Mortgagor - Study guides, Class notes & Summaries

ASREB PracTEST 100% Correct Solved Who does a salesperson represent? A. Client B. Customer C. Employing Broker D. Co-operating Broker - Correct Answer ️️ -Employing broker when must licensee report criminal conviction - Correct Answer ️️ -10 days licensed mortgage loan originators are registered through - Correct Answer ️️ -Nation Wide Mortgage Licensing System a clause in real estate transactions allows adjustments of payments up or down - Correct Answer ️️ -escalation...

The Transfer Disclosure Statement (TDS) is required in which type of transaction? A) Sales involving co-owners B) Sales involving federally regulated lenders C) Sales involving one-to-four-family dwellings, except for specified exempt transactions D) Only in "as-is" sales :~~ C) Sales involving one-to four-family dwellings, except for specified exempt transactions To qualify for a real estate broker's license, a person must complete A) eight college-level courses. B) a two-year A...

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

CHAPTER 12- RESIDENTIAL MORTAGES fully solved graded A+Which legal instrument evidences the debt and states the interest rate, term, payment requirement, and other information related to the loan? (a) Promissory note (b) Contract (c) Lien (d) Mortgage - correct answer (a) Promissory note What is the function of a mortgage? (a) It conveys title to real property. (b) It secures the repayment of the debt. (c) It creates a personal pledge to repay a loan. (d) It creates a l...

At what point has listing agent earned a commission? - Answer- When a ready, willing, and able buyer is found. If the seller backs out after accepting the offer, even if the buyer agrees to a rescission, the commission is still due. At closing, a sale doesn't go through because the seller's anticipated transfer to another city gets suddenly postponed, and the seller no longer wants to sell. Does the seller owe the listing agent a commission? Yes or no, and why. - Answer- Yes, because the se...

CHAPTER 12- RESIDENTIAL MORTAGESWhich legal instrument evidences the debt and states the interest rate, term, payment requirement, and other information related to the loan? (a) Promissory note (b) Contract (c) Lien (d) Mortgage - correct answer (a) Promissory note What is the function of a mortgage? (a) It conveys title to real property. (b) It secures the repayment of the debt. (c) It creates a personal pledge to repay a loan. (d) It creates a lien on the mortgagee's...

COLORADO REAL ESTATE EXAM PREP EXAM REVIEW QUESTIONS AND ANSWERS. VERIFIED. 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 b...

a. correct answersWhen a property owner uses his home as collateral for a loan and creates a lien in favor of the lender, title is held by the: a. mortgagor b. lender c. mortgagee d. beneficiary b. correct answersA buyer is getting a fully amortized loan for $220,000. The bank will give the buyer the loan for 15 years at 5 1/2% or for 30 years at 6 1/2%. To the nearest cent, what is the difference between the monthly payments for these two loans? (BE SURE TO USE THE AMORTIZATION TABLE....

The rules were that what you borrowed, plus interest, must be paid back the next year or at some other agreed upon time. This is called a _______. correct answers Term Loan A word that literally means to kill off. Each payment is an ___________ partially pays off BOTH principal and interest. correct answers Amortize. Amortized Loan. A borrower's personal promise to repay a debt according to the agreed terms. correct answers Promissory Notes. Secured by a Deed of Trust. In some states, ...

PSI NJ Real Estate Exam, PSI Practice Test. Water Rights The terms "littoral," "riparian," and "appropriative" refer to A salesperson lists a property with a contract that allows for subagency and dual agency. The salesperson is an agent to the broker and a subagent to the principal. Depreciation is calculated based on the Cost of the building only. When a property owner uses his home as collateral for a loan and creates a lien in favor of the lender, title is held by the Mor...