Lesson 13 – Ch 11 Vocabulary Quiz

What is the name of the body that regulates commercial banks and sets and implements the federal government’s monetary policy?

What are the two interest rates that are controlled by the Fed that have an effect on market rates?

The percentages of deposits commercial banks must keep on reserve with a Federal Reserve Bank are known as what?

The finance market in which loans are originated, where lenders make loans to borrowers

The finance market in which mortgages are bought and sold as investments

The Fed’s activities in buying and selling government securities

Investment instruments issued by a secondary market entity, with mortgage loans as collateral are known as what?

A written promise to repay a debt is known as what?

A document in which a real property owner grants a security interest to a lender, making the property collateral for a loan

A two-party security instrument that gives the lender the right to foreclose on the security property by judicial process if the borrower defaults

Match the words to their correct matching for a mortgage sale.

A three-party security instrument that includes a power of sale clause, allowing the trustee to foreclose nonjudicially if the borrower fails to pay the lender or otherwise defaults

Match the words to their correct matching for a deed of trust sale

A provision in loan documents that gives the lender the right to demand immediate payment in full if the borrower defaults

A provision in a security instrument that gives the lender the right to accelerate the loan if the borrower transfers the property

When the borrower sells the security property to a buyer who agrees to take on personal liability for repayment of the existing mortgage or deed of trust

A provision giving the borrower the right to regain title to the security property when the debt is repaid

The document a mortgagee gives to the mortgagor when the mortgage debt is paid off, releasing the property from the lien

The document a trustee gives the trustor when the debt secured by a deed of trust is paid off, releasing the property from the lien

A contract between a seller and a buyer of real estate, in which the seller retains title to the property while the buyer pays off the purchase price in installments is known as what?

Match the following words in regards to a land contract.