Definitions

Question 1

a form says to your mortgage company that you allow a 3rd party to receive information about you & the mortgage

Answer 1

3rd Party Authorization

Question 2

Financial Institution that provides funds for people to purchase a property with the expectation that the loan will be repaid in a certain amount of time.

Answer 2

Lender

Question 3

Failure to make the mortgage payment within a specific period of time. For first mortgages or first trust deeds, if a payment has still not been made within 30 days of due date, loan is considered to be in what?

Answer 3

Default

Question 4

Sum of borrowed money that is generally repaid with interest.

Answer 4

loan

Question 5

Mortgage placed on property in first position

Answer 5

First Mortgage

Question 6

30-120 days

Answer 6

Notice of default Homeowners

Question 7

a person who has died.

Answer 7

decendent

Question 8

person who occupies property rented from landlord.

Answer 8

tenet/renter

Question 9

Legal document that coordinates the distribution of your assets after death

Answer 9

WIll

Question 10

the value established on real property that is determined to be one that a buyer is willing to buy and a seller is willing to sell.

Answer 10

Fair Market value.

Question 11

After death, what state program can try to collect all medical costs from estate

Answer 11

medicare

Question 12

Can allow us to speed up the probate process and allow the estate to sell the property sooner if granted by the judge. (usually for foreclosure)

Answer 12

esparte

Question 13

State can make a claim against your estate for the amount of benefits paid or value of estate.

Answer 13

Medi-cal

Question 14

Written agreement between a property owner and a tenet that shows payments and conditions under which the tenant may possess the real-estate for a specified period of time

Answer 14

Lease

Question 15

form of insurance to replace assets that may be mismanaged or stole by the executor or administrator

Answer 15

Waiver of Bond

Question 16

bank issues reinstatement period (0-30 days) -> notice of Default (30-120 days) -> notice of sale (0-45 days)

Answer 16

foreclosure process

Question 17

Legal document provided by seller of a piece of property that explicitly states the status or potential legal issues involving the property of the seller

Answer 17

Affidavit

Question 18

Buying out the Interest of heir/heirs who are entitled to the deceased’s estate

Answer 18

Interest buy-out

Question 19

Legal process in which a borrower in default under a mortgage is deprived of his or her interest in the mortgaged property.

Answer 19

foreclosure

Question 20

Prospective seller needs to gain title of an estate owned by a deceased family member

Answer 20

Probate Property

Question 21

Like Zillow but exclusive to real-estate agents.

Answer 21

MLS or Multiple Listing Service

Question 22

90-120 days
Petition to open probate with our attorney or executor->petition for heir to be personal admin or executor (4-6 weeks)->heir is appointed, petition for letters of admin which allows the heir to sell the property to our company (4-6 weeks)-> petition granted by court, all heirs notified-> open escrow

Answer 22

Probate Process

Question 23

Anything listed against the title of the property will come up on this. Ex: liens, delinquent taxes, mortgages (takes 48 hours to receive)

Answer 23

Preliminary Title Report

Question 24

A legal document that pledges a property to the lender as a security of a debt

Answer 24

Mortgage

Question 25

Title or interest one has in property such as real-estate and personal property that can be passed on to survivors at the time of ones death.

Answer 25

estate

Question 26

after spouse dies, the state may file a claim against the spouses estate to recover money spent for the _____ recipients care.

Answer 26

Medicaid

Question 27

Expenses over and above the purchase price of buying and selling real estate

Answer 27

Closing costs

Question 28

A mortgage placed on a property in 2nd position to an already existing first mortgage

Answer 28

Second Mortgage

Question 29

Recent sales of similar properties in nearby areas used to help determine market value of a property.

Answer 29

Comparable sales (comps)

Question 30

A fee for the professional services that real-estate agents provide to home buyers and sellers

Answer 30

Commission

Question 31

If homeowner has a loan on the property, we must submit for a final ____ through escrow to get the exact number needed to pay off the loan.

Answer 31

loan pay-off

Question 32

A mortgage loan in the untied states guaranteed by the united states dept of Veteran Affairs

Answer 32

VA benefits/ Insurances

Question 33

By filing in federal ___court on an individual or individuals can restructure or relieve themselves of debt and liabilities. will protect homeowners from auction.

