MA Salesperson Exam Module 9: Introduction to Real Estate Financing Mostly Tested Questions and Correct Answers (100% Pass)
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Course
MA Salesperson
Institution
MA Salesperson
financing
receiving, or providing, money for the purchase of real estate
debt to income ratio
A standard tool that calculates whether a borrower will have difficulty
meeting his or her loan repayment obligation.
judicial foreclosure
foreclosure that is under the supervision of a court and...
✓ homeowner sells the home in short of what they owe the bank. amount
is usually more than the bank would likely be paid at foreclosure
deficiency judgement
✓ in a foreclosure, the auction fails to cover the debt resulting in the
borrower being personally liable for the deficiency and can be sued by
the bank fr the outstanding debt
the note
✓ evidence of the debt, and IOU. Usually has an acceleration clause and
prepayment penalty clause
acceleration clause
✓ permits the lender to accelerate the maturity date (due date) of the
loan in default on the terms of the mortgage the event of a
calling in the note
✓ a lender's first step in the foreclosure process
prepayment penalty clause
Master01 | November, 2024/2025 | Latest update
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