Borrower mortgagor - Study guides, Class notes & Summaries

A mortgage broker is prohibited from recording a mortgage or deed of trust for which the backing money is not immediately available to the mortgagor, unless: (A) the broker gets written authorization from the superintendent (B) before recording the mortgage or deed, the broker notifies the mortgagor of a definite date when the payment will be made and gets written permission from the mortgagor (C) the broker gets written permission from the escrow agent, the mortgagor, and the super...

CHAPTER 12- RESIDENTIAL MORTAGES fully solved graded A+Which legal instrument evidences the debt and states the interest rate, term, payment requirement, and other information related to the loan? (a) Promissory note (b) Contract (c) Lien (d) Mortgage - correct answer (a) Promissory note What is the function of a mortgage? (a) It conveys title to real property. (b) It secures the repayment of the debt. (c) It creates a personal pledge to repay a loan. (d) It creates a l...

The Transfer Disclosure Statement (TDS) is required in which type of transaction? A) Sales involving co-owners B) Sales involving federally regulated lenders C) Sales involving one-to-four-family dwellings, except for specified exempt transactions D) Only in "as-is" sales :~~ C) Sales involving one-to four-family dwellings, except for specified exempt transactions To qualify for a real estate broker's license, a person must complete A) eight college-level courses. B) a two-year A...

At what point has listing agent earned a commission? - Answer- When a ready, willing, and able buyer is found. If the seller backs out after accepting the offer, even if the buyer agrees to a rescission, the commission is still due. At closing, a sale doesn't go through because the seller's anticipated transfer to another city gets suddenly postponed, and the seller no longer wants to sell. Does the seller owe the listing agent a commission? Yes or no, and why. - Answer- Yes, because the se...

CHAPTER 3 Mortgage Loan Foundations: The Time Value of Money TRUE/FALSE 1. In order to solve a compounding problem, you must know all four of the variables in order to solve for the fifth variable. (T) 2. One way to calculate the present value of a single payment is with the following formula: PV = FV * (1+i)n. (F) 3. At 6%, the present value of a $1 payment in 12 months is .. At 7%, the present value of a $1 payment in 12 months is .. (F) 4. The future value of $800 deposited ...

NM Real Estate Practice Exam Questions with Verified Solutions Feet in an acre 43,560 ft Feet in a Mile 5,280 ft A Plat An unofficial map or plan of a parcel of land that's been or will be subdivided to show the boundaries of each created lot Metes and Bounds Description using compass headings and directions Lot and Block Land description which provides plat reference Oversees Fannie Mae and Freddie Mac and regulates the Federal Home Loan Bank Federal Housing Finance Agency...

CHAPTER 12- RESIDENTIAL MORTAGESWhich legal instrument evidences the debt and states the interest rate, term, payment requirement, and other information related to the loan? (a) Promissory note (b) Contract (c) Lien (d) Mortgage - correct answer (a) Promissory note What is the function of a mortgage? (a) It conveys title to real property. (b) It secures the repayment of the debt. (c) It creates a personal pledge to repay a loan. (d) It creates a lien on the mortgagee's...

what is a mortgage - ANSWERA legal document that connects a promissory note with the collateral used to secure the note. hypothecation - ANSWERLegal principle that allows borrower to use property to secure debt without giving up possession of it. pledging - ANSWERgives up possession of the collateral to the lender while it serves as collateral. (e.g., Pawn shop.) mortgagor - ANSWERThe borrower who pledges real estate as collateral is the mortgagor

Loan Signing & Real Estate Definition 100% Correct Borrower (Mortgagor) An individual who applies for and receives funds in the form of a loan and is obligated to repay the loan in full under the terms of the loan. Title Title is the document that gives evidence of ownershipof a property. Also indicates the rights ofownership and possession of the property. Individualswho will have legal ownership in theproperty are considered "on title" and will sign themortgage and other documentation Refi...

Title Theory - ANSWER lender owns, borrower has equitable title Hypothecation - ANSWER pledging property as collateral for a loan without giving up possession Mortgagee - ANSWER Lender Mortgagor - ANSWER borrower