1.An essential difference between purchase with a contract for deed and purchase with mortgage loan financing is that a contract for deed:

grants legal title at the time of closing the sale.

is really the same as mortgage financing.

grants legal title only after payment is made.

is not a valid contract in most states.

2.

The type of foreclosure normally used when a regular mortgage is involved that requires court approval to act is called a:

judicial foreclosure.

regular foreclosure.

strict foreclosure.

nonjudicial foreclosure.

3.

The primary purpose for recording a mortgage instrument is to

establish its validity

comply with tax laws

give public notice of its existence

safeguard the document

4.

The instrument that provides the security for a promissory note is the:

Mortgage or Deed of Trust

Warranty Deed

Property Assignment

Contract for Deed