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Realestate > Section 4 Morgages, Deeds Of Trust And Foreclosure > Flashcards

Section 4 Morgages, Deeds Of Trust And Foreclosure Flashcards

1
Q

Entire loan balance due in case of a default

A

Acceleration clause

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2
Q

Also called due on sale clause

A

Alienation

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3
Q

A charge for early repayment

A

Prepayment penalty

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4
Q

Increase interest rate in event of default

A

Escalator cause

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5
Q

Allows 1st loan to keep its priority in refinancing

A

Subordination clause

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6
Q

Borrower must have property insurance

A

Covenant clause

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7
Q

Land does not ___

A

Depreciate

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8
Q

Similar to an appraisal but can’t call it that, should include recent sales, current listings and expired listings

A

CMA. Competitive market analysis

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9
Q

DUST

A

Demand. Utility. Scarcity. Transferability

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10
Q

What are fees based on

A

Time and effort not appraised value

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11
Q

Price actually paid in a transaction

A

Market price

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12
Q

“Fair market price” the most profitable price

A

Market value

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13
Q

Pay no more than the cost to acquire equally desirable property

A

Substitution

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14
Q

Value maximasied when similar properties are grouped

A

Conformity

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15
Q

Combining smaller lots into larger lot

A

Assemblage

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16
Q

The increase in value resulting from assemblage

A

Plottage

17
Q

Value determine by expectations of the future benefits

A

Anticipation

18
Q

Value determined by what people will pay- not cost

A

Contribution

19
Q

Better homes decrease by association with modest homes

A

Regression

20
Q

Modest homes increase by association with better homes

A

Progression

21
Q

Growth. Equilibrium. Decline

A

Stages of a neighborhood

22
Q

Neighborhoods change over time

A

Change

23
Q

Success breads imitation

A

Competition

24
Q

Value increase not through efforts of owner

A

Unearned increment

Realestate (2 decks)

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