1. Pick the number closest to the current average interest rate on a 30-year fixed rate mortgage in the US. (A) 29 (B) 4% (C) 8% (D) 16% 2. Which of the following deed types protects the buyer from encumbrances that arose only during the time at which the current grantor held title? (A) general warranty deed (B) special warranty deed (C) quitclaim deed (D) all of above provide the same level of protection 3. If a borrower lives in a recourse state and defaults on a mortgage note that contains an exculpatory clause and the lender receives less than the amount owed on the mortgage when the property is sold, the lender will... (A) do nothing since the lender is limited to the proceeds from the sale of the property (B) seek the difference from the borrower's title insurance company (C) file for bankruptcy protection (D) take legal action against the borrower to recover the difference 4. Choose the picture that represents an inverted yield curve best. A %4 B 94 C 1 L tt %4 Part II. Write your final answer one number) on the FIRST page. {1 point each 5. A borrower with two mortgages defaults. At the time of the default, the first lien has a balance of $200,000, the second lien has a balance of $50,000. The borrower owes $5,000 in property taxes. The house sells for $150,000 in a foreclosure auction. How much of a deficiency will the first lien lender have (in dollars, not %)? 1. Pick the number closest to the current average interest rate on a 30-year fixed rate mortgage in the US. (A) 29 (B) 4% (C) 8% (D) 16% 2. Which of the following deed types protects the buyer from encumbrances that arose only during the time at which the current grantor held title? (A) general warranty deed (B) special warranty deed (C) quitclaim deed (D) all of above provide the same level of protection 3. If a borrower lives in a recourse state and defaults on a mortgage note that contains an exculpatory clause and the lender receives less than the amount owed on the mortgage when the property is sold, the lender will... (A) do nothing since the lender is limited to the proceeds from the sale of the property (B) seek the difference from the borrower's title insurance company (C) file for bankruptcy protection (D) take legal action against the borrower to recover the difference 4. Choose the picture that represents an inverted yield curve best. A %4 B 94 C 1 L tt %4 Part II. Write your final answer one number) on the FIRST page. {1 point each 5. A borrower with two mortgages defaults. At the time of the default, the first lien has a balance of $200,000, the second lien has a balance of $50,000. The borrower owes $5,000 in property taxes. The house sells for $150,000 in a foreclosure auction. How much of a deficiency will the first lien lender have (in dollars, not %)