Unlock document.
This document is partially blurred.
Unlock all pages and 1 million more documents.
Get Access
Under the ____________________ of ____________________ clause, if the borrower
defaults, the trustee has the right to sell the property and convey ownership to the
purchaser.
The amount of coverage provided by a lender's title policy stays constant over the life
of the policy.
The entitlements of fee simple ownership, which exclude those without rights from
interfering, are the ____________________ of rights.
Any mortgage with a lower priority than the first mortgage is known as a
____________________ mortgage.
The ____________________ market is where lenders originate loans by making funds
available to borrowers.
Under the right-to-use plan of timesharing, the purchaser is a tenant in common with
other users of the unit.
A clause that allows the lender to demand immediate payment of the entire balance on a
note if the borrower misses the obligatory payments is known as a(n)
____________________ clause.
A salesperson who worked as an agent in a broker's office decided to sell his own home.
He placed a classified ad in the paper for his open house, listing only his own home
number. The salesperson's actions wereagainst state real estate license law.
The primary market is typically divided into two markets: those markets regulated by
the federal government and those not regulated by the federal government.
In the event of default and subsequent foreclosure, a VA borrower is responsible for
making good any losses suffered.
Under a deed of trust the borrower is known as the ____________________.
For the borrower there are no disadvantages to an ARM loan.
In a condominium, the legal framework for the unit owners to govern themselves is
called an owner's association and each unit purchaser automatically becomes a member.
The party holding a franchise such as a franchised brokerage office is called a
____________________.
The mortgage holding the highest priority would be the one that is recorded first.
Social obsolescence would be an example of physical deterioration.
A unilateral contract results when a promise is exchanged for a promise.
Loan contracts sometimes call for a ____________________ penalty in return for
giving the borrower the right to repay the loan early.
In a typical closing, insurance prorations will usually be a credit to the seller and an
expense to the buyer.
After December 1, 1986, the FHA would no longer allow a ____________________
assumption of an FHA insured loan.
