Real Estate Finance Exam 3 Questions & Answers 100% solved

Mortgage - ANSWER-The document that pledges property as collateral for a loan is called a __________________. Mortgagor - ANSWER-One who gives the mortgage to the lender is the ________________. Mortgagee - ANSWER-One who receives the mortgage (the lender) is the _______________. Trustee - ANSWER-One who holds property in trust for another is the ______________ Title - ANSWER-In ____________ Theory states, the actual title to the property is conveyed to the lender in the form of a mortgage until the loan is paid off. Promissory - ANSWER-A ______________________ note is given to the lender by the borrower. • The note lists the borrower and lender, amount of the debt, maturity date, interest rate, terms of the loan, etc Lien - ANSWER-Texas is a ____________ Theory state in which the title is held by the borrower and a lien is conveyed to a 3rd party trustee to be held until the loan is paid in full. Deed of Trust, 3 - ANSWER-Lien Theory System is called a _______________________ System or _________ Party system. Regular, 2 - ANSWER-* This system of Title Theory is called _______________ Mortgage system or __________ Party system. Acceleration - ANSWER-The clause in the note that allows the lender to ask the trustee to post the property for sale is called the ___________________ Clause.