Ga Real Estate Salesperson Study Guide Questions And Correct Answers

Exculpatory Clause {Ans: The property is the lender's only security for the debt. The lender's right to a deficiency judgement vs. other property is waived.}Private Mortgage Insurance (PMI) {Ans: If the down payment is less than 20%, the lender might require the borrower to pay PMI}Purchase Money Mortgage {Ans: A loan made at the time of sale by the seller to the buyer. Can be first or second mortgage.}Individual Lender {Ans: Private individuals who invest in mortgage loans, or sellers who carry back purchase money mortgages.}Duress {Ans: Occurs when someone has been physically forced to sign a contract. Voidable by the injured party}Abstract of Title {Ans: A condensed history of all recorded documents which affect the title}