Lesson 8 Flashcards
Default can be claimed against a mortgagor for all EXCEPT:
Failing to abide by an “or more” clause in the mortgage
The sale of property by foreclosure:
Terminates a listing of the property with the broker
A seasoned loan is a
loan with a payment history
A foreclosed owner’s rights after a foreclosure sale relate to
redemption
A lender charged an illegal rate of interest. This would be known as
usury
An owner was in default on a mortgage payment. The lender could call the entire loan balance due if the loan contained a (n)
acceleration clause
A seller who takes back a mortgage as part of the purchase price with a buyer who obtains a 1st mortgage holds:
A purchase money mortgage
Mortgage lending is least influenced by
Borrower’s need for loan
A mortgage clause that gives the mortgagee the right to declare the whole sum due in the event that the borrower sells to another who assumes the loan without the mortgagee’s consent is called a(n)
Alienation clause
An insurance company agreed to provide the developer financing for a shopping center at 13 percent interest plus an equity position. This arrangement is what type of loan?
Participation
Which represents mortgagee’s evidence of debt?
Note
A lender charged an illegal rate of interest. this would be known as:
Usury
After a judicial foreclosure sale, the court would most likely arrange for the purchaser to receive a:
Commissioner’s deed
A mortgage where the mortgagee retains title until the mortgage is paid off is considered a (an):
Title theory mortgage
Which type of foreclosure requires a power of sale clause in the mortgage?
Nonjudicial
