CHAPTER 43—REAL ESTATE MORTGAGES Key
1. A(n) _____ is an interest in real estate given to secure the payment of a debt.
2. Which of the following is true of mortgage?
3. Which of the following best describes a lien?
4. Which of the following is a right of a mortgagor?
5. Which of the following is true of foreclosures?
6. When a mortgage is assigned:
7. Which of the following is true of a deed of trust?
8. Which of the following is true of governmental mortgage insurance?
9. A person who holds a mortgage as a security for a debt is a mortgagee.
10. A mortgagee normally retains possession of the property.
11. Mortgages are interpreted according to the contract law rules.
12. A mortgagor’s payment of the debt does not divest the lien of the mortgagee.
13. If a mortgagor wishes to pay off the mortgage debt before the due date, the right must be reserved at the
time the mortgage is given.
14. A mortgagee has the duty to pay taxes on the property mortgaged.
15. A mortgagor has the right to rents and profits from the property.
16. A mortgagor has the right to redemption after default.
17. The first mortgage takes precedence over the cost of foreclosure and taxes.
18. The rights of the mortgagee under the mortgage agreement may be assigned.
19. Mortgages insured by the Federal Housing Administration require a larger down payment than conventional
mortgages.
20. Explain any one duty of a mortgagor.