Chapter 12 Gold Coast real estate license
Exam Questions and Answers with Verified
Solutions | Latest Updated 2026
Lien theory of mortgages Lien theory allows the
borrower(mortgagors)to retain the
ownership of the property during a loan
period.
Promissory notes When money is borrowed to purchase
real estate. It is evident to a personal debt
and contains the names of the parties, the
rate of interest, the amount of money
borrowed, and the loan repayment terms.
Party to mortgage The property owner. The mortgage old is
the party who gives the mortgage to the
lender to secure the loan.
Satisfaction of mortgage After the loan has been paid fully the
mortgage, you should receive a letter of
satisfaction within 60 days of the loan
payoff
Defeasance Clause The only legally necessary cause in a
mortgage. It provides protection for the
bar as it requires a lender to acknowledge
performance by the borrower.
Exam Questions and Answers with Verified
Solutions | Latest Updated 2026
Lien theory of mortgages Lien theory allows the
borrower(mortgagors)to retain the
ownership of the property during a loan
period.
Promissory notes When money is borrowed to purchase
real estate. It is evident to a personal debt
and contains the names of the parties, the
rate of interest, the amount of money
borrowed, and the loan repayment terms.
Party to mortgage The property owner. The mortgage old is
the party who gives the mortgage to the
lender to secure the loan.
Satisfaction of mortgage After the loan has been paid fully the
mortgage, you should receive a letter of
satisfaction within 60 days of the loan
payoff
Defeasance Clause The only legally necessary cause in a
mortgage. It provides protection for the
bar as it requires a lender to acknowledge
performance by the borrower.
