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Real Estate Sales > Real Estate Sales Exam > Flashcards

Real Estate Sales Exam Flashcards

1
Q

Voluntary Alienation

A

Property Conveyed or transferred voluntarily

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2
Q

How can Voluntary Alienation be accomplished?

A

Dedications, gifts, public grants, and sales

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3
Q

Dedication

A

Term used for a specific type of voluntary transfer of property from an individual to the government

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4
Q

Consideration

A

No money or other thing of value is exchanged for the property

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5
Q

Public Grants

A

Transfers of property in which the government gives a piece of property to someone

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6
Q

Grantor

A

Person selling the property

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7
Q

Grantee

A

The person buying the property

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8
Q

Involuntary alienation

A

Property that can be taken against your wishes or for some other reason it can be lost

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9
Q

What are the forms of involuntary alienation

A

adverse possession, avulsion and erosion, eminent domain, foreclosure, forfeiture and partition.

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10
Q

Adverse Possession

A

The loss of your property or some rights to your property because of continues use by someone else

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11
Q

Prescriptive Easement

A

The original owner can lose complete title (ownership) to the property or only a right to use part of the property

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12
Q

Tacking

A

The ability of a party claiming possession to count or accumulate the necessary amount of time of possession during the ownership’s of more than one owner

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13
Q

How do you get title to property through adverse possession?

A

The person claiming title must file a lawsuit or otherwise initiate an action to quiet title in court

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14
Q

Avulsion

A

The sudden loss of land, can occur by natural processes. Earthquakes, landslides and mud slides.

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15
Q

Erosion

A

Loss of land through a gradual process

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16
Q

Accretion

A

Gaining land by natural forces

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17
Q

Eminent Domain

A

The taking of land against your wishes by the government or other public agency

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18
Q

Foreclosure

A

Losing your property involuntarily to pay a debt

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19
Q

Partitioning

A

is a legal preceding that is undertaken to divide a single piece of property that is owned in shares

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20
Q

Will

A

A document that determines how a deceased persons real property and personal property are to be distributed after death.

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21
Q

Testator

A

The person for whom the will is drafted

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22
Q

Devisee

A

Anyone who receives title to real estate through a will

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23
Q

Devise

A

The gift of real property

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24
Q

Codicil

A

An addition or change to an existing will made by the person for whom the will was written

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25
Q

Contract

A

An agreement either to do or not to do something. The agreement must be made voluntarily by legally competent parties.

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26
Q

Express Contract

A

Created when parties to the contract clearly state in words what they agree to do or not

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27
Q

Implied Contract

A

Created by the actions of the parties

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28
Q

Bilateral Contract

A

One in which two parties each agree to do something, in effect exchanging promises

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29
Q

Unilateral Contract

A

A one-sided agreement in which only one party is obligated to do what is promised

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30
Q

Exercising the Option

A

The buyer is free to buy or not to buy, but the seller must sell the property to the buyer at the stated price if the buyer whats to buy it within the years time.

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31
Q

Statute of Frauds

A

Requires most real estate contracts to be in writing for them to be enforceable

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32
Q

Uniform Commercial Code (UCC)

A

Governs sales and contracts involving personal property like a car

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33
Q

What makes a contract valid?

A 
Legally competent parties
Mutual Agreement
Lawful Object
Consideration
Agreement in writing
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34
Q

Void Contract

A

One in which one or more of the required elements are missing. A contract to do something illegal is a void contract

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35
Q

Unenforceable Contract

A

One that seems valid, and may in fact have all the elements of a valid contract but for one reason or another cannot be enforced by one party against another.

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36
Q

Voidable Contract

A

Usually involves a situation in which one of the parties may not have the legal ability yo enter into a contract but may confirm the contract at a later time.

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37
Q

Executory Contract

A

One in which one or more of the terms of the contract have not been completed

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38
Q

Executed Contract

A

One in which everything is completed

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39
Q

Listing agreement

A

Is between an agent and a property seller

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40
Q

Exclusive right to sell listing agreement

A

Requires that compensation be paid to the broker regardless of who sells the property

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41
Q

Exclusive agency listing agreement

A

One in which a fee is owed to the broker only if the broker sells the property.

