2 S.R. Flashcards
A title insurance _______ policy is required by lenders and only covers their interest in the property.
Lender’s
________ perform title searches to determine who owns the property.
Title insurers
In most cases, the _______ is expected to pay the title insurance premium.
Buyer
________ is Latin for “suit pending.”
Lis Pendens
Quiet Title Suit or Action is a lawsuit to remove a ______ (also know as “cloud on the title”)
Defect
On behalf of the ______, the closer will prepare the deed and other closing papers.
Seller
The first obligation of the buyer before closing is to apply for a _____.
Mortgage loan
The _______ must pay at the closing the deed tax, if any, or other required government fees.
Seller
On the closing statement debits are _______.
Charges
A debit to the seller on the settlement statement ______ the amount of money the seller receives at the closing.
Decreases
A debit to the buyer on the settlement statement _______ the amount of money the buyer is responsible for bringing to the closing.
Increases
Closing statement credits are _______.
Receipts
A credit to the seller on the settlement statement _____ the amount of money the seller receives at closing.
Increases
A credit to the buyer on the settlement statement _____ the amount of money the buyer must bring to closing.
Decreases
______ is the form of ownership when a property is owned by two or more people at the same time with equal shares.
Joint Tenancy
_______ is the form of ownership when property is owner by two or more persons at the same time, but their interests do not have to be equal.
Tenants in Common
______ is a type of ownership in some states that allow a husband and wife to each own one-half of the property.
Tenancy by the Entirety
_______ is a type of ownership when a property is owned entirely by one person or one legal entity such as a corporation.
Sole Ownership
________ is the act of conveying or transferring title and possession of a property.
Alienation
______ is the right of ownership to a tract of land, usually granted by the federal or state government to an individual or private company.
Land-patent
______ is the gift of land for public use, and the acceptance of it by a unit of government.
Dedication
A _____ is the document that transfers ownership of real estate.
Deed
True or False:
A deed contains the names of the previous owners as well as the new ones.
True
True or False:
A deed must have the buyers’ signature.
False
A _______ deed makes no promises or guarantees.
Quitclaim
A ________ deed protects against claims for the period of time that the grantor held title.
Special limited warranty
________ holds that everyone is deemed to know of a recorded instrument regarding land, even if they don’t search public records for it.
Constructive notice
