Finance
A 'blanket mortgage' is most commonly used in which situation?
ARefinancing a single-family home
BFinancing multiple properties under one loan✓ Correct
CObtaining a home equity line of credit
DFinancing manufactured homes
Explanation
A blanket mortgage covers multiple properties under a single loan, commonly used by developers building and selling individual lots or homes. A release clause allows individual properties to be released from the lien upon partial repayment.
Related California Finance Questions
- A 'hard money loan' in California is typically characterized by which of the following?
- What does 'PITI' stand for in mortgage terminology?
- What is amortization in a mortgage?
- An adjustable-rate mortgage (ARM) is best described as:
- Which of the following is an example of 'predatory lending'?
- A loan in which the interest rate changes periodically based on a financial index is called a(n):
- The federally mandated disclosure that shows the estimated loan terms and closing costs is called the:
- What is seller financing (purchase money mortgage)?
Practice More California Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free California Quiz →