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42
Q

Open Listing Agreement

A

Owner agrees to pay a fee to any broker producing a successful buyer

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43
Q

Buyer Agency Agreements

A

Are formed between an agent and someone who wants to purchase a property

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44
Q

Exclusive buyer agency agreement

A

requires that the buyer pay the agent whether or not the agent finds the buyer the house that the purchaser buys

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45
Q

Exclusive agency buyer agency agreement

A

The buyer is obligated to pay the agent only if the agent produces a property that the buyer buys

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46
Q

Open Buyer agency agreement

A

Buyer essentially says he will pay any agent who finds him a property

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47
Q

What are the elements of a valid contract

A

Legally Competent Parties
A contract that must be in writing
A legal description of the property
Words of mutual agreement to buy and sell the property
Consideration, what is being paid or exchanged and any other financial terms
Signatures of both or all parties; The signing of a contract for the sale of a property gives the buyer equitable title which isn’t yet ownership and which can be conveyed in a deed.
Lawful Object: This requirement is usually pretty easy to meet because the object of the real estate sales contract is to sell the real estate

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48
Q

Uniform vendor and purchaser risk act

A

requires the seller to bear any loss that occurs before title is passes to the buyer

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49
Q

Contingency Clause

A

Statement that requires that a specified condition must be met for the contract to be completed

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50
Q

Mortgage Contingency

A

allows for the possibility that the buyer may not be able to afford to buy the house

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51
Q

Inspection Contingency

A

An agreement that requires an inspection of the house by a home inspector

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52
Q

Conditional Sales Contract

A

May be used to purchase property without immediately paying the full price and without obtaining a mortgage

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53
Q

Lease

A

A form of real estate contract that gives someone exclusive use of a property for a period of time for a fee.

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54
Q

Discharging a Contract

A

ending the contract in one of several appropriate ways

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55
Q

What are the ways a contract can be discharged

A 
Performance
Assignment and Delegation
Death
Impossibility of Performance
Mutual Agreement
Novation
Operation of Law
Partial Performance
Rescission 
Substantial Performance
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56
Q

Forfeit the Contract

A

The seller formally declares the contract forfeited.

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57
Q

Rescind the contract

A

After a buyer defaults the seller declares the contract rescinded. This statement puts everyone back in the same position as when the contract never existed

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58
Q

File suit for compensatory damages

A

The seller brings a lawsuit against the buyer for monetary damages that the seller believes he has experienced because the buyer defaulted on the contract.

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59
Q

File suit for specific performance

A

Is to force the buyer to buy the house.

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60
Q

Lease Fee Estate

A

The owners interest in a property in a lease situation

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61
Q

Leasehold Estate

A

The tenants interest in the property

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62
Q

Estate for years

A

A lease agreement with a definite starting and end date

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63
Q

Periodic Estate

A

Occurs when the original agreement doesn’t contain any definite period of time

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64
Q

Holdover tenant

A

When a lease with an ending date ends and the tenant doesn’t move out and the landlord continues to accept the rent.

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65
Q

Estate at will

A

When the landlord allows the tenant to occupy the premises, but there is no definite period of time when the arrangements will expire.

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66
Q

Estate at sufferance

A

Occurs when a tenant who had a legal right to occupy the premises continues to occupy the space after the right of occupancy has expires.

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67
Q

Uniform Residential Landlord and Tenant Act

A

Provides additional terms and conditions that should be addressed in the lease.

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68
Q

Rent Control

A

Any type of government control over what a landlord may charge a tenant

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69
Q

Gross Lease

A

Where the tenant pays the same rent each month, and the landlord pays all the buildings expenses, such as maintenance and taxes

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70
Q

Ground Lease

A

Lease where someone rents an empty vacant piece of land specifically to erect a building on it

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71
Q

Net Lease

A

One where the tenant pays building expenses on top of base rent

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72
Q

Triple Net Lease

A

Requires the tenant to pay all expenses such as taxes, utilities, maintenance and insurance

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73
Q

Percentage Lease

A

Minimum monthly rental charge plus a percentage of the gross earned by the business

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74
Q

Proprietary Lease

A

A lease that is given to the owner of a cooperative apartment. The owner doesn’t actually own the apartment itself but rather shares in the corporation that owns the building

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75
Q

Actual Eviction

A

Occurs when the landlord sues for possession of the premises

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76
Q

Constructive eviction

A

Occurs when the landlords actions are such that the premises become uninhabitable

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77
Q

Rentable Space

A

Space that a tenant pays for when renting nonresidential space, say in an office building or shopping mall

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78
Q

Useable Space

A

The square footage that the tenant is allowed to use exclusively

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79
Q

Add-on factor

A

The difference between the rent-able space and the usable space

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80
Q

Comprehensive Environmental Response, compensation and liabilty act (Cercla)

A

This laws purpose is to identify sites of environmental pollution and provide funds for cleanup

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81
Q

Strict

A

This means that the property owner has no excuse with respect to his liabilty

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82
Q

Joint and Several

A

If more than one person is responsible for the hazardous waste site, the law is enforceable on the group as well as on each individual

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83
Q

Retroactive Liability

A

All previous owners also can be held responsible for the hazardous waste site

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84
Q

What are three things the environmental protection agency administer?

