Acceleration clause - Study guides, Class notes & Summaries

0-Bedroom Dwelling Any residential dwelling in which the living area is not separated from the sleeping area Abstract of Title A condensed history of a property's title showing, in chronological sequence, matters such as conveyances, liens, and encumbrances that have been recorded against the title in the office of the register of deeds or other public recording place Acceleration Clause A clause within a mortgage permitting a lender to accelerate the amount due upon default and declare t...

Acceleration Clause - Answer-Allows lenders to demand payment in full if the borrower defaults on the loan (can be construed as predatory lending) Alienation Clause (Due on Sale Clause) - Answer-Says you must repay your mortgage if you sell your home to a new owner (loan is not assumable) Appraiser Independance Requirements replaced HVCC - Answer-home valuation code of conduct Due on Demand Clause - Answer-(Considered a predatory practice) The lender can demand repayment of the loan in ...

Abandonment - Answer Non-payment of taxes Abstract of title - Answer A history of the ownership of parcel of land which lists transfers of title, rights, and liabilities. Acceleration Clause - Answer Upon default, all the principal installments come due to immediately Accesion - Answer owner of land is entitled to all the soil produces or all that is added to the land either intentionally or by mistake. Trade fixtures not removed are "assessed" by the owner of the property...

Acceleration Clause correct answers Allows lenders to demand payment in full if the borrower defaults on the loan (can be construed as predatory lending) Alienation Clause (Due on Sale Clause) correct answers Says you must repay your mortgage if you sell your home to a new owner (loan is not assumable) Appraiser Independance Requirements replaced HVCC correct answers home valuation code of conduct Due on Demand Clause correct answers (Considered a predatory practice) The lender can demand...

Arizona Real Estate UPDATED Exam Questions and CORRECT Answers acceleration clause - Correct ANSWER- A clause in your mortgage which allows the lender to demand payment of the outstanding loan balance for various reasons. The most common reasons for accelerating a loan are if the borrower defaults on the loan or transfers title to another individual without informing the lender. adjustable-rate mortgage (ARM) - Correct ANSWER- A mortgage in which the interest changes periodically, ac...

Real Estate- Maine Learning Group Study Guide Test 2024. Equitable Right of Redemption - correct answer The right of a defaulted borrower to redeem the property after foreclosure proceedings have begun & before the foreclosure sale by paying off the loan balance, plus interest until the day of payoff & costs. Written Policy Manual - correct answer Identifies & describes the types of real estate brokerage relationships in which the broker & affiliated licenses may engage. (Maine requirement) ...

GA MLS Real Estate Practical Final Exam Latest Update with Verified Solutions "Assume and Agree" to Pay Assuming borrower defaults payment, the bank will go to assuming borrower for the payment If the bank cannot collect from the assuming borrower, they will go to the original borrower "Subject to" Existing Mortgage Assuming borrower will give/pay the seller equity upfront If assuming borrower fails payment, original borrower liable Acceleration Clause The clause un a mortgag...

Abandonment - ACCURATE ANSWERS When a party in legal possession of property leaves without the intention of reclaiming rights Abstract of Title - ACCURATE ANSWERS A summary of the title history including all encumbrances Acceleration Clause - ACCURATE ANSWERS Mortgage clause DEMANDING FULL payment upon default Accretion - ACCURATE ANSWERS New land added by the elements Accrued Depreciation - ACCURATE ANSWERS Total of all deterioration and obsolescence on a property Acknowledgement...

Acceleration Clause - Allows lender to demand immediate payment if borrower defaults. Adjustable Rate Mortgage - Loan with interest rate that can change over time. Alienation Clause - Allows lender to demand full payment if property is sold or transferred. Amortization - Gradual repayment of a loan through regular installments. APR - Annual Percentage Rate, including interest and fees. Arrears - Payment made after the due date. Balloon Payment - Large final payment at the end of a loan ter...

Abandonment When a party in legal possession of property leaves without the intention of reclaiming rights. Abstract of Title A brief history of the instruments appearing in the county record that affect title to the parcel in question. Condensed history of all documents affecting a parcel of real estate Acceleration Clause Mortgage Clause demanding full payment upon Default. Accretion an increase of land caused by the gradual depositing of solid material Adhesion Contract A non negoti...