Answer 33

Bankruptcy

Question 34

To modify terms of your mortgage without requiring you to refinance

Answer 34

loan modification

Question 35

Court appointed individual who handles remaining financial matters for a decedent during probate.

Answer 35

Personal Administrator

Question 36

Granted in local court, this document simply states that you are legal executor for a particular estate.

Answer 36

Letters of Testamentary

Question 37

the difference between what something is worth and any loan secured by the asset

Answer 37

Equity

Question 38

Foreclosure can be postponed by order of a court with competent jurisdiction or bankruptcy by mutual agreement between the lender and borrower.

Answer 38

Postponement of the Auction

Question 39

an estimate of fair market value of the property

Answer 39

Appraised Value

Question 40

The process of a transfer of ownership

Answer 40

Escrow process

Question 41

Open Escrow-> escrow orders the preliminary title and submits for a loan payoff-> clear title if needed-> sign escrow -> buyer sends escrow in funds for property-> escrow records deed to transfer the ownership

Answer 41

Escrow process

Question 42

an order of court appointing a person to administer the estate of a deceased person

Answer 42

Petition

Question 43

trained employee of an escrow company of real-estate broker who acts as natural parties to accomplish the closing of a real estate transaction

Answer 43

escrow officer

Question 44

When funds are directly transferred form one party to another

Answer 44

Wire Funds

Question 45

Someone who assists a real estate agent by performing the administrative duties required during each stage of transaction from contact to closing

Answer 45

Transaction coordinator `

Question 46

A legal document by which the property is transferred to the heirs and beneficiaries after the death of a person > 166,250.00

Answer 46

Small Estate Affidavit

Question 47

A person appointed to act for another in business or legal matters

Answer 47

Attorney

Question 48

Special Agreement between lender and borrower to delay a foreclosure

Answer 48

Forbearance

Question 49

asset based loan financing through which a borrower receives funds secured by a real property

Answer 49

Hard Money Lender

Question 50

Legal claim of one person upon the property of another person to secure the payment of a debt or satisfaction of obligation

Answer 50

Lien

Question 51

Involuntary lien issued by a court after judgment is entered against the property owner

Answer 51

Judgment lien

Question 52

company has identified property by driving by and marking property as distressed *high probability of sale

Answer 52

drive by homeowner

Question 53

a legal process in which a will is reviewed to determine whether it is valid and authentic

Answer 53

probate

Question 54

an oral or written agreement to do or not to do a certain thing

Answer 54

contract

Question 55

An official statement signed by a physician of the cause, date, and place of death

Answer 55

Death certificate

Question 56

A person named in a will to administer an estate

Answer 56

executor

Question 57

A sum of money given in advanced of a larger amount being expected in the future

Answer 57

deposit or earnest money deposit

Question 58

transferring ownership

Answer 58

escrow

Question 59

Has already been in "notice of default". Property is now in foreclosure and has auction date. 0-45 days**

Answer 59

Notice to Sale

Question 60

This document conveys the title of the property to the purchaser

Answer 60

deed

Question 61

Based on the value of the property you own and often assessed by local or municipal government

Answer 61

property taxes

Question 62

Sale of real estate in which net proceeds fall short of debts secured by liens against the property

Answer 62

Short-sale

Question 63

Owns the home but doesn't live in it or uses it as primary address. most likely has multiple properties and real-estate savvy

Answer 63

Absentee Homeowners

Question 64

Auction Date, to be auctioned at a specific time

Answer 64

Sale date

Question 65

Made to purchase a property at a specific price. once an offer is accepted, next step is opening escrow.

Answer 65

Offer

Question 66

The amount a homeowner receives after all debts and liens are paid for sale.

Answer 66

Net

Question 67

A landlord legal removal of a tenet from his rental property

Answer 67

Eviction

Question 68

A person legally entitled to the estate. 0.01% in relation to decedent

Answer 68

Heir of the estate

Question 69

Refers to a property owner or junior lienholders rights to ___ a mortgage and cure any default by paying the delinquent amount due.

Answer 69

Reinstate

Question 70

Generally the evidence of right that a person has to the possession of property.

Answer 70

Title

Question 71

Federally funded program to help California homeowners struggling to pay their mortgages due to financial hardships

Answer 71

Keep your home California

Question 72

When the court appoints you as personal representative of an estate, you become an officer of the court and assume certain ___ and obligations.

Answer 72

Duties and Liabilities