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Real Estate

Illinois Real Estate Pre-Licensing Study Cards & Vocabulary

TermDefinition
Acceleration Clause The clause in a mortgage or deed of trust that can be enforced to make the entire debt due immediately if the borrower defaults on an installment payment or other covenant
Alienation Clause The clause in a mortgage or deed of trust that states that the balance of the secured debt becomes immediately due and payable at the lender's option of the property is sold by the borrower. In effect, this clause prevents to borrower from assigning the
Beneficiary The person for whom a trust operates or on whose behalf the income from a trust estate is drawn. OR a lender in a deed of trust loan transaction
Certificate of Sale The document generally given to the purchaser of delinquent property taxes at a tax foreclosure sale.
Deed in Lieu of Foreclosure A deed given by the mortgagor to the mortgagee when the mortgagor is in default under the terms of the mortgage. This is a way for the mortgagor to avoid foreclosure.
Deed of Trust An instrument used to create a mortgage lien by which the borrower conveys title to a trustee, who holds it as security for the benefit of the note holder(lender) Also called a trust deed.
Defeasance Clause A clause used in leases and mortgages that cancels a specified right upon the occurrence of a certain condition, such as cancellation of a mortgage on repayment of the mortgage loan.
Deficiency Judgement A personal judgment levied against the borrower when a foreclosure sale does not produce sufficient funds to pay the mortgage debt in full.
Equitable Right of Redemption The right of a defaulted property owner to recover the property before its sale by paying the appropriate fees and charges.
Equitable Title The interest held by a vendee under a contract for deed or an installment contract; the equitable right to obtain absolute ownership to property when legal title is held in anothers name.
Escrow Account The trust account established by a sponsoring broker under the provisions of the license law for the purpose of holding funds on behalf o fthe sponsoring borker's principal or some other person until the consummationor termination of a transaction. Also
Foreclosure The legal procedure in whcih property used as a security for a debt is sold to satisfy the debt in the event of default of payment of the mortgage.
Hypothecation Interest
Intermediate Mortgage Theory
Judicial Foreclosure
Land Contract
Lien Theory
Loan Origination Fee
Mortgage A voluntary lien on real estate
Mortgagee Lender of Money to borrower
Mortgagor A person who borrows money to buy a piece of property: voluntarily gives the lender the right to take that property if the borrower fails to repay the loan.
Negotiable Intrument
Nonjudicial Foreclosure
Novation
Prepayment Penalty
Promissory Note
Release Deed
Satisfaction of Mortgage
Sheriff's Deed
Sheriff's Sale
Statutory Right of Reinstatement
Strict Foreclosure
Title Theory Some states interpret a mortgage to mean that the lender is the owner or mortgaged land. On full payment of the mortgage debt, the borrower becomes the landowner.
Usuury
Created by: cstacy85