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64 Cards in this Set

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TWO INSTRUMENTS USED IN FINANCING A REAL ESTATE PURCHASE ARE A _______NOTE AND A _______
PROMISSORY
MORTGAGE
A ________ NOTE ESTABLISHES THE NOTE.
PROMISSORY
ESSENTIAL ELEMENTS OF A PROMISSORY NOTE ARE PROMISE TO ___,AMOUNT ____,MAKE IT ____,IDENTIFY ____,FIXED OR ____TIME, AND THE ______.
PAY, OWED, NEGOTIABLE,
PAYEE(LENDER), DETERMINABLE,
SIGNATURE
WHO MUST SIGN A PROMISSORY NOTE?
THE MAKER (THE BUYER)
AN ____CLAUSE IN A PROMISSORY NOTE CALLS IN A LOAN FOR FULL PAYMENT EARLY.
ACCELETATION
AN ACCELERATION CLAUSE MAY BE BE USED TWO COVER TWO CIRCUMSTANCES, UPON _____, AND UPON _____.
DEFAULT
ALIENATION (ALSO CALLED THE DUE ON SALE CLAUSE
A MORTGAGE SECURES THE ____.
DEBT
IN A MORTGAGE PARTNERSHIP, THERE IS THE BORROWER CALLED THE _____,AND THE LENDER CALLED THE _____F.
MORTGAGOR,
MORTAGEE
DOES THE MORTGAGER BORROW OR LOAN MONEY?
BORROWS
DOES THE MORTAGEE BORROW OR LOAN MONEY?
LOANS
_______IS THE PROCESS OF PLEDGING SOMETHING OF COLLATERAL, WITHOUT GIVING UP POSSESSION.
HYPOTHECATION
THE 3 LEGAL THEORIES CONCERNING REAL ESTATE MORTGAGES ARE ____ THEORY, ____THEORY, AND ____THEORY.
LIEN
TITLE
COMBINATION
THE LIEN THEORY ALSO CALLED THE ____THEORY IS WHEN THE TITLE REMAINS WITH THE MORTGAGOR, AND THE MORTGAGEE RECEIVES A SECURITY INTEREST IN THE PROPERTY.
EQUITABLE
IN _____THEORY STATES, A REAL ESTATE MORTGAGE IS VIEWED AS THE CONVEYANCE OF THE LEGAL TITLE TO THE PROPERTY.
TITLE
IN A FEW STATES, A _____THEORY EXISTS WHICH INVOLVES A COMBINATION OF TITLE THEORY AND LIEN THEORY.
COMBINATION
A ______OF MORTGAGE, ALSO CALLED A _____PIECE IS A CERTIFICATE ISSUED BY THE MORTGAGEE AFTER THE NOTE HAS BEEN PAID IN FULL.
SATISFACTION
SATISFACTION
______IS THE FIRST STEP OF FORECLOSURE.
DEFAULT
______IS WHERE THE MORTGAGOR HAS THE RIGHT TO REDEEM THE PROPERTY BEFORE THE FORECLOSURE SALE IN ALL 50 STATES
REDEMPTION
TWO TYPES OF REDEMPTION ARE BEFORE THE FORECLOSURE SALE CALLED____ _ ____, AND AFTER FORECLOSURE SALE CALLED ____ __ _______.
EQUITY OF REDEMPTION
RIGHT OF REDEMPTION
RIGHT OF REDEMPTION SALE MEANS THE MORTGAGOR CAN PAY THE APPROPRIATE PARTY AND GET THEIR HOUSE BACK. iS THIS ALLOWED IN S.C.?
NO
MORTGAGE ______ IS A LEGAL PROCEDURE WHERE SECURED PROPERTY CAN BE SOLD TO SATISFY A DEBT IN THE EVENT OF DEFAULT.
FORECLOSURE
A ____JUDGEMENT CAN BE MADE AGAINST THE MORTGAGOR FOR THE BALANCE OF MORTGAGE DEBT REMAINING AFTER A FORECLOSURE SALE.
DEFICIENCY
A LOAN WHERE THE INTEREST IS PAID PERIODICALLY BUT NO PRINCIPAL IS PAID IS A _____TERM MORTGAGE LOAN.
STRAIGHT
WHEN FIXED, PERIODIC PAYMENTS ARE MADE OF BOTH PRINCIPAL AND INTEREST THAT WILL COMPLETELY PAY THE PRINCIPAL SUM BY THE MATURITY DATE OF THE LOAN IT IS A FULLY _____ __ ____.
