Unit 4 Review
Card Set Information
Unit 4 Review
NC Real Estate Unit Review
Policies and procedures that regulate recording are established by?
Why is it important to note date and time of filing?
Who won the race
The recording process gives what type of notice?
Inspecting the property for visible claims against the property is giving what type of notice?
Most states require what for a document to be recorded?
It to be acknowledged, notarized
Where does the register of deeds put the paid stamp once the excise tax has been paid?
Face of the deed
What is important about the NC Connor act?
First in time, first in right.
What does the subordination clause do?
Allows mortgages to maintain original position
What is a marketable title?
One that is owned free from all reasonable doubt.
Chain of title is a successive history of what?
If there are errors or missing documents in a title chain, the title is then?
What is the NC search requirement for chain of title?
What is an abstract of title?
Summary of all recorded documents affecting the real estate
A new buyer will receive what that will protect them and their heirs while they have an interest?
A mortgagee's policy protects who?
Who typically pays for the mortgagee's policy?
What is a quiet title suit used for?
To clear a clouded title
Also used to establish ownership under adverse possesion
What is lis pendens
A recorded notice of a pending lawsuit affecting title to a property
Most environmental issues fall under the purview of what government agency?
Environmental issues are considered what and must be disclosed by seller and both brokers?
Under the Lead Based Paint Hazard Reduction Act of 1992, buyers have how much time to do a home test for lead based paint?
What does the seller have to give the buyer under the Lead Based Paint Act?
Disclose location of any known lead based paint
Provide copy of any report on the home
Give copy of EPA pamphlet about lead poising
Offer buyer 10 day inspection period
What does RESPA regulate?
standardizes settlement practices for one to four family residential properties financed by federally related loans
What is the document that the lender must provide that at time of loan application or within 3 business days after?
Good Faith Estimate
What form must lenders provide at settlement?
RESPA regulates who?
Lender's and title companies
What is an escrow agent?
A disintersted party who assists in carrying out the transaction according to the terms of the purchase contract
What is a settlement statement?
A detailed accounting of each parties debits and credits