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Examen

Real Estate 306 Exam 2 with Complete Solution | 2024/2025 Update

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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-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

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Institución
Real Estate
Grado
Real Estate

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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-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

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Institución
Real Estate
Grado
Real Estate

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Subido en
21 de agosto de 2024
Número de páginas
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Escrito en
2024/2025
Tipo
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