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B law > Chapter 17 > Flashcards

Chapter 17 Flashcards

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1
Q

What does real estate include ?

A 
Land
Minerals
Vegetation
Building
And items permanently attached to the land
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2
Q

3 other names that refer to real estate

A

Realty
Real property
Land

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3
Q

2 common ways to sell land

A

Sale by owner

Sale through a realtor

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4
Q

Agreement authorizing a realtor to be the sellers agent for the purpose of soliciting offers in real estate

A

Listing agreement

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5
Q

Does a realtor have power to sign contract for the seller ?

A

No

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6
Q

What is a multi list agreement

A

Allows for other realtors in the community to show and entertain offers on the land

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7
Q

Standard form contract realtors request to be the only one who can sell the land

A

Exclusive listing agreements

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8
Q

Under an exclusive listing agreement, if your realtor can’t find a buyer but your cousin works out a price with you and she buys the home who will receive the full commission ?

A

The real estate agent

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9
Q

a realtor finds a buyer, but you change your mind about moving because your job offer fell through. If the realtor sues you who will win?

A

The realtor because they fulfilled the Duty to produce a buyer ready , willing and able to buy at the asking price

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10
Q

2 types of real estate contracts

A

Cash in closing

Installment land contract (contract for deed)

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11
Q

Entire purchase price is paid prior to transfer of position sand seller immediately gives the buyer the deed

A

Cash on closing

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12
Q

The seller finances the purchase and retains the title and deed until consideration is paid in full

Cash in closing
Installment land contract

A

Installment land contract / contrsct for deed

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13
Q

Contrsct for deed strongly favors the _____

Buyer
Seller

A

Seller

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14
Q

Document which transfers title to the land

A

Deed

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15
Q

Person who transfers title by deed

A

Grantor

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16
Q

Person who received a deed and title to the real estate

A

Grantee

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17
Q

3 types of deeds

A

Warranty deed
Quitclaim deed
Deed of release

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18
Q

________ is a deed under which the grantor guarantees that the title is good

A

Warranty deed

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19
Q

Deed under which the grantor transfers ownership interest the grantor has without any warranty of title

A

Quitclaim deed

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20
Q

Which deed is much preferable to the buyer of the property

Warranty deed
Quitclaim deed
Deed of release

A

Warranty deed

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21
Q

Almost all property is transferred through what deed

A

Warranty deed

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22
Q

Under a ________ , each co owners share will go to his or her heirs in the event of that co owners death

A

Tenancy in common

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23
Q

What parties take title to real estate as tenents in common?

Related
Unrelated

A

Unrelated

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24
Q

Under _______, there is a right of survivorship in which each co owners share will go to the other co owner

A

Joint tenancy

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25
Q

Joint tenancy is most common among people who are

Related
Unrelated

A

Related

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26
Q

A tenancy by entireties is only available for

A

Spouses

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27
Q

Form of ownership which protects the land from creditors of only one of the spouses

Surviving spouse will take ownership in event of a death

A

Tenancy by entireties

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28
Q

Grantor specifies who the property will go to in the event of the grantee death

A

Transfer on death provision

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29
Q

What does TOD provision stand for

A

Transfer on death

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30
Q

Can transfer on death provision be used for transferring tangible personal property like cars?

A

Yes

31
Q

What is POD provision

A

Pay on death provision

32
Q

What can be used to transfer title to monetary items like bank accounts upon the death of the owner

Transfer on death
Pay in death

A

POD

33
Q

Transfers the entirety of the ownership of the land to another parry B

A

Fee simple absolute

34
Q

Transfers the entire ownership interest in the land but subject to a condition

A

A fee simple defeasible

35
Q

If you transfer land to charity so long as it is used for charitable purpose is an example of

Fee simple absolute transfer
A fee simple defeasible transfer

A

Fee simple defeasible

36
Q

Permanent right to use a portion of another’s land without owning it

A

Easement

37
Q

Is a easement permanent or temporary ?

