Wraparound Mortgage - CORRECT ANSWER-Results when an existing assumable
loan is combined with a new loan, resulting in an interest rate somewhere between the
old rate and the current market rate.
Warranty Deed - CORRECT ANSWER-A deed that contains a covenant that the grantor
will protect the grantee against any and all claims.
URAR - CORRECT ANSWER-Uniform Residential Appraisal Report
Usury - CORRECT ANSWER-Interest charged in excess of the legal rate established by
law.
Shared Appreciation Mortgage (SAM) - CORRECT ANSWER-A mortgage in which a
borrower receives a below-market interest rate in return for which the lender receives a
portion of the future appreciation in the value of the property.
Real Estate Settlement Procedures Act - CORRECT ANSWER-Regulation X
Truth-In-Lending Act - CORRECT ANSWER-Regulation Z
Home Mortgage Disclosure Act - CORRECT ANSWER-Regulation C
Equal Credit Opportunity Act - CORRECT ANSWER-Regulation B
Mortgage Disclosure Improvement Act - CORRECT ANSWER-Implemented through
TILA section 35.
Two-Step Mortgage - CORRECT ANSWER-A mortgage in which the borrower receives
a below-market interest rate for a specified number of years (7-10), and then receives a
new interest rate adjusted to market conditions at that time.
Tenancy by Severalty - CORRECT ANSWER-Ownership of property by one person or
one legal entity.
Tenancy in Common - CORRECT ANSWER-An ownership of real estate by two or
more persons each of whom has an undivided interest, without the right of survivorship.
Tenancy by the Entirety - CORRECT ANSWER-An estate that exists only between
husband and wife and equal right of possession and enjoyment during their joint lives
with the right of survivorship.
Reverse Annuity Mortgage (RAM) - CORRECT ANSWER-A form of mortgage in which
the lender makes periodic payments to the borrower using the borrower's equity in the
home as collateral for and repayment of the loan.
loan is combined with a new loan, resulting in an interest rate somewhere between the
old rate and the current market rate.
Warranty Deed - CORRECT ANSWER-A deed that contains a covenant that the grantor
will protect the grantee against any and all claims.
URAR - CORRECT ANSWER-Uniform Residential Appraisal Report
Usury - CORRECT ANSWER-Interest charged in excess of the legal rate established by
law.
Shared Appreciation Mortgage (SAM) - CORRECT ANSWER-A mortgage in which a
borrower receives a below-market interest rate in return for which the lender receives a
portion of the future appreciation in the value of the property.
Real Estate Settlement Procedures Act - CORRECT ANSWER-Regulation X
Truth-In-Lending Act - CORRECT ANSWER-Regulation Z
Home Mortgage Disclosure Act - CORRECT ANSWER-Regulation C
Equal Credit Opportunity Act - CORRECT ANSWER-Regulation B
Mortgage Disclosure Improvement Act - CORRECT ANSWER-Implemented through
TILA section 35.
Two-Step Mortgage - CORRECT ANSWER-A mortgage in which the borrower receives
a below-market interest rate for a specified number of years (7-10), and then receives a
new interest rate adjusted to market conditions at that time.
Tenancy by Severalty - CORRECT ANSWER-Ownership of property by one person or
one legal entity.
Tenancy in Common - CORRECT ANSWER-An ownership of real estate by two or
more persons each of whom has an undivided interest, without the right of survivorship.
Tenancy by the Entirety - CORRECT ANSWER-An estate that exists only between
husband and wife and equal right of possession and enjoyment during their joint lives
with the right of survivorship.
Reverse Annuity Mortgage (RAM) - CORRECT ANSWER-A form of mortgage in which
the lender makes periodic payments to the borrower using the borrower's equity in the
home as collateral for and repayment of the loan.
