real estate terms.

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Author:
Candyblower
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270156
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real estate terms.
Updated:
2014-04-11 15:48:50
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BlinnRealEstate2014
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Law of contracts, nobles, blinn, spring 2014
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  1. the condensed history of a title to a particular parcel of real estate, consisting of a summary of the original grant and all subsequent conveyance and encumbrances affecting the property and certification by the abstractor that the history is complete and accurate.
    Abstract of Title
  2. A formal declaration made before a daily authorized offer, usually a notary public by person who has signed a document
    Acknowledgement
  3. express information or fact, that which is known as direct knowledge
    Actual notice
  4. the actual open, notorious, hostile and continuous possession of another land under a claim of the title possession for a statutory period may be a means of acquiring title
    Adverse Possession
  5. an abststrct of title that an attorney has examined and has certified to be in the attorney opinion, an accurate statement of the facts concerning the property's ownership
    Attorney's opinion of title
  6. a deed that carries within no warranties against liens or other cumbrances but that des not imply that the grantor has the right to convert title
    Bargin and Sale Deed
  7. a statement of opinion on the status of the title to a parcel of real estate based on eximamination of specified public records
    Certificate of Title
  8. the succession of conveyance from some accepted starting point, where by the present hider of real property derives title
    Chain of Title
  9. The grantee receives greatest protection with which type of deed
    General Warranty Deed
  10. Under the convenient of quiet enjoyment, the grantor
    ensures that the title will e good against the title claims of third party
  11. eminent domain and escheat are two examples of
    involuntary alienation
  12. a person who has died without a will has died
    intestate
  13. Generally, a probate proceeding involving real property takes place
    in both the county where the decedent resided and the county in thick the property is located
  14. Chain of title is MOST accurately defined as
    record of a property's ownership
  15. All encumbrances and liens shown on the report of title, other than those waived or agreed to by the purchaser and listed in the contract, must be removed so that the title can be delivered free and clear. The removal of such encumbrances is typical the duty of the
    Seller
  16. Legal title ALWAYS passes from the seller to the buyer
    when the deed is delivered and accepted
  17. A buyer purchases a home in an area where closings are traditionally conducted in escrow. Which item would the buyer deposit with escrow agent before closing date
    Cash needed to complete the purchase
  18. A property being closed in escrow would most likely be in
    Cali
  19. A mortgage reduction certificate is executed by a(n)
    lending institution
  20. Which charge noted on the Good Faith Estimate must be the same or less then the charge noted on the HUD-1 form
    Lender charges for taking and underwriting the loan
  21. The documents that provides borrower with general information about settlement cost, RESPA provisions and the Uniform Settlement Statement is the
    Special information booklet
  22. The purpose of the Texas Real estate License Act is to
    protect the public
  23. How many members make up the Broker-Lawyer Committee
    13
  24. Which action might leave a licensee open to a charge of practicing law without a license
    Licensee advises both the seller and buyer that, in his opinion, title to the subject property is encumbered
  25. What should a licensee do in transaction for which there is no TREC promulgated contract
    use a form prepared by the broker-lawyer committee and made available for trial use by licensees with the consent of the TREC
  26. What should licensees do when transactions involve unusual matters
    Advise the client to seek legal advise before signing anything
  27. Section 5.008 of the Texas Property Code required
    most sellers of residential property to provide the buyer with a written notice notice of the property condition
  28. If the discloser is provided to the buyer after the contract is fully executed
    the buyer may terminate the contract within 7 days after the receipt of discloser
  29. Mr. And Mrs. Seller are separated and she actually lives in another town. It is still important to have her signature on
    Both the listing agreement and the sales contract.
  30. Any addenda to be attached to the contract
    should be signed by the parties and listed in paragrapgh 22 of the contract
  31. A careful review of the default section of a sales contract can
    help either buyer or seller understand the financial impact of default
  32. The uniform electronic transactions act provides that
    signatures by the electronic means are as binding as handwritten ones
  33. any document, claim, unreleased lien or encumbrance that may impair the title to real property or make the title doubtful, usually revealed by a title search and removed by either a quit claim deed or suit to quiet title
    Cloud on title
  34. A supplement or addition to a will executed with the same formalities as a will, which normally does not revoke the entire will
    Codicil
  35. Notice given to the world by recorded documents. All people are changed with knowledge of such documents and their content, whether or not they have actually examined them. Possession of property is  also considered constructive notice that the person in possession has an interest in the property
    Constructive Notice
  36. A written instrument that when executed and delivered, convey title to an interest of the real estate
    Deed
  37. An instrument that grants a trustee full power to sell a parcel of land held in trust for the benefit of the beneficiary
    Deed of Trust
  38. A gift of real property by will the donor is the devisor, and the recipient is the devisee
    Devise
  39. A deed in which the grantor fully warrants good, clear title to the premises. Used in most real estate deed transfer. A general warranty deed offers the greatest protection of any deed.
    General Warranty Deed
  40. The owner transferring title to, or an interest in real property to a grantee
    Grantor
  41. The port of a deed beginning with the words "to have" "to hold" following the granting clause and defining the extent of ownership the grantor is conveying.
