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CHAMPION SCHOOL OF REAL ESTATE-LAW OF CONTRACTS QUESTIONS WITH COMPLETE ANSWERS

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CHAMPION SCHOOL OF REAL ESTATE-LAW OF CONTRACTS QUESTIONS WITH COMPLETE ANSWERS

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intestate


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leaving no valid will, property will be disposed of under the provision of
the laws of the state.




Servicing


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includes sending monthly payment statements and collecting monthly
payments, maintaining records of payments and balances, collecting and
paying taxes and insurance.

,encumberance


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a lien




escheat


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if a person dies intestate and without heirs the government will take title to
his real property




Lessor


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landlord




acceptance


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the accepting party does so with no change to the contract whatsoever.

,Close


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the consummation of a contractual real estate transaction in which all
appropriate documents are signed and the proceeds of the mortgage loan
are then disbursed by the lender




Eviction


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legal process that allows the landlord recover possession of a property
when a tenant defaults on a lease




Mortgagee


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the lender




Listing agreements


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, is an employment agreement between the seller and the broker




homestead


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primary residence will be exempt from the claims of certain creditors




An offer can be communicated by:


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1. phone
2. fax
3. email
4. letter
5. hand delivery




taxation


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the right of the government to tax real property




Estate in Severalty

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