I’m tired of all the serious stuff about the housing market. Ready for some fun?
Here are some note trivia questions with some silliness thrown in. Enjoy.
1. You hold a note with an Acceleration clause. This means:
A. You can exceed the speed limit on the street where the property is located.
B. You can demand your buyer make payments faster than the note requires.
C. You can declare the entire outstanding balance due and payable in event of default.
2. Your note term ends with a Balloon payment. This means:
A. You and your buyer will have a party and celebrate with colorful balloons.
B. Your note will be attached to a balloon and released into the wild blue yonder.
C. A payment is due you at the end of a partially amortized loan.
3. Your note has an Alienation clause. This means:
A. Your buyer cannot sell the property to an alien from another planet.
B. You sold your property to a foreigner.
C. Your buyer may not sell or transfer the property without your written consent.
4. You just sold a property and know almost Nothing about your buyer’s background. You are a:
A. Passionate Conservative
B. Liberal Democrat
C. Fool
5. You have a note with Interest Only Payments. This means:
A. Your buyer may make payments only if he is interested in doing so.
B. Your buyer will never make a principal payment to you.
C. Your buyer will make interest only payments for a specified period, then pay the entire balance due.
Trivia Answers:
1. C, 2. C, 3. C, 4. C, 5. C
Hope you got them all right!
