Overview of Common Mortgage Liens Terms

Instructions:

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

question 1 of 3

A ____ is a provision in a mortgage that allows the lender to require the borrower pay off the outstanding loan balance if a certain event occurs.

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1. Donald is required to include money for payment of insurance and property taxes with his home loan payment. What provision requires this?

2. Which of the following laws requires that a mortgage be in writing and be signed by the mortgagor?

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About This Quiz & Worksheet

Mortgage liens are common but important financial agreements which you can evaluate your knowledge of in this quiz and printable worksheet. This quiz's practice questions will ask about laws, provision, terms and legal instruments related to mortgages.

Quiz & Worksheet Goals

You will be quizzed on the subsequent topics:

  • Provisions of mortgages
  • Laws regarding the writing and signing of mortgages
  • Essential terms of mortgages
  • Legal instrument that is referenced by a mortgage

Skills Practiced

In this work, you can demonstrate these abilities:

  • Knowledge application - use your knowledge to answer questions about provision of mortgages
  • Interpreting information - verify that you can read information regarding essential terms of a mortgage and interpret it correctly
  • Reading comprehension - ensure that you draw the most important information about mortgage liens and related vocabulary from the related lesson

Additional Learning

Check out the accompanying lesson named Overview of Common Mortgage Liens Terms for more information on this finance related subject. Some of the goals covered in this lesson include:

  • Define mortgage, prepayment clause and other key vocabulary
  • Differentiate between the roles of mortgagor and mortgagee
  • Identify the various standard terms of a mortgage
  • Understand the function of different clauses in a mortgage
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