AMMORTIZED MORTGAGE LOAN
A _____AMORTTIZED MORTGAGE LOAN REQUIRES PERIODIC PAYMENTS OF INTEREST AND PRINCIPAL,BUT THE BALLOON PAYMENT IS DUE AT THE END.
PARTIALLY
A PARTIALLY AMMORTIZED LOAN IS ALSO CALLED THE _____ PAYMENT LOAN.
BALLOON
AN ____- ___ MORTGAGE LOAN PERMITS THE BORROWER TO MAKE DRAWS UP TO A MAXIMUM PREDETERMINED AMOUNT.
OPEN-END (SUCH AS A HOME EQUITY LOAN)
A ______MORTGAGE LOAN COMMITS THE FULL AMOUNT TO BE LOANED BUT DISBURSEMENT BY THE LENDER IS DEPENDANT UPON THE PROGRESS OF THE BUILDING.
CONSTRUCTION
THE BUYER, THROUGH THE USE OF _____MORTGAGE LOAN, CAN FINANCE BOTH THE REAL AND PERSONAL PROPERTY RATHER THAN ACQUIRING SEPERATE MORTGAGES.
PACKAGE
AN _____RATE MORTGAGE LOAN PERIODICALLY CHANGES THE INTEREST RATE AND PAYMENTS MAY GO UP OR DOWN ACCORDINGLY
ADJUSTIBLE (ARM)
DISCOUNT POINTS ARE WORTH __%.
1
BUYING DISCOUNT POINTS CAN LOWER YOUR ____RATES.
INTEREST
THE FHA IS THE GOVERNMENTAL AGENCY NOW UNDER HUD WHICH _____ LOANS ON HOMES WHICH MEET FHA STANDARDS.
INSURES
THE _ _ GUARANTEED MORTGAGE LOAN GUARANTEES LOANS MADE BY PRIVATE INSTITUTIONAL LENDERS TO VETERANS FOR THE PURCHASE OF DWELLING TO BE OWNED AND OCCUPIED BY THE VET.
V.A.
CAN SOMEONE GET A V.A. LOAN AND RENT IT OUT?
NO, THEY HAVE TO RESIDE THERE.
ON A V.A. LOAN, WHAT PERCENT DOWN PAYMENT DO YOU NEED?
ZERO
A ______MORTGAGE LOAN IS NOT INSURED BY THE FHA OR GUARANTEED BY THE VA.
CONVENTIONAL
LENDERS REQUIRE _____ _____ INSURANCE IF LOANS EXCEED 80%.
PRIVATE MORTGAGE
A PURCHASE ____MORTGAGE LOAN IS ANY MORTGAGE LOAN FOR THE INITIAL ACQUISITION OF PROPERTY.
MONEY-
(GENERALLY THOUGHT OF AS OWNER FINANCING)BUYER GIVES A MORTGAGE TO THE SELLER AS PART OF THE PURCHASE.
AN _____LAND CONTRACT IS A FINANCING METHOD WHERE THE SELLER RETAINS TITLE UNTIL THE BUYER HAS PAID AN AGREED AMOUNT.
INSTALLMENT
A ____-AROUND MORTGAGE IS A JR MORTGAGE, INCLUDING THE EXISTING MORTGAGE.
WRAP
A WRAP-AROUND MORTGAGE IS TYPICALLY PURCHASE MONEY MORTGAGES MADE BY THE _____TO FINANCE PART OF THE EQUITY FOR A BUYER.
SELLER
THE SALE AND _____IS THE PROCESS CONTAINING TWO SIMULTANEOUS STEPS, PROPERTY BEING SOLD AND LEASED BACK TO THE SELLER.
LEASEBACK
A MORTGAGE _____IS A FINANCING METHOD WHERE THE BUYER AGREES TO MAKE THE SELLER'S PAYMENTS ON HIS EXISTING MORTGAGE OBLIGATION TO THE LENDER.
TAKEOVER
_____OF THE MORTGAGE IS WHEN THE BUYER ASSUMES THE RESPONSIBILITY OF THE LOAN AND ____TO THE MORTGAGE IS WHEN THE BUYER IS AWARE OF THE DEBT BUT TAKES NO LIABILITY FOR IT.
