Chapter 7 Quiz

This type of title insurance covers unrecorded liens, unrecorded easements, encroachments, and items covered by a survey...?

ALTA

Express or implied knowledge of a fact is known as...?

Actual Notice

This is a legal proceeding by an individual or company who are no longer able to pay their respective debts...?

Bankruptcy

A contract in which each party promises to do something is known as a/an...?

Bilateral Contract

This type of title insurance covers matters of record, forgery and fraud, ownership of the property, accessibility to the property, and marketable interest...?

CLTA

Reorganization of debt is also known as this type of bankruptcy...?

Chapter 13

Separation from debt is also known as this type of bankruptcy...?

Chapter 7

A perfect escrow is another term for a...?

Completed Escrow

Money is an example of which of the following...?

Consideration

Recordation is an example of...?

Constructive Notice

An agreement to do or not to do a certain thing is also referred to as a...?

Contract

The deposit of instruments and/or funds with instructions with a third neutral party to carry out the provisions of an agreement or contract is known as...?

Escrow

A contract that has been put into words, either spoken or written is known as a/an...?

Express Contract

A contract for sale of real property does NOT have to be in writing (t/f)...?

False

Escrow is required in all single family transactions (t/f)...?

False

Title insurance is the same as homeowner's insurance (t/f)...?

False

Which of the following is the governing law of bankruptcy...?

Federal

Escrow agents have these, which include loyalty, reasonable care, and good faith...?

Fiduciary Duties

An agreement that has not been put into words, but is implied by the actions of the parties is known as a/an...?

Implied Contract

Which of the following can serve as escrow in a transaction...?

Insurance Companies Real Estate Attorneys Title Companies

Bankruptcy is initiated by a...?

Petition

The official proving of a will is known as...?

Probate

This type of lien takes first priority in the priority of liens...?

Senior Lien

The sale of property after a period of nonpayment of taxes is known as a...?

Tax Sale

This type of insurance is used to protect a real property owner or lender up to a specified amount against certain types of loss, such as defective or unmarketable title...?

Title Insurance

A tax deed conveys to the purchaser only such title as the defaulting taxpayer had (t/f)...?

True

A valid contract must have consideration and consent (t/f)...?

True

In the deed of trust system, the lender is called the beneficiary (t/f)...?

True

In this type of contract, one party promises to do something if the other party performs a certain act, but the other party does not promise to perform it; the contract is formed only if the other party does perform the requested act...?

Unilateral Contract

A .......... includes a binding contract between a buyer and a seller, and a conditional delivery of something of value to the escrow holder?

Valid Escrow