A

The clean water act, The toxic substance control act, Resource Conservation and recovery act.

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85
Q

Who is The Hazardous Material Transportation Act (HMTA) enforced by?

A

The United States Department of Transportation

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86
Q

What is the leaking underground Storage Tank Program (LUST)

A

Created in 1984 as part of the resource conservation and recovery act administered by the epa. This program targets underground storage tanks used for storage of hazardous substances such as chemicals or oil based products like motor fuel.

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87
Q

What is OSHA and what does it stand for?

A

The occupational safety and health administration. They are responsible for providing monitoring regulations regarding worker safety particularly in factories.

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88
Q

What three essential functions does the Superfund Amendments and Reauthorization Act of 1986 perform?

A

Provide increased funding to the superfund for environmental cleanup
Creating stronger standards for cleanup of hazardous waste
Creating innocent landowner immunity

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89
Q

Innocent Landowner Immunity

A

Where a property owner has been innocent of all involvement with a hazardous waste site and under certain circumstances may claim immunity from responsibility

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90
Q

What is the (SDWA)?

A

The safe drinking water act, which established standards for the testing and quality of public water supplies. It requires that the public be notified if the drinking water contains contaminants above acceptable levels

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91
Q

Mitigation Measures

A

Things that might be done to minimize or eliminate the environments impact of the project

92
Q

Asbestos

A

Is a mineral that has been widely used in residential and commercial construction because of it resistance to the transfer of heat and its resistance to fire.

93
Q

Friable

A

The tendency to break down and give off dust and fibers that can be highly dangerous if inhaled

94
Q

Asbestosis

A

A sometimes fatal disease that makes breathing difficult

95
Q

Mesothelioma

A

A cancer of the lining of the lungs

96
Q

What are the three ways to deal with asbestos?

A

Leave it alone
Remove it
Deal with it: Encapsulation

97
Q

Encapsulation

A

Sealing the asbestos in place.

98
Q

Brownfields

A

Former industrial, factory, manufacturing or storage sites that may have environmental

99
Q

Building-Related Illness

A

Describes various health issues related to the indoor air quality of buildings

100
Q

Lead Based Paint Hazardous Reduction Act

A

Requires that homeowners in homes built before 1978 fill out lead paint disclosure form and give it to a buyer when they sign a sales contract

101
Q

Earnest

A

Deposit Money

102
Q

Radon

A

Odorless, tasteless, radioactive gas produced by the decay of natural materials such as rocks that are radioactive

103
Q

Sick Building Syndrome

A

Symptoms that people sometimes experience when inside a building for period of time, but which end when the person leaves the building.

104
Q

Landfills

A

Areas that are excavated, filled with solid waste and then covered.

105
Q

Carbon Monoxide

A

A potentially deadly gas that occurs naturally in the burning of gas, oil, or other fuels. It can be lethal in the case of faulty furnace or oil burner and were there is improper ventilation.

106
Q

Chlorofluorocarbons

A

Gases that were once used in aerosol cans and in the freon of older air conditioners. Thought to be responsible for the depletion of the ozone layer around the earth.

107
Q

Performance

A

Is the ideal way to end a contract because all parties have fulfilled their obligations

108
Q

Assignment and Delegation

A

Someone else takes over or is assigned the obligations of one of the parties to the contract.

109
Q

Impossibility of Performance

A

In a situation where the action that was contracted cannot be performed legally, the possibility of performing the task can be declared impossible

110
Q

Mutual Agreement

A

Both parties to the contract agree to cancel it. They can agree with no penalty to either party, or they agree to some exchange of money to pay for any damage or loss to one or the other parties.

111
Q

Novation

A

Is a situation in which a new contract with different terms replaces an old one.

112
Q

Operation of law

A

This type of situation can relate to some legal issue that arises that cancels the contract. For example a contract that is made on the basis of fraud is canceled when the fraud is discovered.

