Chapter 21 - Public Records, Titles, and Closings

Question 1

Express information or fact; that which is known; actual fact is called ___ ___.

Answer 1

Actual notice

Question 2

A written statement sworn to before an officer to administer an oath or affirmation is an ___.

Answer 2

Affadavit

Question 3

The opposite of in advance, payment after a service has been rendered is being in ___.

Answer 3

Arrears

Question 4

An ___ ___ of title is not used as extensively as in the past.Once the abstract is ordered and brought current, it is forwarded to the buyer’s attorney, who must examine the entire abstract. Following his or her review and prepare a written report for the purchaser on the condition of ownership called the attorney’s opinion of title.

Answer 4

Attorney’s opinion of title

Question 5

A latin phrase meaning”let the buyer beware”.

Answer 5

Caveat emptor

Question 6

___ __ ___ shows the record of ownership of the property over a period of time. an abstract is a condensed history of all the instruments affecting a particular parcel.

Answer 6

Chain of title

Question 7

___ ___ is a detailed cash accounting of a real estate transaction showing all cash received, all charges and credits made, and all cash paid out in a transaction.

Answer 7

Closing statement

Question 8

___ notice is given to the world by recorded documents. Occupation of property is also considered giving notice.

Answer 8

Constructive notice

Question 9

A figure in favor of either the buyer or seller on the closing statement is their ___.

Answer 9

Credit

Question 10

A charge or expense for an amount the party owes and must pay at the closing is the ___.

Answer 10

Debit

Question 11

The closing of a transaction through a third party called an ___ agent. also can refer to earnest money deposits or to mortgage trust account for insurance and tax payments. seldom used in New Jersey. This type of closing is an ___ closing.

Answer 11

Escrow closing

Question 12

___ __ ___ is proof of ownership of property commonly referred to as a certificate of title includes a title insurance policy, an abstract of title with lawyers opinion, or a Torrens registration certificate.

Answer 12

Evidence of title

Question 13

Good and clear title reasonable free from risk of litigation over possible defects is a ___ title.

Answer 13

Marketable title

Question 14

Expenses, either prepaid or paid in arrears, that are divided or distributed between buyer and seller at the closing is known as ___.

Answer 14

Proration

Question 15

County’s collection of documents relating to real estate. are the ___ ___.

Answer 15

Public records

Question 16

Federal law regulating closings. Is the ______ Act

Answer 16

Real estate Settlement Procedures Act (RESPA)

Question 17

___ ___ fee is a tax required to be paid on a deed by state and/or local law. Always charged to the seller in a real estate closing.

Answer 17

Realty transfer fee

Question 18

A quitclaim deed is commonly used to bridge gaps in the chain of title. Sometimes it may be necessary to establish ownership by a court action called a ___ _ ___ ___.

Answer 18

Suit to quiet title

Question 19

One purchases a ___ ___ ____. Evidence of ownership. Insures defects that and such items as forged documents, documents of incompetent grantors, incorrect marital statements and improperly delivered deeds. Various forms are issued such as an owner’s title insurance policy (a fee policy), the mortgage title insurance policy, and leasehold title insurance policy to insure specific interests. Policies required by lenders do not protect owners and New Jersey law requires lenders to inform borrowers of this fact.

Answer 19

Title insurance policy

Question 20

HUD-1 is designed to detail all financial information and particulars of a transaction this is also known as the ___ ___ Statement.

Answer 20

Uniform settlement Statement

Question 21

The condensed history of a title to a particular parcel of real estate, this is called ___ __ ___.

Answer 21

Abstract of title