Finance
In Alaska, which type of mortgage clause allows the lender to demand full repayment of the loan upon the property's sale?
ADefeasance clause
BAcceleration clause
CDue-on-sale clause✓ Correct
DSubordination clause
Explanation
A due-on-sale clause (also called an alienation clause) allows the lender to demand full repayment of the outstanding loan balance when the borrower transfers ownership of the property.
Related Alaska Finance Questions
- The Federal Reserve's primary tool for influencing mortgage interest rates is:
- A due-on-sale clause in a mortgage means:
- An Alaska lender 'locks in' an interest rate for 45 days for a borrower. This rate lock:
- In Alaska, the 'annual percentage rate' (APR) is always higher than the stated interest rate because APR includes:
- In Alaska, a 'participation mortgage' is one in which:
- In Alaska, a 'due diligence' period for a commercial real estate transaction typically allows the buyer to:
- In Alaska, a borrower whose credit score drops between the time of loan application and closing may find that the lender:
- Under what circumstances would an Alaska homeowner most likely need to pay Private Mortgage Insurance (PMI)?
Practice More Alaska Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Alaska Quiz →