113
Q

Partial Performance

A

Discharging a contract for partial performance refers to an acceptance by one party of incomplete work by the other party and an agreement that the incomplete work will constitute fulfillment of the terms of the contract

114
Q

Rescission

A

A rescission of a contract sometimes is called a unilateral rescission. Rescission is when one party decided not to fulfill it obligations under the contract and considers the situations to be as if the contract never existed.

115
Q

Substantial Performance

A

With the work under contract nearly completed, a substantial performance discharge of the contract may be in order. Under these circumstances.

116
Q

Forfeit the Contract

A

The seller formally declares the contract forfeited.

117
Q

Rescind the Contract

A

After a buyer defaults, the seller,

118
Q

File suit for compensatory damages

A

The seller brings a lawsuit against the buyer for monetary damages that the seller believes he has experience because the buyer defaulted on the contract

119
Q

File suit for specific performance

A

The purpose of this kind of lawsuit, which the seller brings against the buyer, is to force the buyer to buy the house.

120
Q

Domestic Water

A

Used to describe what you drink, cook with and take a shower in.

121
Q

Federal Safe Drinking Water Act

A

Requires that public water supply systems be tested regularly

122
Q

Sanitary Waste

A

Is what goes out the drain pipe of your house from the sinks, showers, toilets and washing machines.

123
Q

Septic System

A

Individual on-site septic disposal systems

124
Q

Leachate

A

The liquid stuff that comes out of the septic tank after all the solids have settles to the bottom of the tank

125
Q

Appraisal

A

An estimate of the opinion of value

126
Q

Subject Property

A

The property being appraised

127
Q

What are the reasons an appraisal may be done?

A 
Buying
Eminent domain
Estate Valuation
exchange of ownership 
mortgage approval
property taxes
selling
taxes other than property taxes
128
Q

What affects Real Estates Value?

A 
Access to employment
amenities and services
hazards and nuisances
nearness to transportation
neighborhood compatibility
safety
schools traffic
129
Q

Market Value

A

Is the value that appraisers deal with the most. It is the value we’re most often concerned with in a typical real estate transaction

130
Q

Arms Length Contract

A

Implies that no relationship exists between the parties and that the buyer and seller each act in his or her own best interest

131
Q

Value in Use

A

Is the value a property has to a specific person who may use it for a specific purpose that’s generally unavailable to the typical buyer

132
Q

Investment Value

A

The value to a specific investor with a specific plan for the property

133
Q

Assessed Value

A

The value placed on a property for tax purposes

134
Q

Valorem

A

Latin for according to the value

135
Q

Economic Influence

A

Value just doesn’t happen, people have to create it, most of these are personal actions

136
Q

Anticipation

A

All property value is created by the anticipation of the future benefits the property will provide

137
Q

Balance

A

You find a balance between land value and building value in any given area. Overall property values and builders profit on new homes are maximized when that balance is maintained.

138
Q

Change

A

Nothing remains the same. Physical, Governmental, Economic and social changes all affect property value

139
Q

Competition

A

Describes the fact that in real estate the supply side tries to meet the demand side until their demand is satisfied.

140
Q

Conformity

A

Value is created and sustained when real estate characteristics are similar.

141
Q

Contribution

A

In real estate terms, a building or faucet is worth the value the market places on it, not its cost,

142
Q

Externalities

A

Real estate, because it stays in a fixed location, is affected by everything that happens around it

143
Q

Highest and best use

A

States that every property has a single use that results In the highest value of the property.

144
Q

Increasing and Decreasing Returns

A

Sometimes called diminishing returns, relates to adding improvements to a piece of real estate. Increasing returns come in then an improvement adds more value to the real estate that its cost

145
Q

Opportunity Cost

A

For every investment opportunity you choose you lose other investment opportunities

146
Q

Plottage Principle

A

States that the whole is sometimes greater that the sum of its parts. You can out together four individual 5 acre parcels of land each worth 50,000 to create a single 20 acre piece of property.

147
Q

Regression and Progression

A

This principle says that the higher values of larger homes tend to have a positive effect on the lesser value of the smaller home.

148
Q

Substitution

A

The economic principle says that a buyer will try to pay as little as possible for the property that meets the buyers needs.

