OREGON REAL ESTATE ACTUAL EXAM COMPLETE
120 QUESTIONS AND CORRECT DETAILED
ANSWERS (VERIFIED ANSWERS) |ALREADY
GRADED A+||BRAND NEW!!.
Servicing the loan✔✔ ANSWER✔✔Handles and collects mortgage
payments, handles default and foreclosure actions on behalf of the
lender, pays taxes when due, generally charge lender 3/4 of 1% of loan
balance for the service. Can be FHA VA conventional etc
Commercial bank lending✔✔ ANSWER✔✔Prefer short term loans
(construction, home improvement loans, equity loans)
-Can be fed (must be fdic) or state chartered (choose to be fdic)
Warehousing✔✔ ANSWER✔✔Using loans as collateral for other loans
on the secondary market
Institutional lenders✔✔ ANSWER✔✔Regulated financial
institutions/intermediaries i.e. Savings bank, commercial bank, credit
union, life insurance co.
Non institutional lenders✔✔ ANSWER✔✔Can lend to more speculative
investments i.e. Real estate investment trusts, pension trust funds,
private lenders, mortgage bankers, sellers of property
,Mortgage broker✔✔ ANSWER✔✔Links borrower with lender-Middle
man paid by borrower commission- uses banks funds
Mortgage banker✔✔ ANSWER✔✔Originates, finances, closes loan and
sells loans to large investors- uses own funds
Chattel mortgage✔✔ ANSWER✔✔Mortgage on personal property
Package mortgage✔✔ ANSWER✔✔Includes real and personal property
Promissory note✔✔ ANSWER✔✔Evidence of debt and promise to
repay
Strict foreclosure✔✔ ANSWER✔✔Foreclosure without a sale, property
returned to the lien holder
Trust deed✔✔ ANSWER✔✔A deed of trust, like a mortgage, pledges
real property to secure a loan. NOT a promise to pay but security
backing the promise to pay.
A deed of trust involves three parties:
the trustor (the borrower)
, the beneficiary (thethe
lender), and
the trustee. (The trustee is an independent third party that holds "bare"
or "legal" title to the property. The main function of a trustee is to sell
the property at public auction if the trustor defaults on payments.) It is
used instead of a mortgage in certain states.
180 day right of redemption post judicial foreclosure
Package mortgage✔✔ ANSWER✔✔One loan for a number of items.
Real property and personal property. Interest rates can be lower bc of
the real property as security
Title theory states✔✔ ANSWER✔✔Mortgage conveys legal title to the
lender (mortgagee) and is conveyed to mortgagors upon satisfaction of
the debt
Lien theory states✔✔ ANSWER✔✔Mortgage is security interest. Gives
the lender a lien against the property but borrower remains title holder.
Lender can only take possession thru judicial foreclosure
Right of redemption✔✔ ANSWER✔✔Right to reclaim property 180 days
after sale by making payment of full sum plus costs and by giving notice
to Sheriff not more than 30 or less than 2 days in advance.
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