Chapter 9,10 & 11 Terms

  1. primary market
    lenders who make mortgage loans directly to borrowers
  2. term loan
    loan in which the borrower makes periodic payments of interest
  3. mortgage loan
    loan secured by real property
  4. interest
    charge by a lender to a borrower for the use of money
  5. power of sale
    power given to a lender or to a trustee on behalf of the lender to sell the mortgaged property
  6. foreclosure
    sale brought by a holder of a mortgage
  7. promissory note
    legal document that contains a promise by one property to pay money to another party
  8. deed of trust
    legal document that conveys title to real property to a trustee
  9. financing statement
    form that is recorded to give notice that there is security interest
  10. security agreement
    legal document that pledges personal property as security for a debt
Card Set
Chapter 9,10 & 11 Terms
Real Estate