149
Q

Supply and Demand

A

Because only so much land can be found in any particular location, and therefore only so much of anything can be built, the balance between supply and demand affects value

150
Q

Surplus Productivity

A

The difference between the costs and the selling price

151
Q

Comparables

A

Analyzing the sale of other similar properties

152
Q

Substitution

A

This principal states that no one pays more than necessary for a piece of real estate that meets that persons needs

153
Q

Hypothecation

A

The process of using property as security for a loan

154
Q

Mortgage

A

A document prepared by the lender and signed by the borrower

155
Q

Promissory Note

A

An agreement to repay a loan according to certain terms and conditions

156
Q

Mortgagor

A

You are giving the mortgage to the bank

157
Q

Mortgagee

A

The bank accepts the mortgage in return for lending you the money

158
Q

Lien theory

A

The mortgagor retains both the legal title equitable title to the property. The mortgagee is granted a lien on the property.

159
Q

Legal Title

A

The title of ownership that normally transfers in a property sale.

160
Q

Title Theory

A

The mortgagor gives legal title to the mortgagee but keeps equitable title.

161
Q

The intermediate theory

A

The borrower retains title to the property and the mortgage is a lien. If the borrower defaults on the loan, title is conveyed to the lender.

162
Q

Acceleration Clause

A

Enables the lender to require the entire debt to be repaid immediately.

163
Q

Points

A

Additional interest, a point equals 1 percent of the loan amount.

164
Q

Yield

A

Overall profitability of the mortgage as an investment

165
Q

Annual Percentage Rate (APR)

A

The combination of the interest that is paid along the way plus the points charged in the prepaid interest combine to form the APR

166
Q

Buydown

A

When points are paid to lower the interest rate

167
Q

Seller incentive

A

Builders of new home may pay points to lower the interest rate for a few years to attract buyers to their development. When a seller pays this, it’s usually referred to as a seller incentive

168
Q

Escrow Account

A

Is required by most lenders, is an account held by the bank on behalf of the borrower that is used by the lender to pay the taxes and insurance on the property,

169
Q

Primary Market

A

is composed of the lenders who lend money to people who want to buy a property. The primary market is where you go to get a mortgage loan.

170
Q

Secondary Market

A

Composed of financial institutions to which the banks sell the mortgages to get more money to lend to you

171
Q

Primary Mortgage Market

A

Where consumers, you and I go to borrow money to buy real estate

172
Q

Federal Reserve System

A

A key player in financial markets that affect the availability of money for real estate mortgage loans

173
Q

Reserve Requirement for banks

A

which is the requirement that the fed imposes on banks to maintain a specified amount of their assets as reserve funds in cash

174
Q

Discount Rate

A

This is the rate of interest that member banks charge eachother for loans between banks

175
Q

Packages or Pools

A

Its mortgage loans, these loans have value because the notes on which theyre based are promises to repay specific amounts of principal and interest plus they are backed by a mortgage that enables the lenders to sell the properties if the debts are not repaid

176
Q

Fannie Mae

A

Federal National Mortgage association, privately owned corporation chartered by congress. Fannie Mae sells stocks and bonds to raise money to buy conventional bank mortgage loans.

177
Q

Ginnie Mae

A

The government national mortgage association is a government agency administered by the us department of housing and urban development. Ginnie mae provides investors with an opportunity to invest in mortgages by selling pass through certificates to investors

178
Q

Freddie Mac

A

The federal home loan mortgage corporation is a privately owned corporation that also provides a secondary market for mortgages.

179
Q

Farmer Mac

A

The federal agriculture mortgage corporation serves as a secondary mortgage market for farm loans

180
Q

Federal Housing administration (FHA)

A

An agency under the supervision of the U.S department of housing and urban development that insures loans made by primary lenders

181
Q

203 B Loan rules? FHA

A

FHA Loans are limited to owner ocuppied one to four houses
the buyer at closing pays a fee called a mortgage insurance premium (MIP) The MIP is based on a percentage of the loan
An FHA approved appraiser must make an estimate of the properties value. Standards govern whether the condition of the property and the neighborhood qualify for FHA assurances

182
Q

Department of Veteran Affairs (VA)

A

Provides a loan guarantee program to eligible veterans and their spouses

183
Q

Farm Service Agency

A

Is an agency of the us department of agriculture that sponsors programs targeted at agricultural and rural areas

184
Q

Private Mortgage Insurance

A

Insurance coverage that the borrower purchasers that protects the lender

185
Q

Equity

A

The difference between the value of the property and all debt attributable to the property

186
Q

Loan to Value (LTV)

A

The percentage of value of the property that can be borrowed

187
Q

Qualifying Ratio

A

What a borrower can afford to pay for a mortgage loan.

