Champions School Of Real Estate National/State - FInance Exam Questions with correct Answers

Blanket Loan - ANSWER-Several pieces of property secured by a single loan (several lots on one note) Package Loan - ANSWER-A loan secured by real property plus personal property Down Payment Assistance Programs - ANSWER-Government and private programs whose stated purpose is to help buyers to become homeowners Subordination Clause - ANSWER-a clause allowing a lender to move to or take a lower lien position Mortgage - ANSWER-Lender under a mortgage Non-Judicial Foreclosure - ANSWER-foreclosure that does not require court proceedings or a judgment of foreclosure - the result of the power of sale clause in a deed of trust Lien Theory State - ANSWER-a state where the mortgage lender has a lien on the property and the borrower has title Release Clause - ANSWER-A clause often found in a blanket loan allowing the borrower to obtain partial releases of specific lots by making required lump sum payments Trustee - ANSWER-A third party under a deed of trust who acts as an agent for the lender Title Theory State - ANSWER-A state where the mortgage lender has title to the property until the debt is repaid