Financing Documents in a Real Estate Sale


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question 1 of 3

Which of the following documents describes a legal instrument given by a borrower to a payee, in which the borrower promises to repay a loan?

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1. What is the purpose of a lien?

2. Which of the following real estate financing documents contains the most information?

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About This Quiz & Worksheet

There are a number of different forms and documents used when buying/selling real estate. This assessment has been put together to provide you with an opportunity to test your knowledge of these different documents and the terms used to describe them.

Quiz & Worksheet Goals

With this assessment you will be able to test your understanding of:

  • Different documents used in real estate transactions and their purposes
  • Where you can find information regarding a real estate transaction
  • Terms used to describe the different parties of a real estate transaction

Skills Practiced

In this assessment you will also test your abilities:

  • Defining key concepts - ensure that you can accurately define main phrases, such as lien and mortgage
  • Knowledge application - use your knowledge to answer questions about different real estate financial documents
  • Information recall - access the knowledge you've gained regarding documents used in real estate transactions

Additional Learning

To help you learn about the financial documents use in real estate transactions this assessments comes with a short and engaging lesson, Financing Documents in a Real Estate Sale. Review this lesson to improve your understanding of:

  • Loan Agreements
  • Promissory Notes
  • Deeds of Trust