Real Estate University | S1 | Chapter 7

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

Chapter 7

Recordation is an example of...?

Constructive Notice

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

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

ALTA

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

CLTA

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

Completed Escrow

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

Bankruptcy is initiated by a...?

Petition

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

True or False: A tax deed conveys to the purchaser only such title as the defaulting taxpayer had...?

True

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

Express Contract

True or False: A contract for sale of real property does NOT have to be in writing...?

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

True or False: A valid contract must have consideration and consent...?

True

True or False: In the deed of trust system, the lender is called the beneficiary...?

True

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

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

Chapter 13

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

Contract

True or False: Escrow is required in all single family transactions...?

False

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

Senior Lien

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

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

Actual Notice

True or False: Title insurance is the same as homeowner's insurance...?

False

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

Federal Law

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

Fiduciary Duties

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

Insurance Companies, Real Estate Attorneys, and Title Companies.

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

Probate

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

Consideration