Chapter 12: Real Estate Finance (FITB) Flashcards
The instrument that contains the amount of the loan, interest rate, payment provisions and other terms of the loan is the ____ ____.
A mortgage is a ____ ____ ____.
pledge of security
The clause in a mortgage that protects the borrower’s interest and requires the lender to acknowledge performance by the borrower is the ____ clause.
The clause that allows a parcel of property to be sold free and clear of a blanket mortgage is the ____ clause.
A mortgage that secures more than one parcel of property as security for a loan is a ____ mortgage.
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.
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
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
When a lender is requested by a borrow to verify the outstanding balance of a loan, the lender would give the borrower an ____ ____.
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)
A ____ ____ is a personal debt based on the promissory note.
The right of a borrower to cure a default prior to foreclosure is called the ____ ____ ____.
equity of redemption
Foreclosure is ____ of the mortgage.
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
When refinancing, the Consumer Credit Protection Act requires that a consumer be given a ____ day period to rescind the loan.
3 business days