SOUTH CAROLINA MATH AND FINANCE CH 17 AND 18
Terms
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- TWO INSTRUMENTS USED IN FINANCING A REAL ESTATE PURCHASE ARE A _______NOTE AND A _______
-
PROMISSORY
MORTGAGE - A ________ NOTE ESTABLISHES THE NOTE.
- PROMISSORY
- ESSENTIAL ELEMENTS OF A PROMISSORY NOTE ARE PROMISE TO ___,AMOUNT ____,MAKE IT ____,IDENTIFY ____,FIXED OR ____TIME, AND THE ______.
-
PAY, OWED, NEGOTIABLE,
PAYEE(LENDER), DETERMINABLE,
SIGNATURE - WHO MUST SIGN A PROMISSORY NOTE?
- THE MAKER (THE BUYER)
- AN ____CLAUSE IN A PROMISSORY NOTE CALLS IN A LOAN FOR FULL PAYMENT EARLY.
- ACCELETATION
- AN ACCELERATION CLAUSE MAY BE BE USED TWO COVER TWO CIRCUMSTANCES, UPON _____, AND UPON _____.
-
DEFAULT
ALIENATION (ALSO CALLED THE DUE ON SALE CLAUSE - A MORTGAGE SECURES THE ____.
- DEBT
- IN A MORTGAGE PARTNERSHIP, THERE IS THE BORROWER CALLED THE _____,AND THE LENDER CALLED THE _____F.
-
MORTGAGOR,
MORTAGEE - DOES THE MORTGAGER BORROW OR LOAN MONEY?
- BORROWS
- DOES THE MORTAGEE BORROW OR LOAN MONEY?
- LOANS
- _______IS THE PROCESS OF PLEDGING SOMETHING OF COLLATERAL, WITHOUT GIVING UP POSSESSION.
- HYPOTHECATION
- THE 3 LEGAL THEORIES CONCERNING REAL ESTATE MORTGAGES ARE ____ THEORY, ____THEORY, AND ____THEORY.
-
LIEN
TITLE
COMBINATION - THE LIEN THEORY ALSO CALLED THE ____THEORY IS WHEN THE TITLE REMAINS WITH THE MORTGAGOR, AND THE MORTGAGEE RECEIVES A SECURITY INTEREST IN THE PROPERTY.
- EQUITABLE
- IN _____THEORY STATES, A REAL ESTATE MORTGAGE IS VIEWED AS THE CONVEYANCE OF THE LEGAL TITLE TO THE PROPERTY.
- TITLE
- IN A FEW STATES, A _____THEORY EXISTS WHICH INVOLVES A COMBINATION OF TITLE THEORY AND LIEN THEORY.
- COMBINATION
- A ______OF MORTGAGE, ALSO CALLED A _____PIECE IS A CERTIFICATE ISSUED BY THE MORTGAGEE AFTER THE NOTE HAS BEEN PAID IN FULL.
-
SATISFACTION
SATISFACTION - ______IS THE FIRST STEP OF FORECLOSURE.
- DEFAULT
- ______IS WHERE THE MORTGAGOR HAS THE RIGHT TO REDEEM THE PROPERTY BEFORE THE FORECLOSURE SALE IN ALL 50 STATES
- REDEMPTION
- TWO TYPES OF REDEMPTION ARE BEFORE THE FORECLOSURE SALE CALLED____ _ ____, AND AFTER FORECLOSURE SALE CALLED ____ __ _______.
-
EQUITY OF REDEMPTION
RIGHT OF REDEMPTION - RIGHT OF REDEMPTION SALE MEANS THE MORTGAGOR CAN PAY THE APPROPRIATE PARTY AND GET THEIR HOUSE BACK. iS THIS ALLOWED IN S.C.?
- NO
- MORTGAGE ______ IS A LEGAL PROCEDURE WHERE SECURED PROPERTY CAN BE SOLD TO SATISFY A DEBT IN THE EVENT OF DEFAULT.
- FORECLOSURE
- A ____JUDGEMENT CAN BE MADE AGAINST THE MORTGAGOR FOR THE BALANCE OF MORTGAGE DEBT REMAINING AFTER A FORECLOSURE SALE.
- DEFICIENCY
- A LOAN WHERE THE INTEREST IS PAID PERIODICALLY BUT NO PRINCIPAL IS PAID IS A _____TERM MORTGAGE LOAN.
