EXAM III

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Author:
kikicutler
ID:
11882
Filename:
EXAM III
Updated:
2010-03-24 20:33:30
Tags:
3 24 10wa
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Description:
Real Estate
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  1. chain of title
    historical sequence of all owners to a particular tract of real property
  2. lis pendens
    notice recorded in the real property records that informs
  3. grantor index
    alphabetical index of the public real property records that list the last names of all people who are grantors
  4. grantee index
    alphabetical index of the public real property records that lists the names of all people who are grantees
  5. quiet title action
    judicial proceeding to establish the ownership of real property
  6. title examination
    examination of the real property records to determine the ownership
  7. affidavit
    sworn statement of fact
  8. endorsement
    method of transferring ownership of a promissory note
  9. title insurance
    contract to indemnify the insured against loss through defects in the title to real property
  10. title insurance commitment
    a commitment or a contract by a title insurance company to issue a title insurance policy
  11. closing
    data set forth in a real estate contract on which the parties agree to perform all the promises of the contract
  12. escrow
    agreement that requires the deposit of a document or money into the possession of a third party
  13. loan closing
    consummation of a loan secured by real property
  14. loan commitment
    contract between a borrower and a lender to make and accept a mortgage loan secured by real property
  15. mortgage endorsement
    endorsement to a policy of fire and hazard insurance whereby the owner of the insured property
  16. mortgagee loss payable clause
    endorsement to a policy of ire and hazard insurance whereby the owner of the insured property and the insurance company agree that any and all proceeds payable under the policy are to be paid directly to the lender
  17. recission
    act of repealing or voiding something or some action
  18. settlement cost
    all costs involved in the settlement or closing of a real estate transaction
  19. finance charge
    term used in the Truth-In-Lending Act to mean any charge or fee payable directly or indirectly by the consumer to obtain a consumer loan
  20. consumer credit
    term used in the Truth-In-Lending Act to mean a loan offered or extended primarily for personal, family or household purposes
  21. bill of sale
    legal document that transfers ownership to personal property
  22. condominium
    form of property ownership in which the owner owns an individual unit in a multiunit building
  23. cooperative
    form of ownership of real property in which a corporation owns a multi unit building and leases living space in the building
  24. time-share
    form of ownership of real property in which an owner owns the property for a short period
  25. general warranty deed
    deed containing full warranty of title
  26. limited (special) warranty deed
    deed wherein the grantor covenants and warrants only against the lawful claims of people claiming by through or under the grantor
  27. quitclaim deed
    deed that contains no warranties of title
  28. caption
    portion of the deed that indicates the country and state in which the deed was signed by the grantor
  29. premises
    land and the buildings located on the land
  30. habendum clause
    clause found in a deed or mortgage that indicates what estate in real property is being transferred by the deed or mortgage
  31. testimonium
    portion of the deed that the grantor signs and the signature is witnessed or notarized
  32. preamble
    portion of the deed that sets forth the parties to the deed and the date of the deed

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