Iaao course 102 q test - Study guides, Class notes & Summaries

Chattel A mortgage on personal property. Balloon payment A payment on the balance due of a note at the end of the loan term that is in excess of the regular payment amounts. Usually found in a partially amoritized mortgage. Conventional mortgage A loan that is neither insured nor guaranteed by the federal government. Contract rent The actual rent paid in accordance with terms of a lease. Minimum base rent The fixed portion of rent under the terms of a percentage lease.