Real Estate Finance - Champions Exam Questions & Answers 100% Accurate

Mortgage - ANSWER-A pledge of real property as security for a debt. Deed of Trust - ANSWER-A three party loan instrument - borrower, lender and trustee. Note, Promissory Note - ANSWER-A personal promise to repay a debt. Mortgagor - ANSWER-Borrower under a mortgage Mortgagee - ANSWER-Lender under a mortgage Beneficiary - ANSWER-Lender under a deed of trust Trustor - ANSWER-Borrower under a deed of trust Trustee - ANSWER-A third party under a deed of trust who acts as an agent for the lender Power of Sale - ANSWER-A clause in a deed of trust allowing non-judicial foreclosure Non-judicial foreclosure - ANSWER-Foreclosure that does not require court proceedings or a judgment of foreclosure - the result of power of sale clause in a deed of trust Hypothecation - ANSWER-The action of pledging real property as security for a debt Acceleration Clause - ANSWER-A clause in a mortgage allowing the lender to declare the whole amount of the principal due and payable in the event of default by the borrower.