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Real Estate Principles > Chapter 7 > Flashcards

Chapter 7 Flashcards

1
Q

Tax Deed

A

The deed given to a purchaser at a public sale of land held for
nonpayment of taxes. It conveys to the purchaser only such title as the
defaulting taxpayer had.

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2
Q

Tax Sale

A

Sale of property after a period of nonpayment of taxes.

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3
Q

Actual Notice

A

Express or implied knowledge of a fact.

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4
Q

Constructive Notice

A

A fact, imputed to a person by law, which should have
been discovered because of the person’s actual notice of circumstances and
the inquiry that a prudent person would have been expected to make.

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5
Q

Insurance

A

A contract between the insurer and the insured.

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6
Q

Title Insurance

A

Insurance to protect a real property owner or lender up to
a specified amount against certain types of loss (ex: defective or
unmarketable title).

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7
Q

Escrow

A

The deposit of instruments and/or funds with instructions with a
third neutral party to carry out the provisions of an agreement or contract.

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8
Q

Bankruptcy

A

A legal proceeding by an individual or company who are no
longer able to pay their respective debts.

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9
Q

Probate

A

The official proving of a will. The legal process wherein the estate
of a decedent is administered.

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10
Q

Contract

A

An agreement to do or not to do a certain thing. It must have
four essential elements: parties capable of contracting, consent of the
parties, a lawful object, and consideration. A contract for sale of real
property must also be in writing and signed by the party or parties to be
charged with performance.

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11
Q

Express Contract

A

A contract that has been put into words, either spoken
or written.

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12
Q

Implied Contract

A

An agreement that has not been put into words, but is
implied by the actions of the parties.

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13
Q

Bilateral Contract

A

A contract in which each party promises to do
something.

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14
Q

Unilateral Contract

A

When one party promises to do something if the other
party performs a certain act, but the other party does not promise to
perform it; the contract is formed only if the other party does perform the
requested act.

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15
Q

Voidable

A

That which is capable of being adjudged void, but is not void
unless action is taken to make it so.

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16
Q

Consideration

A

Anything given or promised by a party to induce another to
enter into a contract, ex: personal services or even love and affection. It
may be a benefit conferred upon one party or a detriment suffered by the
other.

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17
Q

The sale of property after a period of nonpayment of taxes is known as a…?

A

Tax Sale

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18
Q

Express or implied knowledge of a fact is known as…?

A

Actual Notice

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19
Q

The deposit of instruments and/or funds with instructions with a third neutral party to carry out the provisions of an agreement or contract is known as…?

A

Escrow

20
Q

A ………. includes a binding contract between a buyer and a seller, and a conditional delivery of something of value to the escrow holder?

A

Valid Escrow

21
Q

A perfect escrow is another term for a…?

A

Completed Escrow

22
Q

Escrow agents have these, which include loyalty, reasonable care, and good faith…?

A

Fiduciary Duties

23
Q

Which of the following can serve as escrow in a transaction…?

A

Insurance Companies, Real Estate Attorneys, Title Companies

24
Q

Escrow is required in all single family transactions…?

A

False

25
Q

This is a legal proceeding by an individual or company who are no longer able to pay their respective debts…?

A

Foreclosure

26
Q

Which of the following is the governing law of bankruptcy…?

A

Federal Law

27
Q

Separation from debt is also known as this type of bankruptcy…?

A

Chapter 7

28
Q

Reorganization of debt is also known as this type of bankruptcy…?

A

Chapter 13

29
Q

A tax deed conveys to the purchaser only such title as the defaulting taxpayer had…?

A

True

30
Q

Bankruptcy is initiated by a…?

A

Petition

31
Q

The official proving of a will is known as…?

A

Probate

32
Q

An agreement to do or not to do a certain thing is also referred to as a…?

A

Contract

33
Q

A valid contract must have consideration and consent…?

A

True

34
Q

A contract for sale of real property does NOT have to be in writing…?

A

False

35
Q

A contract that has been put into words, either spoken or written is known as a/an…?

A

Express Contract

36
Q

An agreement that has not been put into words, but is implied by the actions of the parties is known as a/an…?

A

Implied Contract

37
Q

A contract in which each party promises to do something is known as a/an…?

A

Bilateral Contract

38
Q

In this type of contract, one party promises to do something if the other party performs a certain act, but the other party does not promise to perform it; the contract is formed only if the other party does perform the requested act…?

A

Unilateral Contract

39
Q

Money is an example of which of the following…?

A

Consideration

40
Q

In the deed of trust system, the lender is called the beneficiary…?

A

True

41
Q

This type of lien takes first priority in the priority of liens…?

A

Senior lien

42
Q

Recordation is an example of…?

A

Constructive Notice

43
Q

This type of insurance is used to protect a real property owner or lender up to a specified amount against certain types of loss, such as defective or unmarketable title…?

A

Title Insurance

44
Q

Title insurance is the same as homeowner’s insurance…?

A

False

45
Q

This type of title insurance covers matters of record, forgery and fraud, ownership of the property, accessibility to the property, and marketable interest…?

A

CLTA

46
Q

This type of title insurance covers unrecorded liens, unrecorded easements, encroachments, and items covered by a survey…?

A

ALTA

Real Estate Principles (14 decks)

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