Florida Real Estate Chapter 12 review questions with 100% correct answers

Florida Real Estate Chapter 12 review questions with 100% correct answers This refers to pledging of property as security for payment of a loan without surrendering possession of the property - Correct Answer ️️ -hypothecation What are the 2 instruments involved in a mortgage loan - Correct Answer ️️ - promissory note mortgage The legal instrument that represents the evidence of a debt is known as the - Correct Answer ️️ -promissory note The instrument that pledges the property as security for a debt is known as the - Correct Answer ️️ -mortgage What are the two parties to a mortgage - Correct Answer ️️ -mortgagor (borrower) mortgagee (lender) The standard mortgage instrument that contains certain uniform covenants is known as the - Correct Answer ️️ -Fannie Mae Freddie Mac single family uniform In title theory, the clause that requires the lender to convey legal title to the borrower once the debt is repaid is known as the - Correct Answer ️️ -defeasance clause In lien theory, the clause that requires the lender to release the mortgage lien when the debt is repaid is known as the - Correct Answer ️️ -defeasance clause Upon default, this clause accelerates the entire debt due and payable - Correct Answer ️️ -acceleration clause Upon sale, this clause is due and payable - Correct Answer ️️ -due on sale clause The clause that has conditions to repay debt in advance of du