- STRAIGHT
- WHEN FIXED, PERIODIC PAYMENTS ARE MADE OF BOTH PRINCIPAL AND INTEREST THAT WILL COMPLETELY PAY THE PRINCIPAL SUM BY THE MATURITY DATE OF THE LOAN IT IS A FULLY _____ __ ____.
- AMMORTIZED MORTGAGE LOAN
- A _____AMORTTIZED MORTGAGE LOAN REQUIRES PERIODIC PAYMENTS OF INTEREST AND PRINCIPAL,BUT THE BALLOON PAYMENT IS DUE AT THE END.
- PARTIALLY
- A PARTIALLY AMMORTIZED LOAN IS ALSO CALLED THE _____ PAYMENT LOAN.
- BALLOON
- AN ____- ___ MORTGAGE LOAN PERMITS THE BORROWER TO MAKE DRAWS UP TO A MAXIMUM PREDETERMINED AMOUNT.
- OPEN-END (SUCH AS A HOME EQUITY LOAN)
- A ______MORTGAGE LOAN COMMITS THE FULL AMOUNT TO BE LOANED BUT DISBURSEMENT BY THE LENDER IS DEPENDANT UPON THE PROGRESS OF THE BUILDING.
- CONSTRUCTION
- THE BUYER, THROUGH THE USE OF _____MORTGAGE LOAN, CAN FINANCE BOTH THE REAL AND PERSONAL PROPERTY RATHER THAN ACQUIRING SEPERATE MORTGAGES.
- PACKAGE
- AN _____RATE MORTGAGE LOAN PERIODICALLY CHANGES THE INTEREST RATE AND PAYMENTS MAY GO UP OR DOWN ACCORDINGLY
- ADJUSTIBLE (ARM)
- DISCOUNT POINTS ARE WORTH __%.
- 1
- BUYING DISCOUNT POINTS CAN LOWER YOUR ____RATES.
- INTEREST
- THE FHA IS THE GOVERNMENTAL AGENCY NOW UNDER HUD WHICH _____ LOANS ON HOMES WHICH MEET FHA STANDARDS.
- INSURES
- THE _ _ GUARANTEED MORTGAGE LOAN GUARANTEES LOANS MADE BY PRIVATE INSTITUTIONAL LENDERS TO VETERANS FOR THE PURCHASE OF DWELLING TO BE OWNED AND OCCUPIED BY THE VET.
- V.A.
- CAN SOMEONE GET A V.A. LOAN AND RENT IT OUT?
- NO, THEY HAVE TO RESIDE THERE.
- ON A V.A. LOAN, WHAT PERCENT DOWN PAYMENT DO YOU NEED?
- ZERO
- A ______MORTGAGE LOAN IS NOT INSURED BY THE FHA OR GUARANTEED BY THE VA.
- CONVENTIONAL
- LENDERS REQUIRE _____ _____ INSURANCE IF LOANS EXCEED 80%.
- PRIVATE MORTGAGE
- A PURCHASE ____MORTGAGE LOAN IS ANY MORTGAGE LOAN FOR THE INITIAL ACQUISITION OF PROPERTY.
-
MONEY-
(GENERALLY THOUGHT OF AS OWNER FINANCING)BUYER GIVES A MORTGAGE TO THE SELLER AS PART OF THE PURCHASE. - AN _____LAND CONTRACT IS A FINANCING METHOD WHERE THE SELLER RETAINS TITLE UNTIL THE BUYER HAS PAID AN AGREED AMOUNT.
- INSTALLMENT
- A ____-AROUND MORTGAGE IS A JR MORTGAGE, INCLUDING THE EXISTING MORTGAGE.
- WRAP
- A WRAP-AROUND MORTGAGE IS TYPICALLY PURCHASE MONEY MORTGAGES MADE BY THE _____TO FINANCE PART OF THE EQUITY FOR A BUYER.
- SELLER
- THE SALE AND _____IS THE PROCESS CONTAINING TWO SIMULTANEOUS STEPS, PROPERTY BEING SOLD AND LEASED BACK TO THE SELLER.
- LEASEBACK
- A MORTGAGE _____IS A FINANCING METHOD WHERE THE BUYER AGREES TO MAKE THE SELLER'S PAYMENTS ON HIS EXISTING MORTGAGE OBLIGATION TO THE LENDER.
