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Multiple Choice Quiz
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1
Sandra signs a security agreement with Big Loan Co. on October 1 with money to be deposited by Big Loan into Sandra's account on November 1. Sandra's first payment is to be December 1. When will attachment occur?
A)October 1
B)November 1
C)December 1
D)A reasonable date to be determined by the court.
2
What are filing locations for financing statements?
A)county recorder
B)secretary of state's office
C)county recorder and secretary of state's office
D)county recorder, secretary of state's office, and federal district clerk's office
3
Sam leaves property at Friendly Pawn Shop as collateral for a loan Sam is obtaining in order to pay Big Body Shop that has made repairs on Sam's truck. Which party is the pledgee?
A)Sam
B)Big Body Shop
C)Friendly Pawn Shop
D)Both Sam and Friendly Pawn Shop
4
The buyer of goods in the ordinary course of business prevail over security interests in the seller's inventory except for _____.
A)fungible goods
B)specially manufactured goods
C)fixtures
D)farm products
5
Which of the following methods will result in the most rapid transfer of the collateral to the creditor if the debtor defaults:
A)pledge
B)repossession
C)mortgage foreclosure
D)civil damage lawsuit
6
A variable-rate mortgage must include a _____.
A)minimum interest rate
B)an average interest rate
C)a maximum interest rate
D)a daily interest rate
7
In general, when the homeowner's equity position reaches _____ percent of the original value of the property, the lender must automatically cancel PMI.
A)18
B)20
C)22
D)24
8
A home equity loan is an example of a _____ mortgage.
A)junior
B)senior
C)subordinated
D)redemption
9
A mortgage may stop the mortgagee from assigning the mortgage by _____.
A)selling the property
B)paying the loan in full
C)requesting a court to grant specific performance
D)obtaining a second mortgage
10
A mortgagee may not discriminate against borrowers based upon all of the following except:
A)race
B)color
C)creed
D)age





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