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16 Cards in this Set
- Front
- Back
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Commitment
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A written promise by a lender to make a mortgage loan to a specific borrower, which is secured by a specific property, at a specified date in the future.
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Profit & Loss Statement
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A statement showing the income and expenses of a business over a stated period of time.
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Balance sheet
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A statement of assests and liabilities of a company to determine its net worth.
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Real Estate Sales Contract
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A written document in which the purchaser agrees to buy certain real estate and the seller agrees to sell under stated terms and conditions.
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Assessed Value
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Value placed on property for the purpose of taxation
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Deed
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A written legal document which transfers ownership of land from one party to another.
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Assignment of Mortgage
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Written instrument that transfers the ownership of a debt from one party to another.
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Hypothecate
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To mortgage or pledge without delivery of the security to the lender.
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Leverage
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The use of borrowed funds to finance the purchase of an asset.
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Junior mortgage
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A mortgage with a lien priority that is subordinate to another lien on the same property.
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Lien
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A legal claim upon the property of another as security for a debt obligation.
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Estoppel Certificate
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A written statement that bars the signer from making a claim inconsistent with his or her prior statement.
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Subordination
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The act of a party acknowledging, by written recorded instrument, that a debt due is inferior to the interest of another in the same property.
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Certificate of Reasonable Value
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A VA appraisal
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Warehousing
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A revolving line of credit with a commercial bank secured by the pledge of first mortgages on residential property.
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Note(Promissory)
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A signed, written instrument acknowledging a debt and promising payment, stating the loan amount, interest rate and other terms.
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