Borrower mortgagor Study guides, Class notes & Summaries

COLORADO REAL ESTATE EXAM PREP EXAM REVIEW QUESTIONS AND ANSWERS. VERIFIED. Title Theory - -lender owns, borrower has equitable title Hypothecation - -pledging property as collateral for a loan without giving up possession Mortgagee - -Lender Mortgagor - -borrower Non Judicial foreclosure - -*CO: Public trustee has power to foreclose 1.Lender complains 2. Notice given 3. trustee sells after 125 days Strict foreclosure - -No sale. Full legal title given to lender, loss of equity for b...

Guarantee Correct Answer-A promise made by one party to share responsibility for the debts of another party Mortgage Correct Answer-An interest in land created by a written instrument providing security for the performance of a duty or the payment of a debt Promissory note Correct Answer-A promise or an engagement in writing to pay a specified sum at a time therein stated or on demand or at sight to a person named therein Debtor Correct Answer-One who owes a debt Payee Correct Answer...

2024 Fundamentals of Louisiana Notarial Law and Practice with Complete Solutions2024 Fundamentals of Louisiana Notarial Law and Practice with Complete Solutions2024 Fundamentals of Louisiana Notarial Law and Practice with Complete Solutions Mortgagor - ANSWER-one who grants/gives a mortgage; the one making the mortgage, so that's the borrower/home-buyer Mortgagee - ANSWER-one who takes the mortgage and is thus, the lender/bank - the one who provides a loan to someone buying the house; the p...

Colorado Real Estate Exam Prep (2023/2024) (Certified Solutions) Title Theory lender owns, borrower has equitable title Hypothecation pledging property as collateral for a loan without giving up possession Mortgagee Lender Mortgagor borrower Non Judicial foreclosure *CO: Public trustee has power to foreclose 1.Lender complains 2. Notice given 3. trustee sells after 125 days Strict foreclosure No sale. Full legal title given to lender, loss of equity for borrower Judicial foreclosure done t...

What method of settling a default involves a conveyance of title to the lender? - deed in lieu of foreclosure A way for the mortgagor (borrower) to avoid foreclosure. The borrower who is in default under the terms of the mortgage gives a deed to the lender - a deed in lieu of foreclosure When a promissory note is executed, it becomes - evidence of the debt The legal instrument that represents the primary evidence of a debt - promissory note A mortgage clause (in title theory states) that pro...

Champions School of Real Estate - Real Estate Finance Latest Update Rated A+ A loan unable to be sold to Fannie Mae or Freddie Mac (i.e. A sub-prime loan) Non- Conforming Loan VA Veteran's administration - assists veterans in the purchase of housing by guaranteeing loans) Seller's equity Cash price minus the loan balance A clause often found in a blanket loan allowing the borrower to obtain partial releases of specific lots by making required lump sum payments. Release Clause ...

The rules were that what you borrowed, plus interest, must be paid back the next year or at some other agreed upon time. This is called a _______. correct answers Term Loan A word that literally means to kill off. Each payment is an ___________ partially pays off BOTH principal and interest. correct answers Amortize. Amortized Loan. A borrower's personal promise to repay a debt according to the agreed terms. correct answers Promissory Notes. Secured by a Deed of Trust. In some states, ...

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 ...

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...