Real Estate Part 2 Chapter 9-10

RESPA requirements do not apply for which of the following...?

A loan on a property of 25 or more acres

A condensed history, or summary of all transactions affecting a particular tract of land.

Abstract of Title

The act by which a party executing a legal document goes before an authorized officer (a notary public), and declares the same to be his/her voluntary act and deed.

Acknowledgement

A person appointed by the court to settle affairs of an individual dying without a will.

Administrator

A term applied to the past series of transactions and documents affecting the title to a given parcel of land.

Chain of Title

Title which is not encumbered or burdened with defects.

Clear Title

The miscellaneous expenses buyers and sellers normally incur in the transfer of ownership of real property over and above the cost of the property are known as...?

Closing costs

A written document by which ownership of land is transferred from one party to another.

Deed

An estate or interest in land held by two or more persons, each having equal rights of possession and enjoyment, but without any right of succession by survivorship between the owners is referred to as..?

Tenancy in common

A will is also referred to as a...?

Testament

The typical sale of real property between a buyer and seller involves ..................... alienation?

Voluntary

Transfer of title freely by the owner.

Voluntary Alienation

Transfer of title freely by the owner is referred to as...?

Voluntary alienation

A condensed history, or summary of all transactions affecting a particular tract of land is known as a...?

Abstract of title

Express or implied knowledge of a fact.

Actual Notice

Express or implied knowledge of a fact is considered...?

Actual notice

A claim made against the lands of another by virtue of open and notorious possession of the lands by the claimant.

Adverse Possession

A claim made against the lands of another by virtue of open and notorious possession of the lands by the claimant is referred to as...?

Adverse possession

A sworn statement in writing is referred to as a/an...?

Affidavit

A sworn statement in writing.

Affidavit

Real estate agents typically get paid...?

At the closing

One who holds a power of attorney for another, allowing him to execute legal documents such as deeds, mortgages, etc, on behalf of person granting the power.

Attorney In-fact

Any deed that recites a consideration and purports to convey the real estate; a bargain and sale deed with a covenant against the grantor's act is one in which the grantor warrants that grantor has done nothing to harm or cloud the title.

Bargain and Sale Deed

The past series of transactions and documents affecting the title to a given parcel of land is known as...?

Chain of title

Title which is not encumbered or burdened with defects is known as...?

Clear title

The process by which all the parties to a real estate transaction conclude the details of a sale or mortgage is known as the...?

Closing

The process by which all the parties to a real estate transaction conclude the details of a sale or mortgage. The process includes the signing and transfer of documents and distribution of funds.

Closing

The miscellaneous expenses buyers and sellers normally incur in the transfer of ownership of real property over and above the cost of the property.

Closing Costs

If the chain of title is incomplete, there is said to be a...?

Cloud on title

Title that is encumbered or burdened with defects.

Clouded Title

Title that is encumbered or burdened with defects is known as...?

Clouded title

Taking private property for public use through court proceedings.

Condemnation

The taking of private property for public use through court proceedings is known as...?

Condemnation

A provision in a deed that upon happening, or failure to happen, of a certain event, limits, enlarges, changes, or terminates the title of the purchaser.

Conditions in Title

Anything given or promised by a party to include another to enter into a contract is referred to as...?

Consideration

Anything given or promised by a party to include another to enter into a contract, e.g., personal services or even love and affection. It may be a benefit conferred upon one party or a detriment suffered by the other.

Consideration

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

A written document by which ownership of land is transferred from one party to another is known as a...?

Deed

The final and absolute transfer of a deed from a seller to a buyer in such a manner that it cannot be recalled by the seller is known as...?

Delivery

The final and absolute transfer of a deed from a seller to a buyer in such a manner that it cannot be recalled by the seller.

Delivery

The disposition of real property by a will.

Devise

A reversion of property to the State when heirs capable of inheriting are lacking is known as...?

Escheat

A reversion of property to the State when heirs capable of inheriting are lacking.

Escheat

A person's possessions is referred to as their...?

Estate

The investigation and interpretation of the record title to real property based on the title search or abstract.

Examination of Title

A person named in a will to carry out the terms of a will.

Executor

Which of the following is an example of involuntary alienation...?

Foreclosure

A provision in a deed creating a condition which will cause the title to be passed to another should certain circumstances occur.

Forfeiture of Title

A deed used to convey real property which contains warranties of title and quiet possession, and the grantor thus agrees to defend the premises against the lawful claims of third persons is known as a...?

