HOME TERMINOLOGY QUIZLET ASSIGNMENT

Directions: In addition to the 56 terms presented in the GLOSSARY OF REAL ESTATE TERMS found at michaelbluejay.com/house, please research each of the following terms. Provide one to two sentences that carefully explain the major features of the term. You may copy & paste the information into your Quizlet assignment. Please document all research at the bottom of each Quizlet definition. You will only need to create a Quizlet vocabulary card for each of these terms; not the ones found on the website above.

1. Balloon Mortgage

2. Wrap-Around Mortgage

3. Reverse Mortgage

4. Adjustable Rate Mortgage (ARM’s)

5. Fannie Mae Loans

6. Mortgage Backed Securities

7. The “Truth in Lending Disclosure” Statement

8. “Lock-ins”

9. Equal Credit Opportunity Act

10. Fair Housing Act

11. Fair Credit Reporting Act

12. 2/1 Buy Down

13. Mortgagor

14. Mortgagee

15. Positive Amortization

16. Negative Amortization

17. Homeowners Protection Act

18. Joint Tenancy

19. Tenancy by Entirety

20. Tenancy in Common

21. Owner’s Title Insurance

22. Mortgagee’s Title Insurance

23. Real Estate Settlement Procedures Act (RESPA)

24. Unencumbered Property

25. WDO Inspection Report

26. Ad Valorem

27. Non Ad Valorem

28. Assessed Value

29. Mechanics Lien

30. Bi-Weekly Mortgage