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True or False Quiz
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1
If James pays 2 points on a $50,000 mortgage, James will pay $1,000.
A)True
B)False
2
If Sue has just graduated from college and is purchasing a home, a graduated-payment mortgage is advantageous for her.
A)True
B)False
3
If a mortgage is granted on property, the fact that it is unrecorded will not affect its priority.
A)True
B)False
4
Acceleration clauses may be exercised whenever a payment is late for any reason.
A)True
B)False
5
Under Amendment 14 to the U.S. Constitution, mortgages cannot lose their interest in property without due process of law.
A)True
B)False
6
A financing statement must contain the address of the debtor.
A)True
B)False
7
A pawn shop must take reasonable care of the collateral.
A)True
B)False
8
If a consumer has paid 50% of the cash price of the repossessed collateral, the property must be sold.
A)True
B)False
9
Friendly Finance perfects a lien on a truck by placing the lien on the certificate of title.
A)True
B)False
10
A security agreement is an oral or written contract between debtor and creditor.
A)True
B)False





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