Reconveyance and Settlement/Closing Agent

Arjun recently paid off his home loan. What document will he receive to show that he is released from the ________ debt?

• mortgage

• credit card

• student loan

• auto loan

Anika has just paid off her mortgage, and the bank has issued a deed of reconveyance. This document proves that the lender no longer has a security interest in Anika's property and can no longer foreclose on her home.

• True

• False

Elijah recently paid off his mortgage, and he wants to ensure that the lien is officially removed from his property records. According to the passage, what is the purpose of recording a deed of reconveyance in county records? Fill in the blank: Recording a deed of reconveyance proves to anyone searching the records that the lien has been ________ and removed from the property.

• satisfied

• extended

• increased

• transferred

Avery is buying her first home and is learning about various mortgage rules. She comes across the 'Know Before You Owe' rule. What is this rule also known as?

• TILA-RESPA Integrated Disclosure rule

• Homeowner Protection Act

• Mortgage Insurance Rule

• Annual Percentage Rate Act

Grace is buying her first home and is eagerly waiting for the closing day. According to the 'Know Before You Owe' rule, how many days prior to closing must the Closing Disclosure be made available for her review? Fill in the blank: The Closing Disclosure must be available for review ______ days prior to closing.

• three

• five

• seven

• ten

Elijah is going on a long trip and wants someone to manage his financial affairs while he's away. What does a power of attorney allow someone to do?

• Buy a house

• Act on another's behalf

• Sell a car

• Pay taxes

Elijah gave Aria power-of-attorney to sign a contract on his behalf. Are power-of-attorney signatures just as binding as signing in person?

• True

• False

Fill in the blank: When Mia was selling her house, she used a ______ power of attorney, which is allowable and exercised solely for the real estate transaction.

Lily is reviewing her Closing Disclosure document for her new home loan. She wants to know which section lists the loan costs, including origination charges. Can you help her identify it?

• Section A

• Section B

• Section C

• Section D

Fill in the blank: Fees for pest inspection, survey, and title are listed in Section ______ of the Closing Disclosure.