Lender owns - Study guides, Class notes & Summaries

Which of the clauses gives a lender the right to declare the entire debt due and payable if the mortgaged property is either assumed without lender approval or sold with a contract for deed without lender approval - Answer alienation clause A woman owns a tract of land that also is a servient tenement. The easement over, through, or under the tract is a(n) - Answer encumbrance In an exclusive-right-to-sell agreement, how many brokers are involved? - Answer one

Characteristics of a Community Association (Ans- Mandatory membership Mutually binding documents Lien-based assessments Purposes of a Community Association (Ans- Business – Not for profit Government - Runs like a mini-government Community - Mutual reasons for buying into area 3 Basic Types of Community Associations (Ans- Planned Community - Owners owns his lot/living unit and community owns common areas (tennis courts, basketball courts, etc.). Condominium - Individual...

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

Lender's Policy - Answer A title insurance policy issued for the benefit of a lender as well as any future holder of the loan Generally, a lender's policy, unlike an O's policy, cover's mechanic's liens and encroachments Owner's policy - Answer A type of title insurance issued in the name of the property O. Coverage runs from the time of the purchase for as long a s the policyholder owns the property

M100 WITH COMPLETE SOLUTIONS 100% Community Association Legal entity in which the owners enjoy the protection, enhancement, maintenance, and preservation of their homes and property Three defining characteristics of Community Association Mandatory Membership, Mutually Binding Documents, and Lien-Based Assessments Mandatory Membership Membership in the community association is mandatory and automatic for all owners Mutually Binding Documents Certain association governing documents...

Real Property Land and everything permanently attached to it (Includes that someone can own it) Chattle an item of personal, movable property. fixture An item of personal property that has been converted to real property by being permanently affixed to the realty. Trade Fixture Fixtures and equipment that may be attached to a building during a tenant's occupancy, with the intention that they be removed when the tenant leaves Turning real property into personal pr...

Xinnix Ground School Exam Questions With Answers first-time homebuyer Someone who has never owned a home Move-up homebuyer Currently owns, or has previously owned a home and is looking to move up in price, location, size, etc. Relocation Homebuyer Purchasing a new home in a different city or state due to job transfer or personal desire Affluent homebuyer Well seasoned in home buying process. Knowledgeable, financially savvy, busy. Empty-nester homebuyer Experienced home...

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...

National Real Estate Exam Questions and Answers Already Graded A Which of the following constitute an estate (tenancy) for years? A month-to-month lease. A tenancy at sufferance. A lease that is set to last six months. A tenancy at will. 67. A federal law that regulates t 1. Which method of legal description uses point of beginning, direction and distance? Metes and bounds. Lot and block. Government rectangular survey. Recorded plat. Metes and bounds. A borrower's right to sto...

1. Community Association: Mandatory memberships, mutually binding contracts, lien-based assements 2. Purpose of community association: Provide for the community, business, and governance aspects of the association 3. Basic types of community association: Planned communities, condominium, and cooperatives 4. Planned community: HOA, owner association 5. Condominium: Owner of his/her unit 6. Cooperative: Owns stock/holds lease 7. Types of community associations: Master/umbrella, Mixed use dev...