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Finance 371 Final Exam Questions & Answers 100% Correct!! $12.49   Add to cart

Exam (elaborations)

Finance 371 Final Exam Questions & Answers 100% Correct!!

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  • Course
  • Finance 371 Fi
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  • Finance 371 Fi

what is a mortgage - ANSWERA legal document that connects a promissory note with the collateral used to secure the note. hypothecation - ANSWERLegal principle that allows borrower to use property to secure debt without giving up possession of it. pledging - ANSWERgives up possession of the co...

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  • August 5, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Finance 371 Fi
  • Finance 371 Fi
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Finance 371 Final Exam Questions & Answers 100% Correct!!



what is a mortgage - ANSWERA legal document that connects a promissory note with the collateral
used to secure the note.



hypothecation - ANSWERLegal principle that allows borrower to use property to secure debt without
giving up possession of it.



pledging - ANSWERgives up possession of the collateral to the lender while it

serves as collateral. (e.g., Pawn shop.)



mortgagor - ANSWERThe borrower who pledges real estate as collateral is the mortgagor



mortgagee - ANSWERA lender in a mortgage loan transaction.



promissory note - ANSWERA written promise to pay money owned which

stipulates collateral on which debt is promised.



mortgage instrument - ANSWERA separate agreement from the note that provides collateral to the
lender to back up the promise made in the note by the borrower/mortgagor



provisions of a promissory note - ANSWERPrepayment clause: Does the borrower have right to
prepay the mortgage?

• Acceleration clause: When borrower defaults, principle is "accelerated" and

comes due.

• Due-on-sale clause: When the property is sold, lender can require that

principle is paid off immediately:

• Especially important for joint-ownership.



how do you satisfy a mortgage - ANSWERpay it off completely



foreclosure - ANSWERThe seizure of property from borrowers who are unable to repay their loans

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