A

Permanent

38
Q

What is a license in context of real estate ?

A

Temporary, revocable right to use land

39
Q

An example of a license is a

A

Concert ticket , gives you temporary right to use land

40
Q

Rights to entree the land of another and remove something of value from it

A

Profits

41
Q

2 examples of profits

A

Mineral right

Timber rights

42
Q

Gives a lender the right to foreclose in land if an obligation is breached

A

Mortgages

43
Q

Gives the holder the right to exclusive possession of land for a term based upon someone’s life span

A

Life estate

44
Q

I am a tenant in your property until my death under a

A

Life estate

45
Q

Can a life estate be based on anyone’s life , even someone who has no interest in the transaction ?

A

Yes

46
Q

2 ways to assure good title

A
  1. Purchase title insurance

2. Have a abstract of title examined by a lawyer

47
Q

What is the most common way buyers assure good titles

A

Purchasing title insurance

48
Q

What is one of the key importance to the buyer of real estate

A

Financing the real estate

49
Q

When a borrower signs a mortgage over to the lender, the lender received title and possession to the property until the Law Day

A

Title theory of mortgages

50
Q

Today we follow the ___ theory of mortgages

Title
Lien

A

Lien

51
Q

Under the ____ theory of mortgages, a motrsgrge gives the lender the right to foreclose and sell the property in the event of a default on the loan, but the borrower retains title and possession of the real estate

A

Lien

52
Q

In a mortgage transaction, the _____ is the borrower who transfers the mortgage

A

Mortgagor

53
Q

Lender who holds the mortgage

A

Mortgage

54
Q

Lien on real estate where the holder personally exercises foreclosure rights

A

Mortgage

55
Q

A mortgage is a lien on real estate where the _________ personally exercises foreclosure rights

A

Mortgagee

56
Q

Lien on real estate where a third party holds the lien in his or her name and exercised for closure rights on behalf of the holder

A

Deed of trust

57
Q

For a mortgage or deed of trust to be valid (3)

A

Signed
Notarized
Delivered

58
Q

Mortgage used to secure some type of line of credit

A

Open end mortgage

59
Q

Mortgage that is lower in priority and usually later in time than the original mortgage on the property B

A

Second mortgage

60
Q

Allows lender to declare that rhe entire loan balance is due if there is a default in the payment on the loan

A

Acceleration clause

61
Q

T or F. Paying back payments remedies default.

A

False

62
Q

After acceleration the borrower must pay _____ to avoid foreclosure

A

The entire balance

63
Q

Allows the holder of the mortgage to accelerate the balance due if any interest in the land is sold

A

Due on sale clause

64
Q

Allows the mortgage to have a private foreclosure sale

A

Power of sale clause

65
Q

3 basic rights of the mortgage holder

A
  1. Declaration that the entire balance is due
  2. Hold a private or judicial foreclosure
    3 right to seek a deficiency judgement
66
Q

Court order requiring the borrower to pay the amount still due after a foreclohrse sale

A

Deficiency judgement

67
Q

Debtor rights during foreclosure process

A

Statutory notice of the foreclosure sale

Redemption (equity and statutory )

68
Q

2 types of redemptions for debtors in foreclosure sale

A

Equity of redemption

Statutory redemption

69
Q

_____ redemption gives mortgagor the right to repurchase the real estate by paying the entire balance due prior to foreclosure

A

Equity

70
Q

_______ redemption allows mortgagor to repurchase the foreclosed property shyer the foreclosure sale

A

Statutory

71
Q

_____ statue provides that the first to record a mortgage or deed wit the recorder of deeds has priority to real estate

A

Race

72
Q

Under ______statute one who has notice of another’s interest prior to receiving an interest in the land cannot defeat the others interest

A

Notice

73
Q

Under _______ statute, the first to record after taking an interest in the land without notice of another’s interest has top priority to the Kane

A

Race notice statute

74
Q

What statute does Missouri have

Race
Notice
Race notice

A

Race notice

B law (4 decks)

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