Ways to to obtain realty

Question 1

Mortgage is the Lien

Answer 1

Mortgagor is the borrower & Mortgagee is the Lender.

Question 2

Trust deed is the Lien

Answer 2

Trustor is the borrower and Beneficiary is the Lender. Trustee is the 3rd party holder of a title.

Question 3

Mortgage

Answer 3

Non negotiable security instrument on realty

Question 4

Lien Theory

Answer 4

Mortgage creates a lien against the real property, secured payment of debt.

Question 5

Note/loan

Answer 5

Negotiable instrument on realty. FHA, VA, Conventional conforming or non confirming loans.

Question 6

Judaical Foreclosure

Answer 6

Need court approval (M)

Question 7

Equitable Redemption

Answer 7

Definite period where mortgagor can make up late payments and get realty back. (M) and (TD)

Question 8

Statutory Redemption

Answer 8

Can reclaim realty if mortgagor makes payments after foreclosure. (M)

Question 9

Defeasance clause

Answer 9

Removes lien after you pay all the money also called satisfaction. (M)

Question 10

Acceleration

Answer 10

When you DEFAULT a payment the whole balance becomes due.

Question 11

Alienation

Answer 11

If you sold the property the balance becomes due immediately.

Question 12

Foreclosure

Answer 12

Realty taken and sold to satisfy debt.

Question 13

Prepayment

Answer 13

Paying whole amount prior to due date, with or without penalty.

Question 14

Insurance

Answer 14

Homeowners insurance, protect against fires etc.

Question 15

Conventional Loan/Note

Answer 15

No government backing up the loan.

Question 16

Non conforming

Answer 16

Note is bundled with other no conforming loans

Question 17

Impound

Answer 17

An account to pay annual taxes. Also called escrow account.

Question 18

Trust deed/ Deed of trust

Answer 18

Security instrament on realty

Question 19

Title Theory

Answer 19

Used in far west states, trust deed conveys title of realty to a trustee until note is paid off.

Question 20

Trustee’s deed

Answer 20

deed issued after foreclosure.

Question 21

Deed of re conveyance

Answer 21

Deed issued by the trustee.Loan is paid in full and gives all rights to trustor.

Question 22

Vendor/ Owner will carry

Answer 22

No 3rd party is associated. Real estate purchased without a lendor. Owner carries loan.

Question 23

Devisor

Answer 23

deceased person carrying the will

Question 24

Devisee

Answer 24

Name of person recieving realty on vaild will

Question 25

Testate and intestate

Answer 25

Someone who dies and leaves a will. And someone who died without a valid will.

Question 26

Nuncupative Will (deathbed will)

Answer 26

Not vaild

Question 27

Devise

Answer 27

To leave REAL property by will

Question 28

Bequest

Answer 28

To leave PERSONAL property by will

Question 29

Holographic Will

Answer 29

Will made without witness - not valid

Question 30

Valid Will

Answer 30

acknowledged ( made with witness)

Question 31

Administrator

Answer 31

Court ordered male to carry out affairs of will

Question 32

Administratrix

Answer 32

Court ordered female to carry out affairs of will

Question 33

Excecutor

Answer 33

Male named in will to carry out instructions of a will

Question 34

Executrix

Answer 34

Female named in will to carry out instructions

Question 35

Codicil

Answer 35

Any change in will is valid before death

Question 36

Heir

Answer 36

Implies there was no will. Intestate! Family member.

Question 37

Law of decent and distribution

Answer 37

Chain of inheritance when ancestor dies. Also Law of intestate sucession.