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16 Cards in this Set

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