Real Estate and Mortgage Terms: A Comprehensive Glossary, Quizzes of Property Law

Download Real Estate and Mortgage Terms: A Comprehensive Glossary and more Quizzes Property Law in PDF only on Docsity! TERM 1 Deed of Trust DEFINITION 1 an instrument serving as the same function as a mortgage in which the borrower places the title to property in trust to secure the repayment of teh loan owed to the beneficiary of the trust TERM 2 reverse annuity mortgage DEFINITION 2 a mortgage that generally is used by elderly homeowners in which money is borrowed in teh form of monthly payments and secured by the equity in the home TERM 3 equitable mortgage DEFINITION 3 a lien that is placed on real property to secure the payment of money based on the clear intent of the oarties but that lacks the essential features of a legal mortgage TERM 4 fair lending laws DEFINITION 4 federal legislation created to outlaw various forms of discrimination in real estate lending practices TERM 5 Fair Housing Act DEFINITION 5 title 8 in civil rights act of 1968 that prohibits descrimination in housing based on race, gender, religion, color, national origin, disability, or family status. TERM 6 community reinvestment act DEFINITION 6 federal law that establishes certain recordkeeping,reporting, and loan requirements for financial institutions TERM 7 equal credit oppurtunity act DEFINITION 7 federal law that prohibits discrimination in credit descisions based on applicants gender, marital status, religion, race, color, national origin, age, or reciept of welfare TERM 8 redlining DEFINITION 8 occurs when lenders refuse to make mortgage loans or impose stricter mortgage terms in certain neighborhoods TERM 9 home mortgage disclosure act DEFINITION 9 federal law requiring financial institutuions to furnish the federal government with information about loan applicants and their approval rate by race, gender, and income TERM 10 home ownership and equity protection act DEFINITION 10 an ammendment to the Truth in Lending Act created to prevent preditory lending practices