mortgage terminology

Question 1

a fee charged for the use of money is

Answer 1

interest

Question 2

a mortgage on personal property is a

Answer 2

chattel mortgage

Question 3

one discount point equals one percent of the

Answer 3

loan amount

Question 4

net worth is

Answer 4

assets minus liabilities

Question 5

the liquidation of a debt by regular, usually monthly, installments of principal and interest is

Answer 5

amortization

Question 6

the withdrawal of funds out of savings accounts and into stocks and bonds is known as

Answer 6

disintermediation

Question 7

the condemnation of a private property for public good is

Answer 7

eminent domain

Question 8

Notice which is NOT recorded is known as

Answer 8

actual notice

Question 9

notice which is recorded is known as

Answer 9

constructive notice

Question 10

the use of borrowed funds to increase yield is

Answer 10

leverage

Question 11

a mortgage note that does NOT limit recovery solely from the property is called a

Answer 11

note endorsed with recourse

Question 12

APOR stands for

Answer 12

average prime offer rate

Question 13

a discount point costs

Answer 13

1 percent of loan amount

Question 14

ECOA defines elderly as

Answer 14

62 years old

Question 15

the right to use land owned by another is

Answer 15

easement

Question 16

the act of lowering the priority of a mortgage lien is

Answer 16

subordination

Question 17

a loan offered to a consumer with poor credit is known as

Answer 17

subprime