ASSUMPTION
SUBJECT
THE ____MORTGAGE MONEY MARKET IS COMPRISED OF ALL LENDERS WHO SUPPLY FUNDS DIRECTLY TO THE BORROWER.
PRIMARY
IN A MORTGAGE, THE BORROWER IS CALLED THE_____AND THE LENDER IS CALLED THE ____
MORTGAGOR
MORTGAGEE
SAVINGS ASSOCIATIONS, COMMERCIAL BANKS AND AND LIFE INSURANCE COMPANIES COME UNDER THE CLASSIFICATION OF ______FIDUCIARIES.
FINANCIAL
INSTITUTIONAL LENDERS ARE ARE MADE OF 1.COMMERCIAL _____2. ______ASSOCIATIONS 3. ____INSURANCE COMPANIES 4. ____BANKERS
1.BANKS
2.SAVINGS
3.LIFE
4.MORTGAGE
MORTGAGE ____BRING TOGETHER LENDERS AND BORROWERS.
BROKERS
_____ ___ ,THE FEDERAL NATIONAL MORTGAGE ASSOCIATION IS AUTHORIZED TO PURCHASE FHA, VA, AND CONVENTIONAL LOANS.
FANNIE MAE
_____ _____, GOVT NATIONAL MORTGAGE ASSOC, IS A GOVT AGENCY UNDER HUD, THAT DOES NOT PURCHASE LOANS, BUT APPROVES LOAN POOLERS AND ISSUES GUARANTEE CERTIFICATES.
GINNIE MAE
_____ ____, FEDERAL HOME LOAN MORTGAGE CORP, WORKS AS A SECONDARY MORTGAGE MARKET TO PURCHASE LOANS ORIGINATED BY SAVINGS ASSOCIATIONS.
FREDDIE MAC
______ ___, THE FEDERAL AGRICULTURAL MORTGAGE CORP, WAS ESTABLISHED AS A SEPERATE AGENCY TO DEVELOP A SECONDARY MARKET IN FARM REAL ESTATE.
FARMER MAC
_____FUNDS ARE INVESTED IN LARGE BLOCKS OF MORTGAGES IN THE SECONDARY MARKET.
PENSION
_______FUNDS OF UNIVERSITIES, COLLEGES AND HOSPITALS ARE NORMALLY HEAVILY INVESTED IN REAL ESTATE MORTGAGES.
ENDOWNMENT
12 ITEMS NEEDED FOR MORTGAGE APPLICATION ARE?
SALES CONTRACT, SSN, 7 YEARS OF ADDRESS,EMPLOYER,W-2'S, PAY STUB, LIABILITIES(DEBTS) CHECKING AND SAVINGS, 3 RECENT BANK STATEMENTS,CHILD SUPPORT OR ALIMONY PAYMENTS,FOR VA LOANS(DD-214), SELF EMPLOYED(FEDERAL TAX RETURNS)
AN _____WILL BE ORDERED BY THE LENDER TO DETERMINE IF THERE IS SUFFICIENT VALUE IN THE PROPERTY TO SUBSTANTIATE MAKING THE LOAN.
APPRAISAL
_____ON THE LOAN AND ON THE TRANSFER OF OWNERSHIP OF THE PROPERTY IS GENERALLY CONDUCTED AT THE SAME TIME.
SETTLEMENT
______Z WAS PUBLISHED BY THE FEDERAL RESERVE SYSTEM TO IMPLEMENT THE ACT, REQUIRES LENDERS TO MAKE CREDIT TO MAKE CREDIT DISCLOSURES TO INDIVIDUAL BORROWERS FOR CERTAIN TYPES OF LOANS.
REGULATION
THE ANNUAL PERCENTAGE RATE (APR) IS THE ______ COST OF CREDIT.
YEARLY
THERE IS A __DAY RECISSION RIGHT ON CONSUMER LOANS UNDER REGULATION __
3
Z
REGULATION Z ALSO APPLIES TO ALL ADVERTISING SEEKING TO PROMOTE ______.
CREDIT
THE EQUAL ____ ____ACT'S PURPOSE IS TO MAKE CREDIT AVAILABLE TO ALL CREDIT WORTHY CUSTOMERS WITHOUT REGARD TO RACE, COLOR, RELIGION, NATIONAL ORIGIN, AGE,SEX, MARITAL STATUS OR RECEIPT OF PUBLIC ASSISTANCE
CREDIT OPPORTUNITY