    Habendum Clause
  42. One who might inherit or succeed to an interest in land under that state law of descent when the owner died without leaving a valid will
    Heir
  43. A will that is written, dated, and signed in the testator's handwriting.
    Holographic Will
  44. The condition of a property owner who dies without leaving a valid will title to the property to another alienation may be voluntary such as a gift or sale. Involuntary as though eminent domain or adverse possession.
    Intestate
  45. The act of transferring property to another alienation may be voluntary such as a gift or sale
    Involuntary Alienation
  46. Good or clear title, reasonably free from the risk of litigation over possible defects
    Marketable Title
  47. An oral will declared by the testator in his or her final illness, made before witnesses and afterward reduced to writing
    Nuncupative Will
  48. A written instrument authorizing a person, the attorney-in-fact, to act as an agent for another person to the extent indicated in the instrument
    Power of Attorney
  49. The order of position or time the priority of liens is generally determined by the chronological order in which the lien documents are recorded. Tax lien have priority
    Priority
  50. A legal process by which a court determines who will inherit a descendant's property and what the estate's assets are
    Probate
  51. A conveyance by which grantor transfer whatever interest they have in real estate, without warranties or obligation
    Quitclaim Deed
  52. A deed used by a trustee under a deed of trust to return the title to the trustor
    Reconveyance Deed
  53. The act of entering or recording documents affecting of conveying interest in real estate in the recorder's office established in each country. Until it is recorded, a deed or mortgagees ordinarily is not effective against a subsequent purchasers or mortgage
    Recording
  54. A deed in which the grantor warrants or guarantees, the title only against the defects arising during the period of his or her tenure and ownership of the property and not against defects existing before that time
    Special Warranty Deed
  55. A court action intended to establish or settle the title to a particular property, especially when there is a cloud on the title
    Suit to Quiet Title
  56. Having made and left a valid will
    Testate
  57. A person who has made a valid will
    Testator
  58. The right of ownership or the ownership of land or the evidence of ownership of land
    Title
  59. A policy insuring the owner or mortgagee against lost by reason of defects in the title to a parcel of real estate
    Title Insurance
  60. The examination of public records relating to real estate to determine the current state of ownership
    Title Search
  61. A method of evidencing title by registration with the proper public authority generally called the register, named for its founder Sir Robert Torrens
    Torrens System
  62. Tax stamps required to be affixed to a deed by state and/or local law
    Transfer Tax
  63. A deed executed by a trustee conveying land held in a trust
    Trustee's Deed
  64. A written document, properly witnessed providing for the transfer of the title to property owned by the deceased called the testator
    Will
  65. A written statement, made under oath by a seller or grantor of real property and acknowledge by a notary public which grantors. 1) Identify themselves and indicate marital status 2) Certify that since the exam of the title no defects have occurred and 3) certify that they are in possession of the property
    Affidavit of Title
  66. an estimate of the quantity, quality, or value of something the process through which conclusion of property value are obtained; also refers to the report that sets forth the process of estimation and conclusion of value
    Appraisal
  67. Physical or tangible asset that have value (property->land, car, house, stock, bond, and retirement)
    Assets
  68. Second search, is made after the closing and before any new documents are filled
    Bring Down
  69. An event where promises made in a sales contract fulfilled and mortgage loan funds (if any) are distributed to the buyer
    Closing
  70. Must prepare the deed and the HUD-1 Settlement Statement
    Closing Agent
  71. An electronic network for handling loan applications through remote computer terminals linked to various lenders computer
    Computerized Loan Origination (CLO)
  72. An arrangement whereby a package of services (real estate firm, title insurance company, mortgage broker, home inspection company) is offered to consumers
    Controlled Business Arrangement (CBA)
  73. The process of estimating the value of a property by adding to the estimated land value that appraisers estimate of the reproduction or replacement cost of building, less depreciation
    Cost Approach
  74. On a closing statement, an amount entered in a person's favor either an amount the party has been paid or an amount for which the party must be reimbursed
    Credit
  75. A detailed report of an individual's credit history prepared by a credit bureau and used by a lender to in determining a loan applicants creditworthiness
    Credit Report
  76. A statistically derived numeric expression of a person's credit-worthiness that is used by lenders to access the likelihood that a person will repay the debts
    Credit Score(FICO Score)
  77. On a closing statement, an amount: that is, an amount that the debited party must pay
    Debit
  78. 1) Appraisal, a loss of value in property due to any clause, including physical deterioration, functional obsolescence, and external obsolescence 2) In real estate investment, an expense deduction for tax purpose taken over the period of ownership of income property
    Depreciation
  79. The trust account established by a broker under the provision of the license law for the purpose of holding funds on the behalf of the broker's principal or some other person until the consummation or termination of a transaction
    Escrow Account
  80. Adisintered third party is authorized to act as escrow agent and to coordinate the closing activities on behalf of the buyer and seller
    Escrow Closing
  81. 6 Attorneys appointed by president of state bar, 6 Brokers appointed by TREC, and 1 Public member appointed by the Governor, they also write the Texas contract forms
    Broker-Lawyer Committee
  82. To publish or print, as in rules or administration regulation
    Promulgate
  83. Texas Real Estate Commission. 6 Brokers members and 3 public members - created to administer the provisions of the license act - they promulgate contracts and forms for licensees
    TREC
  84. (Texas Real Estate License Act) Passed by legislation to protect the public
    TRELA
  85. Advise those who are not their clients to seek an attorney's advise
    Unauthorized Practice of Law

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