Mortgagor - Study guides, Class notes & Summaries

N7. The instrument that the purchaser gives promising to pay back a loan is a: A. Mortgage B. Lien C. Deed of trust D. Note - ANSWERSD. Note. The promissory note, often called the "note," is the promise made by the buyer to the lender to repay the loan. N7. Who must sign the mortgage and the note? A. Mortgagor B. Mortgagee C. Trustee D. Beneficiary - ANSWERSA. Mortgagor. The borrower is the mortgagor. Remember borrower and mortgagor. N7. Who gives real estate as security for ...

Guarantee Correct Answer-A promise made by one party to share responsibility for the debts of another party Mortgage Correct Answer-An interest in land created by a written instrument providing security for the performance of a duty or the payment of a debt Promissory note Correct Answer-A promise or an engagement in writing to pay a specified sum at a time therein stated or on demand or at sight to a person named therein Debtor Correct Answer-One who owes a debt Payee Correct Answer...

Illinois Notary Primer Guaranteed Success Notary Bond ️Provides coverage for damages to anyone who suffers financially from a Notary's action - intentional or not Reasonable Care ️The degree of attentiveness that a person of normal intelligence and responsibility would exhibit. Uniform Real Property Electronic Recording Act ️It's the electronic recording system for the filing of electronic real property documents executed and notarized with electronic signatures. Do you nee...

real estate 306; Questions and Answers 100% Correct Foreclosure Correct answer--The action of taking possession of a mortgaged property when the mortgagor fails to keep-up their mortgage payments Lien Correct answer--The right to take hold or sell the property of a debtor as security or payment for a debt, mortgage. - right to use property as collateral Term Sheet Correct answer-A non-binding financing commitment

A mortgage broker is prohibited from recording a mortgage or deed of trust for which the backing money is not immediately available to the mortgagor, unless: (A) the broker gets written authorization from the superintendent (B) before recording the mortgage or deed, the broker notifies the mortgagor of a definite date when the payment will be made and gets written permission from the mortgagor (C) the broker gets written permission from the escrow agent, the mortgagor, and the super...

Ohio Notary Public Test. Question and answers. Graded A+. 2022/2023 Document Content and Description Below Can a notary take the acknowledgement to an instrument in which he himself has an interest? - No. Can a notary notarize an instrument when he is out of the physical boundaries of the State of Ohio? - No. Can a notary witness the signature and take acknowledgement in another State, then make the certification in his own State? - No. May a notary take the acknowledgement of a relative, even...

Title Theory - lender owns, borrower has equitable title Hypothecation - pledging property as collateral for a loan without giving up possession Mortgagee - Lender Mortgagor - borrower Non Judicial foreclosure - *CO: Public trustee has power to foreclose 1.Lender complains 2. Notice given 3. trustee sells after 125 days Strict foreclosure - No sale. Full legal title given to lender, loss of equity for borrower Judicial foreclosure - done through courts in *Title Theory states Conversion...

Real Estate 306 Exam 2; Questions and Answers 100% Correct The action of taking possession of a mortgaged property when the mortgagor fails to keep up their payments Correct answer-Foreclosure A claim or legal right against assets that are typically used as collateral to satisfy a debt Correct answer-Lien a non-binding financing commitment Correct answer-Term Sheet

Who does a salesperson represent? A. Client B. Customer C. Employing Broker D. Co-operating Broker - Answer-Employing broker when must licensee report criminal conviction - Answer-10 days licensed mortgage loan originators are registered through - Answer-Nation Wide Mortgage Licensing System a clause in real estate transactions allows adjustments of payments up or down - Answer-escalation clause escrow company may disperse commissions directly to salesperson if - Answer-escrow agent ge...

Mutually owned co-operative financial institutions offering benefits to members through a trust-like structure" describes which type of Insurer/Fund Manager? - Answer- Friendly Society Which is the decision-making process of framing? - Answer- To remove the 'noise' from an issue to allow us to see the problem for what it is Under the RG271 what is the maximum timeframes for IDR response for a Superannuation trustee complaints? - Answer- 45 days after receiving the complaint In the se...