Unit 4 Review

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Author:
ceg.gibson
ID:
224555
Filename:
Unit 4 Review
Updated:
2013-06-21 14:02:13
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NC Real Estate Unit Review
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Unit 4
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  1. Policies and procedures that regulate recording are established by?
    State Laws
  2. Why is it important to note date and time of filing?
    Who won the race
  3. The recording process gives what type of notice?
    Constructive notice
  4. Inspecting the property for visible claims against the property is giving what type of notice?
    Actual Notice
  5. Most states require what for a document to be recorded?
    It to be acknowledged, notarized
  6. Where does the register of deeds put the paid stamp once the excise tax has been paid?
    Face of the deed
  7. What is important about the NC Connor act?
    First in time, first in right.
  8. What does the subordination clause do?
    Allows mortgages to maintain original position
  9. What is a marketable title?
    One that is owned free from all reasonable doubt.
  10. Chain of title is a successive history of what?
    Ownership documents
  11. If there are errors or missing documents in a title chain, the title is then?
    Clouded
  12. What is the NC search requirement for chain of title?
    30 years
  13. What is an abstract of title?
    Summary of all recorded documents affecting the real estate
  14. A new buyer will receive what that will protect them and their heirs while they have an interest?
    Owners policy
  15. A mortgagee's policy protects who?
    The lender
  16. Who typically pays for the mortgagee's policy?
    The buyer
  17. What is a quiet title suit used for?
    • To clear a clouded title
    • Also used to establish ownership under adverse possesion
  18. What is lis pendens
    A recorded notice of a pending lawsuit affecting title to a property
  19. Most environmental issues fall under the purview of what government agency?
    EPA
  20. Environmental issues are considered what and must be disclosed by seller and both brokers?
    Material fact
  21. Under the Lead Based Paint Hazard Reduction Act of 1992, buyers have how much time to do a home test for lead based paint?
    10 days
  22. 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
  23. What does RESPA regulate?
    standardizes settlement practices for one to four family residential properties financed by federally related loans
  24. What is the document that the lender must provide that at time of loan application or within 3 business days after?
    Good Faith Estimate
  25. What form must lenders provide at settlement?
    HUD-1
  26. RESPA regulates who?
    Lender's and title companies
  27. What is an escrow agent?
    A disintersted party who assists in carrying out the transaction according to the terms of the purchase contract
  28. What is a settlement statement?
    A detailed accounting of each parties debits and credits

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