Often used to describe rights, privileges or improvements that belong and pass with
the land
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appurtenance
At any time up to the moment of foreclosure, the borrower has the right to step in and
pay what is owed and reclaim property forfeited due to mortgage default, is the
buyers
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Equity of redemption/equitable redemption
,What are the 2 levels of responsibility licensees have in agency relationships?
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Public Responsibility, Fiduciary Responsibility
Ownership for the duration of someone's life
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Life Estate
Has no binding effect on the parties who make it
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Void Contract
Due to the principle of change, how long is an appraisal considered to be good?
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6 months
,Value of a part is determined by its contribution to the total value of the property
rather than by its cost
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Principle of Contribution
A lien that attaches to all the property of the debtor and is not exempt from a forced
sale, such as a judgement or IRS lien
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General Lien
Standardized loan written on uniform documents that meets the purchase
requirements of Fannie Mae and Freddie Mac. Loans qualified to be purchased in the
secondary market.
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Conforming loans
This is a partially amortized loan with a final payment substantially larger than the
others. The benefit of this type of loan is a lower interest rate. The main disadvantage
is the high cost of refinancing
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, Balloon loan
Party managing the escrow account
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Loan servicer
When is the lien created in a mortgage?
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When the mortgage is recorded
If the life estate is based on the life of someone other than the life tenant, this is
called a
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Life estate pur autre vie
When does the Contract for Deed become fully executed?
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the land
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appurtenance
At any time up to the moment of foreclosure, the borrower has the right to step in and
pay what is owed and reclaim property forfeited due to mortgage default, is the
buyers
Give this one a try later!
Equity of redemption/equitable redemption
,What are the 2 levels of responsibility licensees have in agency relationships?
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Public Responsibility, Fiduciary Responsibility
Ownership for the duration of someone's life
Give this one a try later!
Life Estate
Has no binding effect on the parties who make it
Give this one a try later!
Void Contract
Due to the principle of change, how long is an appraisal considered to be good?
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6 months
,Value of a part is determined by its contribution to the total value of the property
rather than by its cost
Give this one a try later!
Principle of Contribution
A lien that attaches to all the property of the debtor and is not exempt from a forced
sale, such as a judgement or IRS lien
Give this one a try later!
General Lien
Standardized loan written on uniform documents that meets the purchase
requirements of Fannie Mae and Freddie Mac. Loans qualified to be purchased in the
secondary market.
Give this one a try later!
Conforming loans
This is a partially amortized loan with a final payment substantially larger than the
others. The benefit of this type of loan is a lower interest rate. The main disadvantage
is the high cost of refinancing
Give this one a try later!
, Balloon loan
Party managing the escrow account
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Loan servicer
When is the lien created in a mortgage?
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When the mortgage is recorded
If the life estate is based on the life of someone other than the life tenant, this is
called a
Give this one a try later!
Life estate pur autre vie
When does the Contract for Deed become fully executed?
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