Chapter 16 & 17
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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| Promissary Note | show 🗑
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| Pledging | show 🗑
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| show | Title that lacks the rights and privileges usually associated with ownership. It is also sometimes called bare title
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| show | A clause found in the deed of trust is designed to give the trustee the authority to sell the property without having to go through a court-ordered foreclosure proceeding.
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| Security Deed | show 🗑
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| Equitable redemption | show 🗑
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| show | When a borrower has the right to reinstate ownership of the property after the foreclosure sale, the right is known as statutory redemption.
Georgia does not recognize statutory redemption on a loan foreclosure.
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| acceleration clause | show 🗑
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| defeasance clause | show 🗑
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| Estoppel Certificate | show 🗑
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| Subordination | show 🗑
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| show | a mortgage secured by personal property.
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| Judicial foreclosure | show 🗑
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| show | Allows a mortgagee to conduct a foreclosure sale without first going to court.
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| show | A judgement against a borrower if the foreclosure sale does not bring enough to pay the balance owed
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| show | The purchaser at the foreclosure sale receives a sheriff’s deed. These are usually special warranty deeds.
The court will assist in removing anyone in possession who was cut off in the foreclosure proceedings.
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| statutory redemption | show 🗑
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| Strict foreclosure | show 🗑
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| show | in the mortgage gives the lender the power to conduct the foreclosure and sell the property without taking the issue to court.
This is the preferred method of foreclosure in 27 states.
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| show | voluntary act sometimes called a “friendly foreclosure.”
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| Ad valorem taxes | show 🗑
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| appropriation process | show 🗑
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| Assessed Value | show 🗑
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| Mill Rate | show 🗑
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| Tax Lien | show 🗑
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| show | Local government body that hears and rules on property owner complaints of over-assessment.
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| homestead exemption | show 🗑
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| special assessments | show 🗑
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| show | the selling price of the home, less selling expenses.
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| gain on the sale | show 🗑
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| show | the price originally paid for the home, plus any fees paid for closing services and legal counsel, and any fee or commission paid to help find the property.
Improvements made by the seller are added to the original cost of the home.
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| show | is a tax levied on an investment.
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| show | The adjusted sales price is the sales price minus any assumed loan.
also known as transfer tax
The rate is $0.10 per $100 on the adjusted sales price
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| intangibles tax | show 🗑
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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