FRECI_12-2 - Lecture Preview Florida Real Estate Commission...

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Florida Real Estate Commission Course I Pre-Licensing Course for Sales Associates Session 12 – Lecture 2 Real Estate Finance Copyright, 2005 2 Lecture Preview What will you learn from this lecture? Important mortgage covenants and clauses Copyright, 2005 3 Vocabulary Terms Acceleration clause Due-on-sale clause Prepayment clause Prepayment penalty Right to reinstate Copyright, 2005 4 Important Mortgage Provisions 9 Promise to repay 9 Taxes and insurance clause 9 Covenant of good repair 9 Covenant against removal 9 Prepayment clause 9 Acceleration clause 9 Right to reinstate 9 Due-on-sale clause Copyright, 2005 5 Promise to Repay Principle and interest Late fees Escrow account items Prepayment fees Borrower promises to make timely payments of… Copyright, 2005 6 Taxes, Liens and Insurance Clause Property taxes Special tax assessments Hazard insurance Flood insurance Association dues Condo fees Borrower promises to make timely
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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.

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FRECI_12-2 - Lecture Preview Florida Real Estate Commission...

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