Fundamentals Of Mortgage Brokerage Exam Questions (418 Terms) With Verified Definitions Updated 2024

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}Statement of Claim {Ans: printed or written statement by the plaintiff which commences the legal proceedings and shoes the facts relied on to support any claim against the defendant and the remedy of relief sought}Injunction {Ans: court may restrain an offending party from carrying out an act where the promise in the contract was one to refrain from doing that action}Instrument {Ans: written, legal document used to register an encumbrance on a property title (unique registration number)}National Housing Act - NHA {Ans: Federal legislation passed in 1944 to promote improved living conditions through the construction of new housing as well as the repair, maintenance and modernization of existing housing. Served to attract investments in housing which increased the availabilty of funds for these initiatives as well as to establish mortgage default insurance for lenders. Efforts increased consumers' access to affordable housing. Legislation also established the Canada Housing and Mortgage Corporation (CMHC)}Life Estate/Interest {Ans: