Reca Fundamentals Of Mortgage Brokerage Exam Questions And Answers .

Condition Precedent {Ans: must be waived in order for a contract to proceed}Condition Subsequent {Ans: presumed to have been met by the deadline stated in the contract if no notice to the contrary has been provided to the other contracting parties by the party whose interest the condition protects}Amortization Period {Ans: length of time required to repay a mortgage by equal installments of periodic content payments. Repayments of principal and interest in "blended" amounts. Fully amortized means complete repayment without a balloon payment at the end of the amortization period}Certificate of Title {Ans: document that records the information about the land, such as the legal land description, municipal jurisdiction, ownership and registered interests. Land Titles Office no longer issues a paper Certificate of Title, but a paper copy may be available from any Registry Agents in the province. An electronic copy is available on Spatial Information System (SPIN) operated by Alberta Registries, Service Alberta}Breach {Ans: failure to fulfill an obligation under a contract}Ratification {Ans: principal subsequently agrees to be bound by the actions of the agent who has acted wihout authority or in excess of granted authority}