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Real Estate 3
Real Estate Principals lesson 3
| Question | Answer |
|---|---|
| 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 |
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