- TAKEOVER
- _____OF THE MORTGAGE IS WHEN THE BUYER ASSUMES THE RESPONSIBILITY OF THE LOAN AND ____TO THE MORTGAGE IS WHEN THE BUYER IS AWARE OF THE DEBT BUT TAKES NO LIABILITY FOR IT.
-
ASSUMPTION
SUBJECT - THE ____MORTGAGE MONEY MARKET IS COMPRISED OF ALL LENDERS WHO SUPPLY FUNDS DIRECTLY TO THE BORROWER.
- PRIMARY
- IN A MORTGAGE, THE BORROWER IS CALLED THE_____AND THE LENDER IS CALLED THE ____
-
MORTGAGOR
MORTGAGEE - SAVINGS ASSOCIATIONS, COMMERCIAL BANKS AND AND LIFE INSURANCE COMPANIES COME UNDER THE CLASSIFICATION OF ______FIDUCIARIES.
- FINANCIAL
- INSTITUTIONAL LENDERS ARE ARE MADE OF 1.COMMERCIAL _____2. ______ASSOCIATIONS 3. ____INSURANCE COMPANIES 4. ____BANKERS
-
1.BANKS
2.SAVINGS
3.LIFE
4.MORTGAGE - MORTGAGE ____BRING TOGETHER LENDERS AND BORROWERS.
- BROKERS
- _____ _____, GOVT NATIONAL MORTGAGE ASSOC, IS A GOVT AGENCY UNDER HUD, THAT DOES NOT PURCHASE LOANS, BUT APPROVES LOAN POOLERS AND ISSUES GUARANTEE CERTIFICATES.
- GINNIE MAE
- ______ ___, THE FEDERAL AGRICULTURAL MORTGAGE CORP, WAS ESTABLISHED AS A SEPERATE AGENCY TO DEVELOP A SECONDARY MARKET IN FARM REAL ESTATE.
- FARMER MAC
- _____FUNDS ARE INVESTED IN LARGE BLOCKS OF MORTGAGES IN THE SECONDARY MARKET.
- PENSION
- _______FUNDS OF UNIVERSITIES, COLLEGES AND HOSPITALS ARE NORMALLY HEAVILY INVESTED IN REAL ESTATE MORTGAGES.
- ENDOWNMENT
- 12 ITEMS NEEDED FOR MORTGAGE APPLICATION ARE?
- SALES CONTRACT, SSN, 7 YEARS OF ADDRESS,EMPLOYER,W-2'S, PAY STUB, LIABILITIES(DEBTS) CHECKING AND SAVINGS, 3 RECENT BANK STATEMENTS,CHILD SUPPORT OR ALIMONY PAYMENTS,FOR VA LOANS(DD-214), SELF EMPLOYED(FEDERAL TAX RETURNS)
- AN _____WILL BE ORDERED BY THE LENDER TO DETERMINE IF THERE IS SUFFICIENT VALUE IN THE PROPERTY TO SUBSTANTIATE MAKING THE LOAN.
- APPRAISAL
- _____ON THE LOAN AND ON THE TRANSFER OF OWNERSHIP OF THE PROPERTY IS GENERALLY CONDUCTED AT THE SAME TIME.
- SETTLEMENT
- ______Z WAS PUBLISHED BY THE FEDERAL RESERVE SYSTEM TO IMPLEMENT THE ACT, REQUIRES LENDERS TO MAKE CREDIT TO MAKE CREDIT DISCLOSURES TO INDIVIDUAL BORROWERS FOR CERTAIN TYPES OF LOANS.
- REGULATION
- THE ANNUAL PERCENTAGE RATE (APR) IS THE ______ COST OF CREDIT.
- YEARLY
- THERE IS A __DAY RECISSION RIGHT ON CONSUMER LOANS UNDER REGULATION __
-
3
Z - REGULATION Z ALSO APPLIES TO ALL ADVERTISING SEEKING TO PROMOTE ______.
- CREDIT
- THE EQUAL ____ ____ACT'S PURPOSE IS TO MAKE CREDIT AVAILABLE TO ALL CREDIT WORTHY CUSTOMERS WITHOUT REGARD TO RACE, COLOR, RELIGION, NATIONAL ORIGIN, AGE,SEX, MARITAL STATUS OR RECEIPT OF PUBLIC ASSISTANCE
- CREDIT OPPORTUNITY