Is a contract an intangible asset?
Yes, because a option contract is an asset therefore a contract could be considered an asset.
What is a federal acts that regulate mortgage lenders?
Mortgage lenders are regulated by the Real Estate Settlement Procedures Act (RESPA), which
How does Real Estate Settlement Procedures Act (RESPA) effect mortgage lenders
requires full disclosure of the procedures and costs of settlement of mortgage loans to home purchasers
What is the purpose of recording the purchase of a mortgage for the lender?
Recording a security interest, including a mortgage, is a means of making the public aware of it. By recording the mortgage, the Mortgager is protected from claims of future purchasers.
What does "The jurisdiction has enacted a statutory right of redemption" mean?
It means that a specific law or jurisdiction has been used to extend the debtor's right to redeem the property by paying all amounts owed.
What happens when a mortgagor's right of redemption is be terminated by a judicial foreclosure sale?
Once a sale of foreclosed property has taken place, the debtor's right to redeem the property by paying all amounts owed is severed
joint tenants
right of survivorship
tenants in common
no right of survivorship but still a part owner
tenacity at will
lease with no specified term that continues until either the landlord or tenant wishes to end it
Tenancy at sufferance.
If a lease has a specificterm, then the continuance of the tenant after the end of that term is a tenancy at sufferance
What are the option when it is a Tenancy at sufferance?
to treat the tenant's continued possession of the property as a trespass allowing eviction or as a tenancy allowing collection of rent.
What is A defect in the marketable title of property?
a claim against that property that they buyer is not aware of
To be enforceable, a residential real estate lease must
Entitle the tenant to exclusive possession of the leased property.
NOT in writing because A lease is not a sale of real estate, and only falls within the requirements of the statute of frauds if the term of the lease exceeds one year.