Chapter -3.D Flashcards
Legal term for a bundle of rights in a piece of property in which a party may own either a legal interest or equitable interest
Title
An examination of the public records to determine the ownership and encumbrances affecting real property.
Title search
The process in which the title company oversees the closing or document signing of the loan in close conjunction with the entity performing the escrow function on the loan is known as what…?
Title Closing
Where can one order a title report from…?
Title Insurance Company
Which of the following is an example of a conflict of rights that may negatively affect a property…?
A previously granted option to purchase the property
When reviewing the chain of title, how many years back will a title company typically search…?
40
The ‘L’ in the acronym ‘CATTL’ refers to what…?
Loan
The ‘A’ in the acronym ‘CATTL’ refers to what…?
ACRIS
Where might the closing take place when the buyer is taking out a mortgage to buy a home or condominium…?
The lender’s attorney’s office
When closing on real property, who will attend to ensure that the title is issued properly…?
The title insurance representative
Aaron recently closed on a home. He assumed that he was accepting the condition of the property as it stood at the time of closing. As an agent in the transaction, what should you have informed Aaron of…?
Aaron was accepting the condition of the property at the time of the contract signing
Which of the following buyer’s costs are commonly overlooked in a transaction…?
Immediate upkeep costs
When a buyer obtains a mortgage to purchase a property, which of the following closing costs may be passed on through the lender to the buyer…?
Title insurance
What percentage of the sales price is the seller typically required to pay for a flip tax in the sale of the cooperative or condominium apartment…?
2 (Percent %)
Out-of-state sellers are subject to what tax, in addition to the typical state, local, and building taxes…?
Capital Gains Tax
Many of the documents required to be signed at a closing are required as a result of this Act…?
RESPA
Information or knowledge of a fact imputed by law to a person because the person could have discovered the fact by proper diligence and inquiry is known as what…?
Constructive Notice
When a buyer is taking out a mortgage to purchase a property, which of the following closing costs may be passed on through the lender to the buyer…?
Appraisal fee
In New York State, when the purchase price exceeds this amount, a ‘mansion tax’ is required to be paid…?
$1,000,000 (Dollars)
A title that a court of equity considers to be so free from defect that it will legally force its acceptance by a buyer is known as what…?
Marketable Title
The allocation of closing costs and credits to the buyer and seller is known as what…?
Proration
A policy of insurance which indemnifies the holder for any loss sustained by reason defects in the title is known as what…?
Title Insurance
An examination of the public records to determine the ownership and encumbrances affecting real property is known as what…?
Title Search
The ‘C’ in the acronym ‘CATTL’ refers to what…?
Checks
