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48 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Promisee note |
States the terms of the underlying obligations it is signed by its maker and is negotiable for transferable to a third-party |
States the terms of the underlying obligations it is signed by its maker and is negotiable for transferable to a third-party |
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Negotiable instrument |
A written promise to pay a sum of money |
A written promise to pay a sum of money |
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Deed of trust |
Instrument used to create a mortgage lien in which the borrower conveys title to a trustee who holds it is security for the benefit of the lender |
Mortgage lien held for security for the benefit of the lender |
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Usury |
Charging interest at a higher rate than the maximum established by law |
Charging interest at a higher rate than the maximum established by law |
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Index lease |
Lease provides for adjustments for the rent according to changes in a price index such as consumer price index can escalate |
Lease provides for adjustments for the rent according to changes in a price index such as consumer price index can escalate |
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Index method |
Appraisal method of estimating building cost by multiplying the original cost of the property by a percentage factor to adjust the current construction costs |
Appraisal method of estimating building cost by multiplying the original cost of the property by a percentage factor to adjust the current construction costs |
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Plat |
A map of a town section or subdivision indicating the location boundaries of individual properties |
A map of a town section or subdivision indicating the location boundaries of individual properties |
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Police power |
Governments right to impose laws the statues in ordinance including the zoning ordinance in building colds to protect public health and safety and welfare |
Governments right to impose laws the statues in ordinance including the zoning ordinance in building colds to protect public health and safety and welfare |
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Adjustment period |
The period of time that the interest rate remains constant on an adjustable rate mortgage rate may go up or down the judgment. |
The period of time that the interest rate remains constant on an adjustable rate mortgage rate may go up or down the judgment. |
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Acceleration clause |
Clause in a mortgage or deed of trust that can be enforced to make the entire debt due immediately if buyer defaults |
Clause in a mortgage or deed of trust that can be enforced to make the entire debt due immediately if buyer defaults |
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Acceleration clause |
Clause in a mortgage or deed of trust that can be enforced to make the entire debt due immediately if buyer defaults |
Clause in a mortgage or deed of trust that can be enforced to make the entire debt due immediately if buyer defaults |
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Assignment of mortgage |
Someone can take over your mortgage but if they default you are ultimately responsible |
Someone can take over your mortgage but if they default you are ultimately responsible |
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Defeasance clause |
Using leases and mortgages that cancels the specified right upon the occurrence of a certain condition such as cancellation of the mortgage upon repayment of the mortgage loan |
Using leases and mortgages that cancels the specified right upon the occurrence of a certain condition such as cancellation of the mortgage upon repayment of the mortgage loan |
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Jr lien |
Second mortgage mortgage and second order |
Second mortgage mortgage and second order |
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Jr lien |
Second mortgage mortgage and second order |
Second mortgage mortgage and second order |
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Satisfaction of mortgage |
Document stating your mortgage is paid off |
Document stating your mortgage is paid off |
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Subordination agreement |
Written agreement Between holders of liens on the property that changes the priority mortgage judgment and other liens under circumstances |
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Subordination agreement |
Written agreement Between holders of liens on the property that changes the priority mortgage judgment and other liens under circumstances |
Written agreement Between holders of liens on the property that changes the priority mortgage judgment and other liens under circumstances |
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Respa |
Regulates only first mortgage loans that are federally related for the buyer and seller to have all knowledge of everything on the settlement closing costs |
Regulates only first mortgage loans that are federally related for the buyer and seller to have all knowledge of everything on the settlement closing costs |
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Reg z |
Implements the truth and it lending act requires credit institutions to inform borrowers of the true cost of obtaining credit |
Implements the truth and it lending act requires credit institutions to inform borrowers of the true cost of obtaining credit |
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Non homogeneity |
A lack of uniformity dismissal clarity because no two parcels of land are exactly alike real estate is said to be "nonhomogeneous " |
A lack of uniformity dismissal clarity because no two parcels of land are exactly alike real estate is said to be "nonhomogeneous " |
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National flood insurance program NFIP |
Provides flood insurance for properties in the FEMA designated flood zones |
Provides flood insurance for properties and FEMA flood zones |
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Civil rights act of 1866 |
Based on race |
Based on race |
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Housing and community development act of 1974 |
Added sex as a gender is a protected class to the federal fear has housing act of 1968 |
Added sex as a gender is a protected class to the federal fear has housing act of 1968 |
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Hamp |
Home affordable modification program government program to help on our homeowners avoid foreclosure by making monthly payments more affordable |
Home affordable modification program government program to help on our homeowners avoid foreclosure by making monthly payments more affordable |
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Fair housing act of 1968 |
