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What is a Chattel Mortgage? - Definition & Example

Instructions:

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

question 1 of 3

The type of transaction that involves securing a loan with moveable property is known as _____ ?

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1. What are the type of chattel or personal items that can be used to secure a chattel mortgage?

2. Why is there an advantage to the lender for entering into a chattel mortgage?

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About This Quiz & Worksheet

Use this quiz to find out how much you understand about chattel mortgages. These questions will focus on how this type of loan works and what it is commonly used for.

Quiz & Worksheet Goals

In this set of questions, you'll assess your understanding of:

  • Chattel items that can be used to secure a loan
  • Loans secured by moveable property
  • The benefits to lenders of this type of loan

Skills Practiced

  • Reading comprehension - ensure that you draw the most important information from the lesson, such as how a borrower can apply for this type of loan
  • Information recall - access the knowledge you've gained regarding the reason the government keeps track of these types of loans
  • Knowledge application - use your knowledge to answer questions about examples of this type of loan and the most common items used to secure them

Additional Learning

To learn more about this type of financial transaction, review the lesson titled What is a Chattel Mortgage? - Definition & Example. You will explore topics like:

  • The reason lenders prefer secured to unsecured loans
  • Examples of sedentary property
  • The steps taken by a lender if a borrower defaults on a loan
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