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Flashcards in REAL ESTATE 6 Deck (22)
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1

A LOAN TYPICALLY WITH 20% DOWN, MINIMUM CREDIT SCORES AND RATIOS NEITHER INSURED BY FHA OR GUARANTEED BY VA

CONVENTIONAL LOAN

2

A DOCUMENT INDICATING THE DEBT HAS PAID, ALSO CALLED A RELEASE

SATISFACTION

3

A LOAN BY AN APPROVED LENDER WHERE THE LENDER IS INSURED AGAINST LOSS BY THE FHA

FHA LOAN

4

A LOAN SECURED BY MORE THAN ONE PRACEL OF REAL ESTATE, FREQUENTLY USED BY SUBDIVISION DEVELOPERS

BLANKET LOAN

5

THE FINAL LOAN PAYMENT THAT IS MUCH LARGER THAN THE PERIODIC PAYMENTS BECAUSE THE LOAN IS NOT FULLY AMORTIZED

BALLOON PAYMENT

6

WHERE ONLY INTEREST PAYMENTS ARE MADE AND THE FULL PRINCIPLE BALANCE IS DUE AT THE END

STRAIGHT LOAN

7

THE MARKET WHERE LOANS ARE BOUGHT AND SOLD, PROVIDING NEW FUNDS FOR THE PRIMARY MORTGAGE MARKET

SECONDARY MORTGAGE MARKET

8

A LOAN SECURED BY BOTH REAL AND PERSONAL PROPERTY

PACKAGE LOAN

9

A TRANSACTION WHERE SELLER RENTS BACK THE PROPERTY FROM THE BUYER

SALE & LEASEBACK

10

WHERE THE MONTHLY PRINCIPLE AND INTEREST PAYMENTS FULLY RETIRE THE DEBT OVER THE LOAN TERM, NO BALLOON PAYMENT

AMORTIZED LOAN

11

THE MARKET WHERE LOANS ARE ORIGINATED BETWEEN BORROWERS AND LEANDERS

PRIMARY MORTGAGE MARKET

12

CHARGING MORE INTEREST THAN IS ALLOWED BY LAW, LENDER/CREDITOR OR NON-LENDER/CREDITOR

USURY

13

A LOAN BY AN APPROVED LENDER GUARANTEED BY THE DEPARTMENT OF VETERAN AFFAIRS

VA LOAN

14

INTEREST THAT IS DUE AND PAYABLE

ACCRUED INTEREST

15

ANY LOAN FOR PURCHASE OF RAL PROPERTY, INCLUDES SELLER FINANCING

PURCHASE MONEY MORTGAGEA

16

RECORD OF ALL RECORDED DOCUMENTS THAT EFFECT TITLE TO A PARTICULAR PROPERTY

ABSTRACT OF TITLE

17

TITLE SUFFICENT TO CONVINCE A PURCHASER WOULD BE REASONABLY FREE FROM THE RISKS OF LITIGATION OR DEFECTS

MARKETABLE TITLE

18

A CLAUSE IN AMORTGAGE OR DEED OF TRUST THAT PERMITS THE LENDER TO REQUIRE THE ENTIRE BALANCE BE PAID IF THE SELLER SALE THE PROPERTY

DUE ON SALE CLAUSE

19

BUILDING COST NEW MINUS BUILDING DEPRECIAITION PLUS SITE VALUE

COST APPROACH

20

A LEASE DESIGNED TO FACILITATE AND PRIOR TO THE ULTIMATE PURCHASE OF THE PROPERTY

LEASE PURCHASE

21

A LEASE WHERE TENANT LEASES SPACE TO A SUB-TENANT AND REMAINSIBLE FOR THE LEASE PAYMENT TO THE LANDLORD

SUB LEASE

22

A FEDERAL LAW THAT PROHIBITS DISCRIMINATION IN THE GRANTING OF CREDIT TO PROTECTED CLASSES

EQUAL CREDIT OPPORTUNITY ACT