All Unusual Mortgages Are Equitable
This trap appears as a wrong-answer choice in 1 active question. Spotting how it is built is the repair: read each example's “why it's attractive” before the “why it's wrong.”
Subject distribution
- Real Property1
Example wrong choices
14951_martha_scripture_parcel_mortgage · REAL_PROPERTY · Choice ANo, because Martha's mortgage is invalid unless Martha also owed the note debt.
Why it's attractive
The choice treats the missing note signature as fatal even though the bank seeks foreclosure against collateral.
Why it's wrong
The choice treats the missing note signature as fatal even though the bank seeks foreclosure against collateral.
14951_martha_scripture_parcel_mortgage · REAL_PROPERTY · Choice CYes, because Galilee Bank is a surety for Martha's mortgage.
Why it's attractive
The bank is the lender enforcing security, not a party promising to answer for Martha.
Why it's wrong
The bank is the lender enforcing security, not a party promising to answer for Martha.
14951_martha_scripture_parcel_mortgage · REAL_PROPERTY · Choice DNo, because Galilee Bank has only an equitable mortgage rather than a legal mortgage.
Why it's attractive
The stem gives an actual mortgage, not an informal transaction needing equitable rescue.
Why it's wrong
The stem gives an actual mortgage, not an informal transaction needing equitable rescue.
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