Chapter 12 preview · Real Estate Pre-Licensing (63 Hours)Vista previa del capítulo 12 · Real Estate Pre-Licensing (63 Hours)
Real Estate Contracts
Chapter 12 of the state-approved Florida 63-Hour Pre-Licensing Course focuses on Real Estate Contracts, specifically residential mortgages. Understanding mortgage concepts, essential legal provisions, and the foreclosure process is crucial for aspiring real estate professionals in Florida.
Chapter audio lessonAudio del capítulo
The chapter audio provides an overview of mortgage terms and the foreclosure process in Florida.
Key termsTérminos clave
- Acceleration Clause
- A provision in a mortgage that allows the lender to demand full repayment of the loan if the borrower defaults.
- Equity
- The difference between the market value of a property and the amount owed on the mortgage.
- Escrow Account
- An account held by the lender to pay property taxes and insurance on behalf of the borrower.
- Hypothecation
- The practice of using property as collateral for a loan without giving up ownership.
- Promissory Note
- A legal document in which the borrower agrees to repay the loan amount under specified terms.
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Practice questions for this chapterPreguntas de práctica para este capítulo
- Insurance companies may remove coverage for certain perils when a commercial property has been vacant for
- Which portion of real estate is depreciable?
- The net proceeds from a sale are also called the ___________.
- What is the first step cash flow analysis?
- ________ is a measurement of how much is invested in the property for tax purposes
Frequently asked questionsPreguntas frecuentes
Is private mortgage insurance required in Florida?
Yes, lenders may require private mortgage insurance (PMI) if the down payment is less than 20% of the purchase price.
What happens if a borrower defaults on a mortgage?
If a borrower defaults, the lender may initiate foreclosure proceedings to recover the loan amount from the sale of the property.
Can a borrower pay off their mortgage early in Florida?
Yes, borrowers in Florida can typically pay off their mortgage early without penalty, unless otherwise specified in the mortgage agreement.
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