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Debt Collection and Repossession Rights

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

What is a secured loan, in which a real property is given as collateral, called?

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1. Rick loses his job and is unable to make house payments for several months. His bank moves to seize the house by _____.

2. The bank sells John's house at an auction. Unfortunately the selling price is less than what he still owes on the house, so John is forced to pay the difference through a _____.

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About This Quiz & Worksheet

The following quiz and worksheet combo will help you understand the process of debt collection as well as repossession rights.

Quiz & Worksheet Goals

During the assessments, you will be tested on the following terms:

  • Deficiency judgment
  • Repossession
  • Mortgage
  • Secured loans
  • Foreclosure

Skills Practiced

Students will have the chance to practice these skills:

  • Information recall - access the knowledge you've gained regarding debt collection
  • Knowledge application - use your knowledge to answer questions about the process of foreclosure
  • Defining key concepts - ensure that you can accurately define repossession

Additional Learning

To discover more, take a look at the following lesson titled Debt Collection and Repossession Rights. This lesson covers the following objectives:

  • Details secured loans
  • Defines collateral
  • Explains repossession
  • Covers foreclosure
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