Free CTFA Exam Braindumps (page: 39)

Page 38 of 113

A construction loan made during completion of a building or a project.

  1. Interim Financing
  2. First mortgage
  3. Conventional loan
  4. Blanket Mortgage

Answer(s): A



A mortgage which is in first lien position, taking priority over all other liens.

  1. First mortgage
  2. Callable debt
  3. Fixed rate mortgage
  4. Graduated payment mortgage

Answer(s): A



refers to failure to meet legal obligations in a contract, specifically, failure to make the monthly payments on the mortgage.

  1. Foreclosure
  2. Default
  3. Amortization
  4. Callable debt

Answer(s): A



The difference between fair market value and current indebtedness is called:

  1. Down payment
  2. Amortization
  3. Equity
  4. Fixed rate mortgage

Answer(s): A






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