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