Real Estate 306 Exam 2 with Complete Solution | 2024/2025 Update
4 views 0 purchase
Course
Real Estate
Institution
Real Estate
Real Estate 306 Exam 2 with Complete
Solution | 2024/2025 Update
The action of taking possession of a mortgaged property when the
mortgagor fails to keep up their payments - Foreclosure
A claim or legal right against assets that are typically used as collateral to
satisfy a debt - Lien
a non-...
The action of taking possession of a mortgaged property when the
mortgagor fails to keep up their payments - ✔✔Foreclosure
A claim or legal right against assets that are typically used as collateral to
satisfy a debt - ✔✔Lien
a non-binding financing commitment - ✔✔Term Sheet
A loan committee that consists of upper management of a lending
institution with the authority to approve loans that the initial loan officer
does not have the authority to approve - ✔✔Credit Committee
An entity created for a specific purpose such as a LLC or LP - ✔✔Special
Purpose Entity (SPE)
Part of the organizational documents that identifies the relationship
between investors/owners/developer is a deal and spells out their
percentage ownership interests and any rights responsibilities and profit
splits - ✔✔Operating Agreement
, A type of loan used to purchase real estate, where the borrower agrees to
pay the lender over time, typically in a series of regular payments that are
divided into principal and interest. The property serves as collateral -
✔✔Mortgage
Also known as a mortage _____, or promissory ______, is a legal
document that binds the borrower to repay the mortgage within an agreed
period and outlines the terms of the loan - ✔✔Note
Promise by a third-party entity, or individual, to pay or perform the
obligations of the borrower - ✔✔Guaranty
The process of reducing or paying off the principal of the loan, typically in
regular installments - ✔✔Amortization
The amount of time during which a borrower repays a loan if fully
amortizing, or until the outstanding loan balance, or balloon payment, is
due if non-amortizing (i.e. interest only) or partially amortizing - ✔✔Term
The amount of capital borrowed (the return OF capital for the bank) -
✔✔Principal
The cost of debt, i.e., what the borrower pays the lender for using its funds
(the return ON capital for the bank) Typically made up of the index rate plus
a margin - ✔✔Interest Rate
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller JOSHCLAY. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.49. You're not tied to anything after your purchase.
