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19 Cards in this Set
- Front
- Back
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What is a Junior Mortgage? |
2nd mortgage or anything after 1st mortgage |
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Abstract of title |
A written, chronological record of the title records affecting rights and interest in a parcel of real property |
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Acceleration clause |
A right for the bank to require full loan amount to be paid should the borrower violate the loan or default (forelosure) |
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1 mill = |
$1 for every $1,000 |
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Real Property |
Real Estate and the bundle of rights Air surface and subsurface! |
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Real Estate |
Land and all man made structures attached |
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alienation |
A transfer of title to real property by voluntary or involuntary menas |
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equitable title |
when title is given when the property has been fully paid for |
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equitable mortgage |
when the bank owns the house in exchange the buyer pays on the mortgage and in return gains equity on the house until fully paid off |
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fixture |
TREES ARE FIXTURES |
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Priorities of liens |
PROPERTY TAXES FIRST ALWAYS 1 First Mortgage 2 second mortgage 3 Judgment lien 4 in order by date recorded |
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Purchase Money Mortgage |
the seller takes back the note |
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How many square feet in an acre |
43,560 |
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how many acres in a mile |
640 Acres in one mile |
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Subordinate |
Voluntary or involontary placing of a lien a mortgage lien automatically subordinates to a tax lien |
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Vendor Vs Vendee |
Vendor is the seller Vendee is the buyer |
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Trustor vs trustee |
borrower is the trustor Lender is the trustee |
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Who has to obtain 14 hours continuing education? |
Active and inactive |
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Reading legal description |
section is 640 acres 640/(2x4x4) = |
