David Saks: December 2009

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Real Estate Practice : Lesson 463

                                                     #463

If a provision is included in a mortgage that will permit the lender to declare an entire loan balance due and payable if the property is sold this provision is commonly referred to as a prepayment penalty.

Is this true or false ?

Take your time. The solution is posted below the wildlife photo.

wildlife

A. False

The provision in the mortgage is known as an alienation clause.

This is a clause in the mortgage that will give the lender the right to accelerate the loan if the borrower on the mortgage sells or transfers the property without securing the approval of the lender before doing so.




David Saks



Time&Temp Memphis

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Comment balloon 0 commentsDavid Saks • December 21 2009 12:46PM
Real Estate Practice : Lesson 463
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#463 If a provision is included in a mortgage that will permit the lender to declare an entire loan balance due and payable if the property is sold this provision is commonly referred to as… more
Real Estate Practice : Lesson 462
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#462 If there is a provision in a mortgage that allows the lender to declare the entire loan balance due upon default of the loan by the borrower this provision is known as an exculpatory… more
Real Estate Practice : Lesson 461
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#461 When one is considering an installment note they also have to consider the fact that only the interest is being paid if this type of note has been assumed by the buyer. Is this… more
Real Estate Practice : Lesson 460
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#460 When funds are sought for single family mortgage loans those funds are usually provided by secured collateral in the form of treasury notes or existing equity in residential or… more
Real Estate Practice : Lesson 459
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#459 If the Federal Reserve Board buys government securities from investment securities groups on the open market the supply of available money will decrease. Is this fact true… more
Real Estate Practice : Lesson 458
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#458 Whenever you see borrowing activity slowing and interest rates falling the banks are facing a period of slowdown that causes them to lend less. Is this true or false Take… more
Real Estate Practice : Lesson 457
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#457 A guy is seeking a loan to buy a parcel of land. He also wants a construction loan after the land has been acquired. When the mortgage for the land is taken out the purchaser… more
Real Estate Practice : Lesson 456
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#456 The main reason licensing is required to practice real estate is because of the fact that a substantial amount of revenue can be raised for the state and reduce the tax liability among… more
Real Estate Practice : Lesson 455
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#455 If you forget to renew your real estate license your violating a state law and can be fined. Is this true or false Take your time. The solution is posted below the wildlife… more
Real Estate Practice : Lesson 454
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#454 During a title search the attorney discovered that an heir to an estate had not properly signed a deed before the property was transferred. This defect of title could most likely… more