Chapter 22 & 23 Review

Front

the highest price that the property will bring on the market

Back

market value

Front

What is the term for home value determined by examining the structure, size, features, and quality as compared to similar homes? Options: market value, appraised value, assessed value, estimated value, appreciate

Back

appraised value

Front

value set by the city or county that is used to compute property taxes

Back

assessed value

Front

difference between the market value of property and the amount owed on it

Back

equity

Front

mortgage agreement that does not have government backing and that is offered through a commercial bank or mortgage broker

Back

conventional loan

Front

government-sponsored loan that carries mortgage insurance

Back

FHA loan

Front

a debt security instrument that shows as a lien against property

Back

trust deed

Front

a fund where money is held to pay amounts that will come due during the year

Back

escrow account

Front

used to lower the mortgage interest rate

Back

discount points

Front

the amount charged by a bank or other lender to process the loan papers

Back

loan origination fee