Real Estate U Texas Real Estate Finance Questions With Solutions Graded A+ 2024.

An acceleration clause is included in which of the following...? The mortgage Both the promissory note and mortgage The promissory note The lien - Answer The promissory note? Collateral - - Answer Marketable real or personal property which a borrower pledges as security for a loan. In mortgage transactions, specific land is the collateral. Promissory Note - - Answer Following a loan commitment from the lender, the borrower signs a note, promising to repay the loan under stipulated terms. The promissory note establishes personal liability for its payment. The evidence of the debt. Default - - Answer Failure to fulfill a duty or promise or to discharge an obligation; omission or failure to perform any act. Foreclosure - - Answer Procedure whereby property pledged for a debt is sold to pay the debt in event of default in payments or terms. Hypothecate - - Answer To pledge a thing as security without the necessity of giving up possession of it. Equitable Title - - Answer The right to obtain full ownership of property. Legal Title - - Answer The actual ownership of property.