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Real Estate 3

Real Estate Principals lesson 3

QuestionAnswer
lien a charge imposed
specific lien burden on a particular parcel
general lien burden on any and all property
all liens are encumbrances but? not all encumbrances are liens
voluntary lien trust deeds and mortages
promissory note? instrument which is the evidence of the debt
straight note (term note) all of the principal is paid at maturity
how does principal in crease in a promissory note? not constant
in a partially automized loan the installment payments do not fully retire the debt (some left over)
if payments do not cover the interest due? negative amortization is the result
amortization? the liquidation of a debt by payments
amortization tables? are used to determine the monthly payments for a given loan
nominal rate rate stated in the loan
effective rate rate actually paid
simple intrest based on decrease loan balance
what kind of interest rate is mostly used in real estate? simple interest
variable interest interest rate varies based on money market conditions
negotiable instruments a written promise or order to pay money
is a trust deed or mortgage contract a negotiable instruent no, they can be assigned
discontining a note selling a note for a cheaper value than face amount
joint and several note the borrowers would be committed both together and seperatley
what would be the most effective way to commit someone? joint and several note
trust deed or mortgage contract instrument used to secure payment of the promissory note
mortgage contract has how many patries? two
how many parties does a trust deed have three
what are the three parties of a trust deed? trustor-owner,beneficiary-lender,trusteee-nutral third party
what is issued when a promissary note is paid in full? reconveyance deed
how long does a foreclosure on a trust deed take? four months
in a mortgage contract how long does an owner have to redeem? a year
if someone buys a foreclosed house on a mortgage contract what kind of deed is issued? a sheriff's deed
if someone buys a foreclosed house on a trust deed what kind of deed is issued? trustee's deed
how long does a trustor have to redeem himself in a trust deed? up until five days before the sale of the property
when does the trustor no longer own and possess property in a trust deed? until the day of sale
Created by: 1535448438