Real Estate Law 69

admin 2019.05.13 18:24 Views : 247

Check Your Understanding Answers

  1. Define leverage.

    Leverage is usually described as making use of other people’s money, such as making a low down payment and borrowing the rest of the money for a home purchase.
     
  2. What document is a real estate promissory note attached to?

    Either a mortgage or a deed of trust
     
  3. List three provisions that are common to most notes. (See other correct answers on page 5.) 

    Amount borrowed – This is the face amount of the note that is advanced when the note is executed. 

    Interest rate – The rate can be either fixed or adjustable. If it’s adjustable, the note should specify how the rate will change. 

    Amount of payments – The amount of the payments will be determined by the face amount of the loan, the length of the loan, and the interest rate. 

     
  4. What does the covenant of seisin provision of a mortgage document state?

    The covenant of seisin provision states that the mortgagors actually have title to the property and therefore have the authority to pledge it as collateral.
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