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42 Cards in this Set
- Front
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Mortgage |
A document that makes property security for the repayment of a debt |
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Deed of trust |
A document that conveys naked title to a neutral third party (a trustee) as security for a debt |
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Security deed |
A document used in GA to secure a note; replaced a mortgage or deed of trust |
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Foreclosure |
The procedure by which a persons property can be taken and sold to satisfy an unpaid debt |
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Promissory note |
A written promise to repay a debt; usually referred to simply as a note |
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Trustor |
One who creates a trust; the borrower in a deed of trust |
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Beneficiary |
One for whose benefit a trust is created; the lender in a deed of trust |
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Trustee |
One who holds property in trust for another; the third party in a deed of trust |
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Naked title |
Title that lacks the rights and privileges usually associated with ownership; also called a bare title |
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Reconveyance deed |
Used to reconvey title to property back to the borrower once a debt has been paid on a deed of trust; also called a release deed |
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Alienation clause |
Due on sale clause |
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Acceleration clashes |
Allows the lender to demand immediate payment of the entire loan if the borrower defaults |
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Defeasance clause |
Lender must cancel the security instrument upon full payment |
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First mortgage |
The mortgage loan with highest priority for repayment in the event of foreclosure; also called the senior mortgage |
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Second mortgage |
A mortgage in which property is used to secure another note before the first mortgage is fully satisfied |
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Junior mortgage |
Any mortgage on a property that is subordinate to the first mortgage in priority |
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Subordination |
Voluntary acceptance of a lower mortgage priority than one would otherwise be entitled to |
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Deficiency judgement |
A judgement against a borrower if the foreclosure sale does not bring enough to pay the balance owed |
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Power of sale |
Allows a mortgage to conduct a foreclosure sale without first going to court |
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exclusive agency listing agreement |
Agents get paid in this type of agreement only if they sell the property. No fee is earned if the owner alone sells the property |
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Steering |
Deals primarily with buyers |
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Blockbusting |
Deals primarily with sellers |
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Which of the following would be used to remove a title could |
A quiet title suit |
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Non-conforming use |
simply means the existing land use somehow does not fit in with the zoning ordinance |
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Intangible tax |
securing one or more long-term notes at the rate of $1.50 per each $500.00 or fraction thereof of the face amount of all notes secured |
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Percentage lease |
is a type of lease where the tenant pays a base rent plus a percentage of any revenue earned while doing business on the rental premises. It is a term used in commercial real estate. |
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Constructive eviction |
a term used in the law of real property to describe a circumstance in which a landlord either does something or fails to do something that he or she has a legal duty to provide (e.g. the landlord refuses to provide heat or water to the apartment), rendering the property uninhabitable. |
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Net lease |
requires the tenant to pay, in addition to rent, some or all of the property expenses that normally would be paid by the property owner (known as the "landlord" or "lessor"). |
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Gross lease |
the rent is all-inclusive. The landlord pays all or most expenses associated with the property, including taxes, insurance, and maintenance out of the rents received from tenants. Utilities and janitorial services are included within one easy, tenant-friendly rent payment. |
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Index lease |
A lease agreement in which the amount of future lease payments are calculated using an established index, typically the consumer price index (CPI) whereby an increase in the index will generate a corresponding increase in the lease payment to be applied. |
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The document which details all costs associated with a closing is |
The settlement statement |
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A state tax which is paid on the adjusted sales price of a property is |
The transfer tax |
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A fixed rate mortgage |
is a fully amortizing mortgage loan where the interest rate on the note remains the same through the term of the loan, as opposed to loans where the interest rate may adjust or "float". |
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Annual percentage rate |
The rate which takes into consideration the interest on a loan together with the cost of obtaining the loan |
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The promissory note |
The document which is used to create debt and is primary evidence of a loan |
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Transaction broker |
does not represent the buyer or seller, but instead acts as a neutral resource to help both parties complete a home sale |
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Short sale |
is a sale of real estate in which the net proceeds from selling the property will fall short of the debts secured by liens against the property. In this case, if all lien holders agree to accept less than the amount owed on the debt, a sale of the property can be accomplished. |
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Loan to value ratio |
A percentage reflecting what a lender will lend divided by the sale price or market value of the property whichever is less |
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Equity |
The market value of a property less the debt against it |
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Exclusive right to sell agreement |
In this agreement, the argent gets paid no matter who sells the property, regardless of whether it’s the agent or seller |
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Open listing |
Sellers have the right to use as many brokers as they want. However the seller isn’t obligated to pay any of them if he or she sells the property without the brokers help. |
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Net listing |
May be illegal in your state. The agent gets to keep everything he can get that’s more than the sale price the owner wants. |
