Modern Real Estate Practice 19th Edition Unit 15 Study Guide Matching B – Flashcards
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Blanket Loan
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Type of mortgage used by developers, securing the loan with several parcels.
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Office of Comptroller of the Currency
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Fiduciary lenders are subject to the standards and regulations established by this office.
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Buydown
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A method of financing the purchase of property that temporarily (or permanently) lowers the interest rate through the payment of a lump sum of cash to the lender.
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Certificate of Eligibility
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The document that determines the maximum VA loan guarantee to which a veteran is entitled.
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Equal Credit Opportunity Act
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Lending law prohibiting discrimination based on marital status or sex.
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Package Loan
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A loan that finances the purchase of both real and personal property.
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Conventional Loan
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The type of loan viewed as most secure because of its low loan to value ratio.
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Purchase Money Mortgage
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A form of seller financing whereby the buyer gives the seller note and mortgage.
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Truth in Lending Act
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Law that requires lenders to reveal the true cost of borrowing money.
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Real Estate Settlement Procedures Act
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Law that is designed to ensure that buyer and seller are both fully informed of all closing costs.
