Texas Real Estate Finance Ch. 10 All Sections

Default

A delinquent borrower is said to be in...?

The promissory note

An acceleration clause is included in which of the following...?

Underwater

Short sales typically occur when a property is said to be...?

Abandoned

When an owner leaves their property without any just cause, the owner is said to have ...........the property?

Deed in Lieu of Foreclosure

A deed to real property accepted by a lender from a defaulting borrower to avoid the necessity of foreclosure proceedings by the lender is known as a...?

T (True)

A non-judicial foreclosure is typically quicker to execute than a judicial foreclosure...?

Short sale

A seller's attempt to sell their property whereby the liens are greater than the value of the property, is known as a...?

Default

The failure to fulfill a duty or promise is known as...?

Mortgage

A judicial foreclosure is required when a ............is used?

Grace period

A period of time that a lender offers to a borrower, which allows the borrower to make their required payments after the due date, is known as a...?

Acceleration clause

This is a condition in a real estate financing instrument giving the lender the power to declare all sums owed to the lender immediately due and payable upon the happening of an event, such as sale of the property, or a delinquency in the repayment of the note...?

Deficiency Judgment

This is a judgment given by a court when the value of security pledged for a loan is insufficient to pay off the debt of the defaulting borrower...?