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Florida Real Estate Exam

Category - Florida

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Property is being sold whereby the purchaser is to continue the payments of an existing amortized loan secured by a first mortgage. In order for the buyer to assume the existing mortgage without penalty, the real estate agent should check to be sure the mortgage does not include:

An acceleration clause
A release clause
A subordination clause
A requit clause

Explanation

Answer A - If a loan has an acceleration clause that allows the lender to call the loan upon alienation of the title, then a buyer could not assume that loan.

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Florida Real Estate Exam

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Florida Real Estate Exam

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