Finance
A blanket mortgage covers:
AAll properties owned by a borrower
BMultiple properties under a single mortgage loan✓ Correct
CThe entire purchase price without a down payment
DBoth the land and improvements
Explanation
A blanket mortgage covers multiple properties under one loan. As individual properties are sold, a 'release clause' allows them to be freed from the blanket mortgage upon partial repayment.
Related Georgia Finance Questions
- When a property appraises for LESS than the agreed purchase price, the buyer faces the challenge of:
- A construction loan is typically converted to a permanent mortgage:
- A lender who approves a $350,000 loan on a property appraised at $400,000 has an LTV of:
- A loss mitigation option that allows a borrower to stop making payments temporarily during hardship is called:
- Recasting a mortgage means the lender:
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- A 'Home Equity Conversion Mortgage' (HECM) is the most common type of:
- A 'second lien position' holder in Georgia is at greater risk than a first lien holder because:
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