Finance
In Iowa, which security instrument is most commonly used to secure a mortgage loan?
ADeed of trust
BLand contract (contract for deed)
CMortgage (two-party instrument)✓ Correct
DChattel mortgage
Explanation
Iowa primarily uses the traditional two-party mortgage instrument (borrower/mortgagor and lender/mortgagee). Iowa does not recognize deeds of trust as widely as western states.
Related Iowa Finance Questions
- An Iowa borrower who wants to pay off their mortgage faster may make additional principal payments, which will:
- A buyer obtains a $240,000 mortgage. The lender charges 1.5 discount points. What is the total cost of the points?
- Private mortgage insurance (PMI) is typically required when a conventional loan's loan-to-value ratio exceeds:
- A buyer in Iowa applies for a mortgage and is turned down. Under ECOA, the lender must:
- Which of the following loan types is specifically designed for the purchase of manufactured homes and rural properties?
- Amortization in a mortgage refers to:
- A reverse mortgage in Iowa allows homeowners to:
- What is the purpose of mortgage underwriting?
Practice More Iowa Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Iowa Quiz →