Studying for your real estate license exam? Check out our resources on all the definitions you need to know while studying for your real estate exam.
Mortgage delinquency is a term that indicates that the borrower is at least 30 days behind schedule on making at least one payment on their home loan. Missed and late payments on a mortgage can affect a borrower’s credit score …
Foreclosure is a process that starts when the borrower fails to make payments on their mortgage. When a property is foreclosed upon, the mortgage lender of that property takes its ownership. In real estate, foreclosure plays an important role in …
A sublet is when a tenant finds a new renter who will sign a lease with the landlord, while a sublease is when a tenant leases the rental property to a subtenant. Even real estate professionals get these terms confused, …
A sublease is an agreement where an original tenant leases a rental property to a new subtenant for a set period of time. Subleasing is popular in real estate, as it benefits both landlords and renters. Every real estate professional …
A straight note requires the entire principal, together with accumulated interest to be paid in a lump sum payment at the end of the term. These notes are mostly used for short-term loans and have higher interest rates. Straight notes …
A promissory note is an integral part of a mortgage process, in which the borrower agrees to repay the loan to a mortgage lender. Promissory notes are sometimes referred to as mortgage notes, but they are different. To take the …