Chapter 15

Question 1

The personal contractual promise made by mortgager or to pay the mortgage money to interest of the mortgage

Answer 1

Personal covenant

Question 2

Advanced clause

Answer 2

Some mortgages provide for the full amount to be given in stages building a house on bear land developer projects in EtC

Advanced clause gives the lender a complete discretion in deciding whether an event some or all of the money secured by the mortgage

Question 3

Clogging

Answer 3

Option to purchase taken by the lender.

Any mortgage or mortgage term that clog the owners rights to redeems is void

Question 4

Quit claim deed

Answer 4

Terminate the borrowers interest in the property in favour of the lender

Question 5

First legal mortgage

Answer 5

Transfers legal title to the property from the owner to the lender

Contractual rights of redemption world has rights to redeem title by repaying the loan

Question 6

After the borrower has given them were age of a real property the borrows remaining interest is described outlaw as Law

Answer 6

Equity of redemption

Question 7

After the contractual rights to redeem has passes on the mortgage

Answer 7

Equitable rights to redeem still exist

Question 8

Equitable l mortgages second and third mortgage

Answer 8

Will be at it for a smaller amount and bear higher interest rate

Question 9

Mortgage of equity redemption

Answer 9

Renovation

Question 10

Agreement for sale

Answer 10

Lender agrees to sell his interest in land for a price payable by installments upon payment of the price and full rent to own

Question 11

Disguising a mortgage as a transfer

Answer 11

A loan agreement may be drawn up to appear transfers for a fee simple to circumvent the doctrine of equity of redemption.

Question 12

When a mortgage or grants a mortgage subsequence to a first register mortgage as the mortgagor has created a

Answer 12

Equitable mortgage

Question 13

Contract between a vendor of real estate and the purchaser whereby the vendor agrees to sell her interest in that land to the purchaser for the pacific price payable in installments and upon payment of the price in full to transfer title to the purchaser is called

Answer 13

And agreement for sale

Question 14

Which of the following is an example of equity mortgage

Answer 14

Mortgage of equity redemption

Agreement to execute a legal mortgage

And duplicate certificate

All above is correct

Question 15

Acceleration clause - WROST ONE 7 days
I truly date of the loan is a push for the lender demands to Be paid full out.

Omnibus clause. In default of payment the lender will make the payment and it will be added to your loan

Answer 15

Lender remedies clause - This gives the lender complete discretion to choose the most suitable remedy

Mortgage in possession clause- Lender can take possession of the property to prevent additional loss is due to decline a property or direct damages

Question 16

My contractual clause in a mortgage does not apply were borrow

Answer 16

Sales

Question 17

Reverse immunity mortgage

Answer 17

RAM - retiree will take equity out to pay

Question 18

Interimblanket mortgage

Answer 18

The mortgage place is on a whole development and can be released from individual lot as they are purchased

Question 19

Vendor to back mortgage

Answer 19

Maybe you when you want to purchase or cannot obtain a loan through the bank because of poor credit score of wanting better terms

Question 20

Bridge financing

Answer 20

Borrowers received a loan and grant a mortgage to the lender for a short period of time while long-term financing is being pursued

To property short term lenders

Question 21

Which of the following statements about federal legislation governing mortgage interest is faults

Answer 21

The interest is borrows the right to attack the rate of being interest being charged in a mortgage on the basis that the rate is either harsh for unconscionable

Question 22

With respect to the application of the environmental management at EMA which is the following is true

Answer 22

Lenders are face liability under the EMA if that becomes pressure owners of the property as a result of foreclosure

Question 23

Which of the following statements regarding a due on sale clause is true

Answer 23

A due sales clauses allows the lender to collect on all amounts owing under the mortgage including pre-payment penalties upon sale on the property

Question 24

The process where buy a mortgage lender transfer his interest in a mortgage to a third-party is known as

Answer 24

Assignment assignment