chapter 10

3. The percentages of customer deposits commercial banks must keep on reserve with a Federal Reserve Bank.2w
5. A contract between a seller (vendor) and a buyer (vendee) of real estate, in which the seller retains legal title to the property while the buyer pays off the purchase price in installments.2w
6. The Fed’s activities in buying and selling government securities.3w
7. The document a mortgagee gives to the mortgagor when the mortgage debt is paid off, releasing the property from the lien. Also called a satisfaction piece.3w
9. A two-party security instrument that gives the lender (mortgagee) the right to foreclose on the security property by judicial process if the borrower (mortgagor) defaults.
11. A provision in loan documents that gives the lender the right to demand immediate payment in full if the borrower defaults.2w
12. Two interest rates controlled by the Fed that have an effect on market interest rates.
13. The local finance market, where individuals obtain loans from banks, savings and loans, and other types of mortgage lenders.2w
14. The national finance market, where mortgages are bought and sold as investments.2w
15. A provision in a security instrument that gives the lender the right to accelerate the loan if the borrower transfers the property; also called a due-on-sale-clause.2w
16. The document the trustee gives the trustor when the debt secured by a deed of trust is paid off, releasing the property from the lien.3w

1. A provision giving the borrower the right to regain title to the security property when the debt is repaid.2w
2. A three-party security instrument that includes a power of sale clause, allowing the trustee to foreclose non-judicially if the borrower (trustor) fails to pay the lender (beneficiary) or otherwise defaults.3w
4. A written promise to repay a debt.2w
8. The body that regulates commercial banks and sets and implements the federal government’s monetary policy; commonly called “the Fed”.3w
10. When a 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.