Exam 9: Real Estate Finance: The Laws and Contracts

When a buyer acquires a property having an existing mortgage loan,a decision must be made as to whether or not the subsequent owner of the property can preserve the loan.If the buyer does not add his or her signature to the note,the buyer does not take on any personal liability.In this case,the buyer is said to:

In addition to numerous congressional acts that focus more on national regulation,laws have been created that affect the practice of home mortgage lending at a community or neighborhood level.For example,laws have been enacted to prevent lenders from avoiding certain neighborhoods without regard to the merits of the individual loan applications,a practice more commonly referred to as:

In an attempt to regulate home mortgage lending after the mortgage crisis of 2007,which of the following acts created an independent oversight agency tasked with the responsibility of overseeing and enforcing Federal consumer financial protection laws,enforcing anti-discrimination laws in consumer finance,restricting unfair,deceptive or abusive acts or practices,receiving consumer complaints,promoting financial education,and watching for emerging financial risks for consumers?

Standard mortgage loans require monthly payments typically composed of two components: interest and principal repayments.When scheduled mortgage payments are insufficient to pay all of the accumulating interest,causing some interest to be added to the outstanding balance after each payment shortfall,the loan is said to be:

In certain states,such as the state of Georgia,there is a temporary transfer of title to the lender at the time the mortgage loan is made.The borrower then would obtain the rights to the title once the loan has been repaid.These states are referred to as:

Because the mortgage conveys a complex claim for a long period of time,clauses are included in anticipation of possible future complications.Which of the following clauses requires a borrower to make monthly deposits into an account in order to pay obligations such as property taxes,community association fees,or causality insurance premiums?

Most real estate loans have a definite term to maturity,stated in years.The majority of home loans will typically have a term to maturity between: