Finance
In Idaho, what type of instrument is most commonly used to secure a mortgage loan on real property?
AMortgage
BDeed of trust (trust deed)✓ Correct
CLand contract
DChattel mortgage
Explanation
Idaho primarily uses a deed of trust (trust deed) rather than a traditional mortgage. In a deed of trust, the borrower conveys title to a trustee who holds it as security for the lender.
Related Idaho Finance Questions
- A package mortgage is one that:
- What is 'subordinate financing' in the context of Idaho home purchases?
- What is 'mortgage insurance premium' (MIP) versus 'private mortgage insurance' (PMI)?
- A VA loan is available to eligible borrowers and is guaranteed by:
- Which loan type is insured by the Federal Housing Administration and allows for a lower down payment?
- What is a 'cap rate compression' in Idaho's real estate market?
- The Home Mortgage Disclosure Act (HMDA) requires lenders to:
- The loan-to-value (LTV) ratio is calculated as:
Practice More Idaho Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Idaho Quiz →