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Mortgage Liens: Assignment & Assumption In Sales Transaction

Instructions:

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

question 1 of 3

An ____ transfers a mortgage and an ____ receives the transfer.

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1. Which of the following is generally an assumable loan even if the lender doesn't want it to be?

2. What clause in a real estate loan will prevent an assumption without the lender's express consent?

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About This Quiz & Worksheet

Use the worksheet and quiz to figure out what you know about real estate sales and mortgage liens. Topics on the quiz include how mortgage liens work and who is involved.

Quiz & Worksheet Goals

These study tools will guide you to:

  • Identify who transfers a mortgage and who receives the transfer
  • Determine which type of loan is generally assumable
  • Name the clause in a real estate loan which prevents an assumption without lender consent
  • Assess why a buyer would take on the loan and mortgage of a seller
  • Analyze the lender's role when a loan is sold

Skills Practiced

Use the quiz and worksheet to practice the following:

  • Reading comprehension - ensure that you draw the most important information from the related lesson on mortgage liens and real estate sales
  • Interpreting information - verify that you can read information regarding assumable loans and interpret it correctly
  • Information recall - access the knowledge you've gained regarding a lender's role when a loan is sold

Additional Learning

Use the lesson entitled Mortgage Liens: Assignment & Assumption In Sales Transaction, which will help you accomplish these objectives:

  • Analyze mortgage assignments
  • Define assignment
  • Explain a mortgage assumption
  • Understand the meaning of a 'due on sale clause'
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