Real Estate U- Texas Law of Contracts Question and Answers A+ Graded

Real Estate U- Texas Law of Contracts Question and Answers A+ Graded At a closing Buyer Betsy and George were provided a deed to transfer the property to them from the seller. What type of deed would Buyer Betsy and George most likely receive from the seller at closing if there were no issues at all with the title of the property? Answer: General Warranty Deed When transferring the property to Buyer Betsy and George the seller would need to sign the deed as the ______ and Buyer Betsy and George would need to sign the deed as ________? A. Grantor/Grantee B. Grantee/Grantor C. Trustor/Trustee D. None of the above Answer: None of the above Since Buyer Betsy and George decided had to obtain a loan on the property because they did not have the funds to purchase the property outright, this would be what type of encumbrance on the property? Answer: Voluntary alienation The transfer of title freely by the owner is referred to as? Answer: Voluntary alienation Which of the following is required in a valid deed? A. All of the above B. Consideration C. Habendum Clause D. A granting lease Answer: All of the above A suit to quit title is used to do which of the following? Answer: Fix a defect in title Who conducts a title search? Answer: A title abstractor David recently lost his property through a foreclosure sale. This is an example of? Answer: Involuntary alienation This is a step above prequalification, it involves verifying a purchaser's credit, down payment, and employment history...? Answer: Pre-approval The act of reviewing loan documentation and evaluating the borrower's ability and willingness to repay the loan and sufficiency of collateral value of the property is referred to as? Answer: Underwriting What is the first step in the loan process? Answer: Pre-qualification What should a real estate agent have their client obtain before viewing any properties? Answer: A pre-approval letter from a lender In order to simplify the process, a real estate agent should only recommend one mortgage broker to their clients? A. True B. False Answer: False Andrew was pre-approved for a $200,000 loan. How much money will Andrew have to put down if he makes $275,000 offer on a property...? Answer: $75,000 Individuals who are liable for a lot of debt will most likely obtain what type of loan? Answer: FHA-insured loan Which of the following is a credit reporting bureau? A. Equifax B. TransUnion