Borrower mortgagor Study guides, Class notes & Summaries

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...

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...

Promissory Note correct answers A written agreement to repay a debt Who is the maker of the note in a promissory note? correct answers The debtor Who is the payee of the note in a promissory note? correct answers The creditor Who is a holder in due course? correct answers One who gets payments Who is the mortgagor? correct answers Borrower Who is the mortgagee? correct answers Lender In Alabama, who has the title until the debt is paid? correct answers The mortgagee Deed of ...

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...

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...

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...

Champions Real Estate Finance Exam (2024) || Questions & Answers (Rated A+) Champions Real Estate Finance Exam (2024) || Questions & Answers (Rated A+) Mortgage - ANSWER - A pledge of real property as security for a debt. Deed of Trust - ANSWER - A three party loan instrument - borrower, lender and trustee. Note, Promissory Note - ANSWER - A personal promise to repay a debt. Mortgagor - ANSWER - Borrower under a mortgage Mortgagee - ANSWER - Lender under a mortgage Beneficiary...

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

Gold coast chapter 12the instrument that contains the amount of the loan, interest rate, payment provisions, and other terms of the loan is the blank - correct answer Promissory note A mortgage is a blank - correct answer Pledge of security the clause in a mortgage that protects the borrowers interest and requires the lender to acknowledge performance by the borrower is the blank clause - correct answer Defeasance The clause that allows a parcel of property to be sold free and clear o...

Regulation Z Answer The regulations issued under the Truth-in Lending Act that set forth the specific requirements that a lender must follow in order to comply with the Truth-In-Lending law. Revolving Debt Answer A type of credit arrangement in which a consumer is pre-approved for a line of credit and they may make purchases against that credit. The Lender is also know as the: Answer Mortagee (lien theory/mortgage), beneficiary (title theory/deed of trust), grantor, vendor (land contract)...