Real Estate Principals lesson 3
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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| lien | a charge imposed
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| specific lien | burden on a particular parcel
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| general lien | burden on any and all property
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| all liens are encumbrances but? | not all encumbrances are liens
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| voluntary lien | trust deeds and mortages
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| promissory note? | instrument which is the evidence of the debt
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| straight note (term note) | all of the principal is paid at maturity
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| how does principal in crease in a promissory note? | not constant
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| in a partially automized loan | the installment payments do not fully retire the debt (some left over)
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| if payments do not cover the interest due? | negative amortization is the result
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| amortization? | the liquidation of a debt by payments
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| amortization tables? | are used to determine the monthly payments for a given loan
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| nominal rate | rate stated in the loan
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| effective rate | rate actually paid
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| simple intrest | based on decrease loan balance
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| what kind of interest rate is mostly used in real estate? | simple interest
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| variable interest | interest rate varies based on money market conditions
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| negotiable instruments | a written promise or order to pay money
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| is a trust deed or mortgage contract a negotiable instruent | no, they can be assigned
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| discontining a note | selling a note for a cheaper value than face amount
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| joint and several note | the borrowers would be committed both together and seperatley
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| what would be the most effective way to commit someone? | joint and several note
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| trust deed or mortgage contract | instrument used to secure payment of the promissory note
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| mortgage contract has how many patries? | two
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| how many parties does a trust deed have | three
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| what are the three parties of a trust deed? | trustor-owner,beneficiary-lender,trusteee-nutral third party
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| what is issued when a promissary note is paid in full? | reconveyance deed
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| how long does a foreclosure on a trust deed take? | four months
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| in a mortgage contract how long does an owner have to redeem? | a year
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| if someone buys a foreclosed house on a mortgage contract what kind of deed is issued? | a sheriff's deed
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| if someone buys a foreclosed house on a trust deed what kind of deed is issued? | trustee's deed
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| how long does a trustor have to redeem himself in a trust deed? | up until five days before the sale of the property
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| when does the trustor no longer own and possess property in a trust deed? | until the day of sale
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