bankruptcy B) chapter 13 bankruptcy C) neither both chapter 7 or 13 D) both chapter 7 and 13Question 25 True or false: Chapter 7 bankruptcy is focused more on the restructuring of an individual's finances rather than the elimination of debt altogether. A True False
- To be eligible for Chapter 7 bankruptcy, the debtor must satisfy the _______ that compares income to debt a. credit test b. bankruptcy test c. means test d. income testO C. Subrogation O D. Indemnity 4. An insured may not be compensated by the insurance company in an amount exceeding the insured's economic loss refers to O A. principle of contribution O B. principle of utmost good faith O C. principle of indemnity O D. principle of proximate cause 5. Which of the following actions showcases the principle of "uberrima fides"? *17 What is an REO? A O 'Real estate owned' by the lender after a foreclosure where the property failed to sell at auction. A period of time called a 'Redemption Extension to Owner' in which the owner has a chance to buy back property after it is auctioned off. A 'Registered Equity Offering' consisting of a portfolio of loans offered for sale as mortgage-backed securities on the secondary mortgage market. DO A 'Regulatory Enforcement Order' in which a lender files a lawsuit against the borrower to force the sale of the property.
- Define trustee (in bankruptcy)16 What source of foreclosure leads comes with a built-in sense of trust and credibility with the homeowner? A O A notice of default or lis pendens list. BO Lenders. Newspaper classifieds. DO Referrals from other clients.Conaider each of the folowing events in the firancial markets Amanager of a savings and loan associalion responds to reports of a lkary increane in federal depost insurance coveage She drects oan officers to extend nortgage loans to less credtworthy borowers. This situaton poses A loan applicant does not mention that a legal juyment in hi divorce case wil requre hm to make almony payments to his ele. This siaton poses An individual who was recently approved for a kan to start a new baness decides to use some of the tunds to take a Hawalan vacation. This station poses