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19 Cards in this Set
- Front
- Back
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Assignment of Mortgage |
A legal instrument stating that the mortgage assigns (transfers) the mortgage and promisory note to the purchaser. |
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Assignor |
Person who gives legal rights or interests to another person. |
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Assumption |
The buyer of real property that is already mortgaged assumes liability for the mortgage payments of the original loan that remains on the property. |
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At Arms Length |
Conducting negotiations on one's own behalf without being subject to the other part's control or influence. |
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Attachment |
A legal writ obtained to prevent removal of property that is expected to be used to satisfy a judgment. |
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Attorney-in-Fact |
One who is authorized to perform certain acts for another under a power of attorney. |
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Automated Valuation Model (AVM) |
A data analysis compiled from a computer database of closed sales used by lenders when an appraisal is not warranted. |
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Balance Sheet |
A financial report that shows the company's financial position at a stated moment in time. |
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Balloon Payment |
A single, large payment made at maturity of a partially amortized mortgage to pay off the debt in full. |
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Bargain and Sale Deed |
A type of deed in which title is transferred and a limited number of warranties are made respecting title to or use of the property. |
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Base Line |
Imaginary lines running east and west and crossing a principal meridian at a definite point; used by surveyors for reference in locating and describing land under the government survey system. |
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Basis |
The initial cost of an investor's property. |
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Before-tax Cash Flow |
The resulting amount when annual debt service is subtracted from net operating income. Also called cash throw off or gross spendable income. |
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Biennium (biennial) |
A period of 2 years |
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Bilateral Contract |
An agreement wherein both parties are legally obligated to each other to perform. |
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Binder |
A memorandum given subject to the writing of a formal contract for sale, usually acknowledging receipt of a portion of the down payment for purchase of real property. |
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Biweekly Mortgage |
A mortgage loan amortized the same way as other loans with monthly payments, except that the borrower makes a payment for every 2 weeks |
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Blanket Mortgage |
One debt instrument covering 2 or more parcels. |
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Blind Ad |
An ad that provides only a telephone number, a post office box, and or and address without the licensed name of the brokerage firm. |
