A lender has a first mortgage if The loan-to-value ratio is 80% or less The value of the property is less than the mortgage loan amount The lender has first priority in the event of a forced sale of the asset The mortgage was made when the house was purchased A legal description in which the surveyor describes the real estate beginning with base lines and principal meridians, sections, township, and range lines follows the Metes and bounds system Rectangular survey system Lot and block system Street and fence system A mortgagee is The person who takes the loan application on real estate The person who borrows money on real estate The person who closes the mortgage loan (i.e., the closing agent) The person who loans money on real estate A real estate multiple listing service (MLS) system is A measurement of the elevation above sea level A system used to track the zoning on real estate in a county A system used to display demographic data linked to geographical locator data A system realtors use to distribute, publish, and advertise properties for sale and sometimes to compile sales data on properties after sales occur