Chapter 7 quiz
This type of title insurance covers matters of record, forgery and fraud, ownership of the property, accessibility to the property, and marketable interest...?
CLTA
This type of title insurance covers unrecorded liens, unrecorded easements, encroachments, and items covered by a survey...?
ALTA
The official proving of a will is known as...? The legal process wherein the estate of a decedent is administered.
PROBATE
This type of lien takes first priority in the priority of liens...?
Senior lien
In the deed of trust system, the lender is called the beneficiary...? (t/f)
true
Express or implied knowledge of a fact is known as...?
actual notice
A contract for sale of real property does NOT have to be in writing...? (t/f)
false
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
contract between insurer and the insured is known as... ?
insurance
Bankruptcy is initiated by a...?
petition
The deed given to a purchaser at a public sale of land held for nonpayment of taxes.
tax deed
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
Which of the following can serve as escrow in a transaction...?
Insurance Companies Real Estate Attorneys Title Companies
A contract in which each party promises to do something is known as a/an...?
bilateral contract
A perfect escrow is another term for a...?
completed escrow
Escrow is required in all single family transactions...? (t/f)
false
This is a legal proceeding by an individual or company who are no longer able to pay their respective debts...?
bankruptcy
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
Anything given or promised by a party to induce another to enter into a contract, ex: personal services or even love and affection. It may be a benefit conferred upon one party or a detriment suffered by the other.
consideration
Money is an example of which of the following...?
consideration
A valid contract must have consideration and consent...? (t/f)
true
Recordation is an example of...?
constructive notice
Title insurance is the same as homeowner's insurance...? (t/f)
false
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
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
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
That which is capable of being adjudged void, but is not void unless action is taken to make it so.
voidable
Escrow agents have these, which include loyalty, reasonable care, and good faith...?
fiduciary duties
A fact, imputed to a person by law, which should have been discovered because of the person's actual notice of circumstances and the inquiry that a prudent person would have been expected to make.
constructive notice
must have four essential elements: parties capable of contracting, consent of the parties, a lawful object, and consideration. A contract for sale of real property must also be in writing and signed by the party or parties to be charged with performance.
contract
Which of the following is the governing law of bankruptcy...?
federal
A tax deed conveys to the purchaser only such title as the defaulting taxpayer had...? (t/f)
true