All about Financing including: mortgages, deeds of trust, loans, & other $ terms
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| To pledge property as security for a loan without giving up possession is to... | Hypothecate (Under financing)
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| Property that is pledged as security for a debt is called... | Collateral
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| Value over and above whatever is not debt is called... | Equity
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| Unconditional promise made in writing to repay debt is called a... | Promissory Note
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| A written instrument to secure repayment of a debt for real property is a... | Mortgage
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| In a mortgage the buyer or borrower is called the... | Mortgagor
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| In a mortgage the lender is called the... | Mortgagee
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| When a morgage is sold or assigned to another lender is... | Assignment
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| A legal document in which the title to the property is transferred by a borrower to a third party as security for the beneficiary or lender is... | Trust Deed
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| In a deed of trust the borrower is called the... | Trustor
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| In a deed of trust the impartial third party is called the... | Trustee
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| In a deed of trust the lender is called the... | Beneficiary
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| Permits the trustee to sell the property if the borrower defaults, without a court of law is called... | Power of Sale
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Created by:
Rapunzel86
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