Provides it is unlawful to discriminate on the basis of race color religion sex or national origin |
Provides it is unlawful to discriminate on the basis of race color religion sex or national origin |
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Ginnie Mae |
Government national mortgage Association administer special housing finance programs in Sue's Fannie Mae securities back by FHA and VA loans |
Government national mortgage Association administer special housing finance programs in Sue's Fannie Mae securities back by FHA and VA loans |
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Fannie Mae |
Originally charactered as the Federal National Mortgage Association to purchase FHA and VA loans is government-sponsored enterprises it purchases both conventional and government loans it only purchases |
Originally charactered as the Federal National Mortgage Association to purchase FHA and VA loans is government-sponsored enterprises it purchases both conventional and government loans it only purchases |
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Fannie Mae |
Originally charactered as the Federal National Mortgage Association to purchase FHA and VA loans is government-sponsored enterprises it purchases both conventional and government loans it only purchases |
Originally charactered as the Federal National Mortgage Association to purchase FHA and VA loans is government-sponsored enterprises it purchases both conventional and government loans it only purchases |
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Equitable right of redemption |
The right of the default the property owner to recover the property prior to sale by paying the appropriate fees and charges |
The right of the default the property owner to recover the property prior to sale by paying the appropriate fees and charges |
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Estate at will |
An estate that gives the leasee the right to possession until the state is terminated by either party the term of the estate is indefinite or forever |
An estate that gives the leasee the right to possession until the state is terminated by either party the term of the estate is indefinite or forever |
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Estate for years |
In interest for certain exact period of time and property leased for a specified consideration |
In interest for certain exact period of time and property leased for a specified consideration |
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Deficiency judgment |
A clause used in leases in mortgages that cancel the specified right upon that occurrence of a certain conditions such as a cancellation mortgage loan |
A clause used in leases in mortgages that cancel the specified right upon that occurrence of a certain conditions such as a cancellation mortgage loan |
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FHA insured loans |
A loan insured by the Federal housing administration and made by an approved lender in accordance with the FHA a regulations |
A loan insured by the Federal housing administration and made by an approved lender in accordance with the FHA a regulations |
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Va loan |
A mortgage loan approved property made to a qualified veteran buying authorize lender in guaranteed by the department of Veterans Affairs |
A mortgage loan approved property made to a qualified veteran buying authorize lender in guaranteed by the department of Veterans Affairs
My server 90 days is active or served 181 days in nonwork periods 1947 and 1980 or served two full years full duty or six uses the river National Guard |
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Wraparound loan |
Method of refinancing and which in the new mortgage is placed in a secondary or subordinate position new mortgage includes both the unpaid principal balance of the first in the additional second |
Method of refinancing and which in the new mortgage is placed in a secondary or subordinate position new mortgage includes both the unpaid principal balance of the first in the additional second |
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Wraparound loan |
Method of refinancing and which in the new mortgage is placed in a secondary or subordinate position new mortgage includes both the unpaid principal balance of the first in the additional second |
Method of refinancing and which in the new mortgage is placed in a secondary or subordinate position new mortgage includes both the unpaid principal balance of the first in the additional second |
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Blanket loan |
Multiple properties in one loan |
Multiple properties in one loan |
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Wraparound loan |
Method of refinancing and which in the new mortgage is placed in a secondary or subordinate position new mortgage includes both the unpaid principal balance of the first in the additional second |
Method of refinancing and which in the new mortgage is placed in a secondary or subordinate position new mortgage includes both the unpaid principal balance of the first in the additional second |
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Blanket loan |
Multiple properties in one loan |
Multiple properties in one loan |
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Package Loan |
To purchase a real therapy plus some of the stuff in it |
To purchase a real therapy plus some of the stuff in it |
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Straight loan |
A loan in which only interest is paid during the term of the loan with the entire principal amount due for the final interest payment |
A loan in which only interest is paid during the term of the loan with the entire principal amount due for the final interest payment |
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Mutual bank has the most alike with |
Savings bank |
Savings |
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Title theory |
Some states interpret a mortgage to mean that the lender is the owner of the mortgage the land upon full payment of the mortgage that the borrower becomes of land owner |
Some states interpret a mortgage to mean that the lender is the owner of the mortgage the land upon full payment of the mortgage that the borrower becomes of land owner |
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Statutory redemption |
The right of a defaulted property owner to recover the property after its sale by paying the appropriate fees and charges |
The right of a defaulted property owner to recover the property after its sale by paying the appropriate fees and charges |
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The thifts |
Another name for savings association |
A savings association most flexible and lending local savings association |
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Statutory lien |
Elaine for not paying your taxes |
A lein for not paying your taxes in your house can be taken away |
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Devisee |
Receives property by will |
Receives property by Will |
