Real estate
Study this set o nline at: https://www.cram.co m/flashcards/real-estate-8 238 6 6 1
T he pri ori ty of a recorded i nstrument i s determi ned by the date of Recordi ng
When an attorney or ti tl e i nsurance company traces ownershi p to a parcel of l and to
T i tl e search
the begi nni ng of i ts recorded hi story, the process i s known as a
A document that summari z es al l recorded i nterests af f ecti ng ti tl e to a gi ven
Abstract of ti tl e
parcel of l and i s an
Al l the documents that compri se the hi story of the ti tl e are the Chai n of ti tl e
, Real estate
Study this set o nline at: https://www.cram.co m/flashcards/real-estate-8 238 6 6 1
Protecti on agai nst i ncompl ete or def ecti ve records of the ti tl e to l and can best
T i tl e i nsurance
be obtai ned by securi ng
Respa Real estate settl ement procedure act
M ost deeds to be recorded must be N otari z ed
N otari z ed (real estate terms) Si gned wi l l i ngl y and not under duress
, Real estate
Study this set o nline at: https://www.cram.co m/flashcards/real-estate-8 238 6 6 1
T o protect thei r i nterests, l enders general l y requi re a borrower to purchase a
M ortgagees ti tl e i nsurance pol i cy
____________ (al so cal l ed l enders pol i cy or l oan pol i cy)
A prorated i tem that has been pai d i n arrears typi cal l y shows on the settl ement D ebi t sel l er, credi t buyer
statement as debi t and credi t whom? Some bi l l i n f uture buyer wi l l be payi ng, so debi t sel l er and credi t buyer
Addendum Addi ti onal materi al attatched to and made part of an of f er
Competent parti es
M eeti ng of the mi nds
What are the essenti al el ements of a contract? Lawf ul obj ecti ve
Consdi erati on (money,promi ses)
I n wri ti ng and si gned
, Real estate
Study this set o nline at: https://www.cram.co m/flashcards/real-estate-8 238 6 6 1
M odi f i cati on of contract terms by mutual agreement (must al so be wri tten and
Amendment
si gned)
Assi gnment T ransf ers contact ri ghts, but not l i abi l i ty
T ransf ers contract ri ghts and l i abi l i ty
N ovati on
(N ew contract repl aces ori gi nal )
Buyer (vendee) hol ds _____ ti tl e E qui tabl e ti tl e
Study this set o nline at: https://www.cram.co m/flashcards/real-estate-8 238 6 6 1
T he pri ori ty of a recorded i nstrument i s determi ned by the date of Recordi ng
When an attorney or ti tl e i nsurance company traces ownershi p to a parcel of l and to
T i tl e search
the begi nni ng of i ts recorded hi story, the process i s known as a
A document that summari z es al l recorded i nterests af f ecti ng ti tl e to a gi ven
Abstract of ti tl e
parcel of l and i s an
Al l the documents that compri se the hi story of the ti tl e are the Chai n of ti tl e
, Real estate
Study this set o nline at: https://www.cram.co m/flashcards/real-estate-8 238 6 6 1
Protecti on agai nst i ncompl ete or def ecti ve records of the ti tl e to l and can best
T i tl e i nsurance
be obtai ned by securi ng
Respa Real estate settl ement procedure act
M ost deeds to be recorded must be N otari z ed
N otari z ed (real estate terms) Si gned wi l l i ngl y and not under duress
, Real estate
Study this set o nline at: https://www.cram.co m/flashcards/real-estate-8 238 6 6 1
T o protect thei r i nterests, l enders general l y requi re a borrower to purchase a
M ortgagees ti tl e i nsurance pol i cy
____________ (al so cal l ed l enders pol i cy or l oan pol i cy)
A prorated i tem that has been pai d i n arrears typi cal l y shows on the settl ement D ebi t sel l er, credi t buyer
statement as debi t and credi t whom? Some bi l l i n f uture buyer wi l l be payi ng, so debi t sel l er and credi t buyer
Addendum Addi ti onal materi al attatched to and made part of an of f er
Competent parti es
M eeti ng of the mi nds
What are the essenti al el ements of a contract? Lawf ul obj ecti ve
Consdi erati on (money,promi ses)
I n wri ti ng and si gned
, Real estate
Study this set o nline at: https://www.cram.co m/flashcards/real-estate-8 238 6 6 1
M odi f i cati on of contract terms by mutual agreement (must al so be wri tten and
Amendment
si gned)
Assi gnment T ransf ers contact ri ghts, but not l i abi l i ty
T ransf ers contract ri ghts and l i abi l i ty
N ovati on
(N ew contract repl aces ori gi nal )
Buyer (vendee) hol ds _____ ti tl e E qui tabl e ti tl e
