FRECI_12-1 - Lecture Preview Florida Real Estate Commission...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
1 Florida Real Estate Commission Course I Pre-Licensing Course for Sales Associates Session 12 – Lecture 1 Real Estate Finance Copyright, 2005 2 Lecture Preview What will you learn from this lecture? Discuss the difference between title theory and lien theory Identify two important real estate loan instruments Discuss the essential elements of notes and mortgages Copyright, 2005 3 Vocabulary Terms Defeasance clause Estoppel certificate Lien theory Mortgage Mortgagee Mortgagor Promissory note Satisfaction of mortgage Subordination agreement Title theory Copyright, 2005 4 Mortgage Debts Most properties are purchased with borrowed funds A mortgage ensures the repayment of the debt Two legal theories of mortgages exist: Title theory Lien theory Copyright, 2005 5 Title Theory Legal title passes to the lender via a mortgage deed Borrower receives equitable title May pass to a third party (trustee) via a deed of trust Borrower will receive legal title when the
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 05/21/2011 for the course FREC 1000 taught by Professor Stallone during the Spring '08 term at University of Florida.

Page1 / 3

FRECI_12-1 - Lecture Preview Florida Real Estate Commission...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online