Chapter 12: Real Estate Finance (FITB) Flashcards Preview

Real Estate > Chapter 12: Real Estate Finance (FITB) > Flashcards

Flashcards in Chapter 12: Real Estate Finance (FITB) Deck (15):
1

The instrument that contains the amount of the loan, interest rate, payment provisions and other terms of the loan is the ____ ____.

promissory note

2

A mortgage is a ____ ____ ____.

pledge of security

3

The clause in a mortgage that protects the borrower's interest and requires the lender to acknowledge performance by the borrower is the ____ clause.

defeasance

4

The clause that allows a parcel of property to be sold free and clear of a blanket mortgage is the ____ clause.

release

5

A mortgage that secures more than one parcel of property as security for a loan is a ____ mortgage.

blanket

6

If a borrower was in default, and the lender wished to call the entire balance of the loan due and payable, the mortgage would have to contain an ____ clause.

acceleration

7

If a buyer were to take over the balance of an existing mortgage in such a way that the seller remained solely responsible for a deficiency judgment, the property was sold ____ ____ ____ ____.

subject to the mortgage

8

When a lender allows a new borrower to take responsibility for a mortgage and note, and release the original borrower from liability for the mortgage and note, the process is called ____ ____ ____.

assumption with novation

9

When a lender is requested by a borrow to verify the outstanding balance of a loan, the lender would give the borrower an ____ ____.

estoppel letter

10

The percentage figure borrowers must be provided with that includes all costs associated with a loan is referred to as the ____.

APR (Annual Percentage Rate)

11

A ____ ____ is a personal debt based on the promissory note.

deficiency judgment

12

The right of a borrower to cure a default prior to foreclosure is called the ____ ____ ____.

equity of redemption

13

Foreclosure is ____ of the mortgage.

enforcement

14

The Real Estate Settlement and Procedures Act requires a lender to provide a borrower with a ____ ____ ____, and an ____ ____, and that the closing agent use the ____ ____ ____.

good faith estimate, information booklet, Uniform Settlement Statement

15

When refinancing, the Consumer Credit Protection Act requires that a consumer be given a ____ day period to rescind the loan.

3 business days

Decks in Real Estate Class (39):