Louisiana Notary Exam Part 1, Louisiana Notary Prep Newest 2024 Actual Exam 576 Questions And Correct Detailed Answers (Verified Asnwers) |Already Graded A+

Louisiana Notary Exam Part 1, Louisiana Notary Prep NEWEST 2024 ACTUAL EXAM 576 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ASNWERS) |ALREADY GRADED A+ Pact de non Alienando - ANSWER-Clause contained in the mortgage or other encumbrance agreement whereby the obligor agrees not to sell, engage, alienate or mortgage the same property to other persons to the prejudice of the mortgage Corporate Resolution - ANSWER-An official written certificate of the corporations secretary that the resolution was adopted by the corporations board of directors Confession of Judgment - ANSWER-A person's agreement in a mortgage to the entry of judgment if he defaults on the obligation secured by the mortgage Executory Process - ANSWER-A proceeding in court in which the holder of a mortgage containing a confession of judgment may obtain an ex parte seizure and sale of the mortgaged property without the ordinary delays required by law Relative Simulation - ANSWER-When the parties intend that their contract shall produce effects between them though different from those recited in their contract Absolute Simulation - ANSWER-When the parties intend that their contract shall produce no effects between them. That simulation, therefore, can have no effects between the parties Counterletter - ANSWER-Separate writing expressing the true intent of the parties rather than the intent purported to be manifested in another instrument not binding on third parties unless recorded. Donation intre vivos - ANSWER-"Act of Donation" of immovable property, like a sale, is a familiar contract to notaries. A contract by which a person, the donor gratuitously divests himself at present and irrevocably of the thing given in favor of another, the done, who accepts. it. Exchange - ANSWER-A contract whereby each party transfers to the other the ownership of a thing other than money Sale with a right of redemption - ANSWER-"vente a remere'" is a sale in which the vendor reserves the right to take back the property sold from the vendee. ** Seldom used** Dation in Paiement - ANSWER-An act in which a debtor transfers ownership of a thing to his creditor in payment of a debt. "giving in payment" Bond for Deed - ANSWER-A contract to sell real property, in which the purchase price is to be paid by the buyer to the seller in installments, and in which the seller, after payment of a stipulated sum, agrees to deliver title to the buyer. Title is not transferred until the purchase price is paid in full. It is a contract to sell, not a contract OF sale. Vendor's Privilege - ANSWER-A seller is said to possess this against the real estate sold for any part of the purchase price that is not paid. Such privilege must be recorded to affect any third persons. The method used to preserve this privilege is the recording of the credit sale or act of vendor's lien showing that the full purchase price has not been paid. Vendee - ANSWER-Purchaser Vendor - ANSWER-Seller Credit Sale - ANSWER-Sale is "owner-financed". The full purchase price is not paid to the vendor at the act of sale but rather that the vendee is indebted to the vendor for all or part of the purchase price Cash Sale - ANSWER-A conveyance act whereby the vendor (seller) conveys, ordinarily with warranty of title, the immovable in exchange for the price paid in money by the vendee (purchaser) Quitclaim Deed - ANSWER-An instrument in which the grantor transfers, relinquishes and or quits any claim he may have in a thing Compromise - ANSWER-A settlement or agreement between parties Meridian Line - ANSWER-The lines that run north and south when surveying property La. Base line - ANSWER-The lines that run east and west when surveying property Township lines - ANSWER-Parallel to each base line and running east-west at six mile intervals Township - ANSWER-The intersection of the range lines and township lines within the four quadrants established by the intersection of these meridians and the base line creates a series of six-mile-by-six-mile squares know as these Plat - ANSWER-A plan or map, as of land St. Helena Meridian - ANSWER-The meridian running north and south that governs east of the Mississippi river "per aversionem" - ANSWER-When property is described from boundary to boundary Range Lines - ANSWER-Parallel to each meridian, and running north-south at six mile intervals Pledge - ANSWER-A real right established by contract over certain types of property creating a preference over certain property in favor of a specific creditor as security for the payment of a sum of money or the performance of an obligation Pledgor - ANSWER-owner of the property Pledgee - ANSWER-creditor Antichresis - ANSWER-A civilian contract no longer authorized or used in Louisiana. Traditionally, it was the pledge of immovable property wherein a debt or obligation was secured through the right to retain the civil and/or natural fruits of the property Pawn - ANSWER-Formerly the pledge of movable property under the Louisiana Civil Code. The term now references the contract of pledge between a licensed pawn shop and a pledger, which transactions are governed by the Louisiana Pawnshop Act Bill of Lading - ANSWER-A detailed list of shipment of goods in the form of a receipt given by the carrier to the person consigning the goods Mortgage - ANSWER-A granting of a privilege or lien on a movable or immovable which does not transfer possession to the creditor Mortgagor - ANSWER-the person who grants a mortgage Mortgagee - ANSWER-the person in whose favor a mortgage is granted Conventional Mortgage - ANSWER-a mortgage created by written contract to secure the performance of an obligation Legal Mortgage - ANSWER-This mortgage can be either a special or a general mortgage and will secure an obligation specified by the law that provides for it, it is created by complying with that law Judicial Mortgage - ANSWER-These mortgages operate as general mortgages. They affect property that the obligor (judgment debtor) owns when the mortgage is created or that he acquires in the future