General Warranty Deed

A deed used to convey real property which contains warranties of title and quiet possession, and the grantor thus agrees to defend the premises against the lawful claims of third persons.

General Warranty Deed

Which type of deed provides the greatest amount of protection...?

General warranty deed

A person who acquires an interest in land by deed, grant, or other written instrument is known as the...?

Grantee

A person who acquires an interest in land by deed, grant, or other written instrument.

Grantee

A person, who by a written instrument, transfers to another the interest in land is referred to as the...?

Grantor

The "to have and to hold" clause which may be found in a deed.

Habendum Clause

The "to have and to hold" clause found in a deed is referred to as the...?

Habendum clause

Notice the law presumes a reasonable person would obtain by inquiring into a property.

Inquiry Notice

Designates the estate or condition of failing to leave a will at death.

Intestate

This designates the estate or condition of failing to leave a will at death...?

Intestate

Transfer of title to real property as a result of a lien foreclosure sale, adverse possession, the filing of a petition in bankruptcy, or condemnation under power of eminent domain or upon the death of the titleholder, to the State when there are no heirs.

Involuntary Alienation

The transfer of property without the owner's consent is known as...?

Involuntary alienation

Life estates can be conventional or...?

Legal

A grant, or reservation of the right of use, occupancy and ownership for the life of an individual is referred to as a...?

Life estate

A age at which a person is entitled to handle his/her own affairs.

Majority

Title which a reasonable purchaser, informed as to the facts and their legal importance and acting with reasonable care, would be willing and ought to accept.

Marketable Title

Title which a reasonable purchaser, informed as to the facts and their legal importance and acting with reasonable care, would be willing and ought to accept is known as...?

Marketable title

In most real estate contracts, what is used as consideration...?

Money

A lender must provide borrowers with a .................., which discloses the possibility of a future transfer loan servicing to another company?

Mortgage Servicing Disclosure Statement

One who is authorized to take acknowledgements.

Notary

An instrument authorizing an another to act on one's behalf as his/her agent or attorney.

Power of Attorney

A deed to relinquish any interest in property which the grantor may have, without any warranty of title or interest.

Quitclaim Deed

Which of the following types of deeds provides the least amount of protection...?

Quitclaim deed

Under this Act, lenders are required to disclose the costs associated with obtaining a loan...?

RESPA

A deed gets ............ in the public record?

Recorded

The process of placing a document on file with a designated public official for public notice is known as...?

Recording

The process of placing a document on file with a designated public official for public notice.

Recording

Which of the following serves as a blueprint for the completion of a real estate transaction...?

Sales Contract

The closing of a real estate transaction is also known as the...?

Settlement

A deed in which the seller warrants or guarantees the title only against defects arising during the period of his or her tenure or ownership of the property.

Special Warranty Deed

All deeds must be in accordance with the...?

Statute of frauds

Title insurance protects the owner from any defects in the title before the policy was issued...?

T (True)

Another term for a will; commonly referred to as a last will and testament.

Testament

The state or condition of leaving a will at death.

Testate

One who makes a will is referred to as the...?

Testator

One who makes a will.

Testator

Which of the following items has an unlimited tolerance on the good faith estimate...?

The cost of the homeowner's insurance

A valid deed must be signed by...?

The grantor

The evidence of right which a person has to the ownership and possession of land, commonly considered as a history of rights is known as...?

Title

The evidence of right which a person has to the ownership and possession of land, commonly considered as a history of rights.

Title

Any legal right held by others to claim property or to make demands upon the owner.

Title Defect

Insurance against loss or damage resulting from defects or failure of title to a given parcel of real estate.

Title Insurance

An examination of public records, laws, and court decisions to disclose the current facts regarding the ownership of real estate.

Title Search

Insurance against loss or damage resulting from defects or failure of title to a given parcel of real estate is known as...?

Title insurance

Most lenders require .......................... as satisfactory evidence of title?

Title insurance

An examination of public records, laws, and court decisions to disclose the current facts regarding the ownership of real estate is known as a...?

Title search

A promise by the grantor of real property that they are the owner and will be responsible to the buyer if title is other than what they represent.

Warranty

This is a promise by the grantor of real property that they are the owner and will be responsible to the buyer if title is other than what they represent...?

Warranty

A written document outlining the distribution of property previously owned by a person who dies is referred to as a...?

Will

A written document outlining the distribution of property previously owned by a person who dies.

Will