188
Q

PITI

A

Principle, Interest, Taxes, Insurance

189
Q

Front End Ratio

A

A lender may say a buyer can afford to pay 28 percent of total gross income in monthly payments

190
Q

Back end ratio

A

The lender established that the borrowers total monthly debt payments including PITI cant be greater than 36 percent of the borrowers total gross income

191
Q

Blanket Mortgage

A

A loan that covers more than one piece of property

192
Q

Partial Release

A

Is a provision that allows the lien to be removed separately from each parcel as it is sold to a buyer and the bank is paid a portion of the loan amount.

193
Q

Construction Loan

A

Is made to finance a construction project. A typical case is when someone who owns property hires a builder to build a house

194
Q

Home Equity Loan

A

Seeks to use the equity that a mortgagor has built up in a property either for improving the property or for some other use

195
Q

Home Equity

A

Is the difference between the value of the property and the debt attributed to the property

196
Q

Open Mortgage

A

A mortgage loan that can be paid back at anytime without a prepayment penalty

197
Q

Prepayment Penalty

A

A loan that can be reopened and borrowed against after some of it has been paid down

198
Q

Open End Mortgage

A

is a loan that covers real estate and personal property being sold with the real estate

199
Q

Package Mortgage

A

A loan that covers real estate and personal property being sold with the real estate

200
Q

Purchase Money Mortgage

A

Is the mortgage loan used to buy real estate. The term sometimes is used to mean the mortgage that a seller takes back as part of the sale price of the property.

201
Q

Usury Rate

A

State government set rates for interest that cannot be exceeded

202
Q

Imputed Interest Rate

A

Is the interest rate that the IRS says should have been charged based on market conditions

203
Q

Reverse Mortgage

A

These loans enable a property owner to use the equity in the property without selling the property. Money may be paid out in periodic payments,a lump sum, or a line of credit to a certain amount of the owners equity in the house

204
Q

Sale Leaseback

A

Isn’t acutally a mortgage but can be a source of project financing and a means of obtaining the equity in a property

205
Q

Shared Equity Mortgage

A

Allows for a share of the profit on the property to be given to someone else in return for help purchasing the property.

206
Q

Temporary Loan

A

Also called interim financing is used when funds are needed for short periods of time to complete a real estate transaction

207
Q

Wraparound Mortgage

A

A new mortgage that literally wraps around the old mortgage. A seller sells a property to a buyer but the seller doesn’t pay off an existing mortgage.

208
Q

Principal

A

The amount they borrowed

209
Q

Interest

A

What the bank charges you to use its depositors money

210
Q

Fixed rate of interest

A

Means that throughout the lifetime of the loan, the interest rate and the amount of the monthly mortgage payments do not change

211
Q

Adjustable rate mortgage

A

Is a mortgage for which the interest rate is subject to change during the life of the loan

212
Q

Index

A

A rate over which the lender has no control

213
Q

Payment Cap

A

Means that even if the rate adjustments reach their maximum each year if the resulting monthly payment increases to more than a specified amount, that payment cap keeps the payment within reasonable limits

214
Q

Negative Amortization

A

Which means the loan balance increases by the amount owed but not paid

215
Q

Amortized Loan

A

The primary feature of an amortized loan is that at the end of the loan term. The loan is completely paid off.

216
Q

Straight Loan

A

Calls for the payment of interest only during the term of the loan

217
Q

Partially amortized loans

A

Are combinations of amortized loans and straight loans

218
Q

Balloon Payment

A

An amount paid off in a single payment

219
Q

Growing Equity Mortgage(GEM)

A

Uses a fixed interest rate but payment of principal increases

220
Q

Foreclosure

A

Is the process by which the lender takes over ownership of the property and sells it for nonpayment of the debt

221
Q

Deficiency judgement

A

Borrower must cover the portion of the mortgage loan debt that the property sale didn’t cover

222
Q

Equitable Redemption

A

A right that exists after the foreclosure but before the sale of the property. During a specified time frame the borrower may pay off the debt and reclaim the property

223
Q

Statutory right of redemption

A

The right to redeem the property after the sale is called

224
Q

Deed in lieu of foreclosure

A

When a buyer voluntarily signs the property over to the lender by executing a deed to avoid a foreclosure action

225
Q

Subordinate Liens

A

Liens on the property that are paid after the mortgage lien

Real Estate Sales (1 decks)

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