Exam Prep: Title, Closing and Appraisal
An accounting of the debits and credits to the buyer and seller at the close of a transaction
Closing statement
A study of a property that does not necessarily return a price or value
Evaluation
The cost of replacing a building in case of a total loss
Insured value
The return of funds invested
Investment value
The price at which a willing buyer and a willing seller would strike a deal given normal market conditions
Market value
The price a lender believes the property will bring at a foreclosure sale
Mortgage value
Federal law regulating mortgage lending which prohibits kickbacks and undisclosed fees.
RESPA (Real Estate Settlement Procedures Act)
An opinion of value using totally objective criteria
Valuation, appraisal
A brief history of the title and its current statu
abstract of title
Knowledge of a fact given to a person by being presented with notice
actual notice
A levy against a property, often used with condominiums
assessment
The history of ownership of a property
chain of title
A real estate licensee prepares a report for a seller based on recent sales of similar houses in the area. This is called a ________________.
comparative market analysis
Notice by matter of fact which binds the parties, even if the parties have not been specifically notified of the fact
constructive notice
Money to be received by buyer or seller (or conversely, reimbursed) as listed on a closing statement
credit
Money to be paid by buyer or seller as listed on a closing statement
debit
A title that is free from reasonable doubt as to property ownership
marketable title, clear title
The calculation of shared costs between buyer and seller and based on amounts actually owed
proration
The balancing of credits and debits on a closing statement
reconciliation
The measurement of the boundaries and size of a property
survey
A document granting right of ownership and possession
title
The meeting in which title changes hands from seller to buyer
title closing