True of surety and guaranty arrangements

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Reference no: EM132244565

1. An instrument evidencing a borrower's debt to the lender is called -

a. a mechanic's lien.

b. a mortgage.

c. a deficiency judgment.

d. a note.

2. Which of the following is true of surety and guaranty arrangements?

a. Guarantors are primarily liable.

b. Creditors do not have to exhaust their remedies to recover from guarantors.

c. Sureties are secondarily liable.

d. Sureties are primarily liable.

3. To which of the following type of mortgages does the antideficiency statute apply?

a. second purchase money mortgages

b. foreign currency mortgages

c. first purchase money mortgages

d. home improvement mortgages

4. The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 is criticized for what reason?

a. It is too debtor friendly.

b. It s a state law and is inconsistent.

c. It makes it too easy to get out of debts.

d. It is too creditor friendly.

5. This requires a mortgage or deed of trust to be recorded in the county where real property is located.

a. recording statute

b. note

c. mechanic's lien

d. anti-deficiency statute

Reference no: EM132244565

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