11 Review Flashcards
Proof of ownership of a property is called what
Evidence of title
How does the buyer know how much money to bring to closing?
The escrow agent will subtract the total of the buyer’s credits from the total debits and the result is what the buyer needs to bring.
Which of the following is not an item that a buyer usually pays at closing?
Fee for clearing the title
What is “chain of title?”
A chronology of successive owners of record of a parcel of real estate.
Who should have title insurance?
The buyer and the lender
Which statement is true about accepting referral fees?
It could be a violation of state licensing laws.
Which form of evidence has the most assurance the title is marketable?
Title insurance
FIRPTA requires a buyer to withhold estimated taxes equal to ______ of the sale price in any sale of property owned by a foreigner.
10%
Money that the buyer or seller needs to pay at closing is called what?
Debit
RESPA would apply to which of these?
Second mortgage on a condominium
Who files a satisfaction of mortgage document with the county clerk’s office?
The seller’s attorney
Which of the following locations is the least likely place to hold a closing?
Broker’s office
Who pays for the credit investigation?
The buyer
Money that the buyer or seller receives at closing is called what?
Credit
Recording the deed is done through which of these?
Constructive notice
