Flashcards in Mortgage Law & Ownership - Need To Know Deck (10)
A seller who gives a purchase money mortgage as part of the financing is considered the ________
Beneficiary or Mortgagee
What are other names for the Uniform Real Estate Contract?
Contract for deed,
Installment sales contract
Which of the following can force a sheriff's sale as part of the foreclosure process due to default on a mortgage or trust deed?
* Remember, a trust deed is on-judicial and therefor would never lead to a Sheriff's sale. In a mortgage foreclosure, the court will order the sale, but the mortgagee, or lender, holds the lien and forces the sale.
When an apartment building is converted to a condominium, what do hey call the modification process?
How does an owner take ownership of a timeshare?
With interval ownership or title
X has an easement on Y's property. Y would be considered a:
The servient tenant
The property of an owner who does restate and names the person who is to administer the will, is transferred by which deed?
*If an executor was not named, the answer is and Administrator's Deed
A passive investor who has invested in a syndication would be considered a ________
May a married joint tenant sell their 50% interest in the property without the knowledge or consent of their spouse?
Knowledge and consent to sell interest in joint tenancy is not needed; it is needed for tenancy by entirety and if the spouse insists on selling the entire property.