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Multiple Choice Quiz
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1
A promise to answer for the payment of some debt perform some duty, in case of the failure of another who is liable is known as guarantor.
A)True
B)False
2
Most people who purchase real property have enough cash to do so.
A)True
B)False
3
If a mortgagee routinely accepts late payments from a mortgagor, then the mortgagee may lose their right to recover under an acceleration clause.
A)True
B)False
4
A guarantee is a person who makes a guaranty.
A)True
B)False
5
A mortgage debt is released by a partial payment of the debt as long as the borrower promises to pay the rest of the debt without default.
A)True
B)False
6
A non-negotiable note cannot be transferred, but it can still be collected on by the holder.
A)True
B)False
7
A third party that is appointed by the court in order to take possession of property, collect rents and income, and ensure that all money collected is properly allied is known as ________.
A)substitute debtor
B)legal counsel
C)court bailiff
D)receiver
8
The person who promises to pay another is known as a _________.
A)judge
B)payor
C)defaultor
D)payee
9
If more than one payor is listed on a note, then each of the co-payors is responsible for the payment of the note, and the payee can collect from either or all of the payors. This is known as _____________.
A)collective bargaining
B)guaranty
C)total liability
D)joint and severally liable
10
Many lending institutions make it a common practice to buy and sell notes. Notes are transferred and sold by ___________.
A)promissory notes
B)court order
C)endorsement
D)special permission





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