Chapter 8 Financing Real Estate - Law of
Contracts - Champions Questions and
Complete Solutions Graded A+
Mortgage - Answer: pledge of real estate as security for repayment of a debt.
Promissory Note - Answer: Borrower's unconditional promise to repay
also known as a real estate lien note
includes the amount borrowed, payment amount, due date, and rate of interest. The note is not
generally recorded.
Selling Financing - Answer: least common form of mortgage financing
owner finances it, v risky
Foreclosure - Answer: Legal procedure whereby the secured property may be sold to satisfy the unpaid
promissory note
Short Sale - Answer: seller is unable to sell his or her property at or above what the seller owes the
lender
Federal Reserve - Answer: central banking system of the United States
Secondary Market - Answer: exists for the purchase and sale of existing mortgages to investors
Fannie Mae is exclusively Secondary Market
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