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In a mortgage by legal charge, the debtor remains the legal owner of the
property, but the creditor gains sufficient rights over it to enable them to
enforce their security, such as a right to take possession of the property
or sell it.
To protect the lender, a mortgage by legal charge is usually recorded in a
public register. Since mortgage debt is often the largest debt owed by the
debtor, banks and other mortgage lenders run title searches of the real
property to make certain that there are no mortgages already registered on
the debtor's property which might have higher priority. Tax liens, in some
cases, will come ahead of mortgages. For this reason, if a borrower has
delinquent property taxes, the bank will often pay them to prevent the
lienholder from foreclosing and wiping out the mortgage.
This type of mortgage is common in the United States and, since 1925, it has
been the usual form of mortgage in England and Wales (it is now the only
form - see above).
In Scotland, the mortgage by legal charge is also known as standard
security.
In addition to completing the educational requirements for a state real
estate license, most states issue real estate licenses for limited time
periods and require real estate professionals to complete a certain number
of hours of further education on an annual or biannual basis in order to
renew their licenses.
Required course hours range from 10 to 20 per license period. Typically,
some specific courses are required to be taken; these would include real
estate law updates.