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OVH Education > Definitions > Flashcards

Definitions Flashcards

1
Q

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

A

3rd Party Authorization

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2
Q

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.

A

Lender

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3
Q

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?

A

Default

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4
Q

Sum of borrowed money that is generally repaid with interest.

A

loan

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5
Q

Mortgage placed on property in first position

A

First Mortgage

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6
Q

30-120 days

A

Notice of default Homeowners

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7
Q

a person who has died.

A

decendent

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8
Q

person who occupies property rented from landlord.

A

tenet/renter

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9
Q

Legal document that coordinates the distribution of your assets after death

A

WIll

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10
Q

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.

A

Fair Market value.

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11
Q

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

A

medicare

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12
Q

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)

A

esparte

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13
Q

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

A

Medi-cal

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14
Q

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

A

Lease

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15
Q

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

A

Waiver of Bond

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16
Q

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

A

foreclosure process

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17
Q

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

A

Affidavit

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18
Q

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

A

Interest buy-out

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19
Q

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

A

foreclosure

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20
Q

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

A

Probate Property

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21
Q

Like Zillow but exclusive to real-estate agents.

A

MLS or Multiple Listing Service

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22
Q

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

A

Probate Process

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23
Q

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

A

Preliminary Title Report

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24
Q

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

A

Mortgage

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25
Q

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.

A

estate

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26
Q

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

A

Medicaid

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27
Q

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

A

Closing costs

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28
Q

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

A

Second Mortgage

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29
Q

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

A

Comparable sales (comps)

30
Q

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

A

Commission

31
Q

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.

A

loan pay-off

32
Q

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

A

VA benefits/ Insurances

33
Q

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

A

Bankruptcy

34
Q

To modify terms of your mortgage without requiring you to refinance

A

loan modification

35
Q

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

A

Personal Administrator

36
Q

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

A

Letters of Testamentary

37
Q

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

A

Equity

38
Q

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

A

Postponement of the Auction

39
Q

an estimate of fair market value of the property

A

Appraised Value

40
Q

The process of a transfer of ownership

A

Escrow process

41
Q

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

A

Escrow process

42
Q

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

A

Petition

43
Q

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

A

escrow officer

44
Q

When funds are directly transferred form one party to another

A

Wire Funds

45
Q

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

A

Transaction coordinator `

46
Q

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

A

Small Estate Affidavit

47
Q

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

A

Attorney

48
Q

Special Agreement between lender and borrower to delay a foreclosure

A

Forbearance

49
Q

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

A

Hard Money Lender

50
Q

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

A

Lien

51
Q

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

A

Judgment lien

52
Q

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

A

drive by homeowner

53
Q

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

A

probate

54
Q

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

A

contract

55
Q

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

A

Death certificate

56
Q

A person named in a will to administer an estate

A

executor

57
Q

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

A

deposit or earnest money deposit

58
Q

transferring ownership

A

escrow

59
Q

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

A

Notice to Sale

60
Q

This document conveys the title of the property to the purchaser

A

deed

61
Q

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

A

property taxes

62
Q

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

A

Short-sale

63
Q

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

A

Absentee Homeowners

64
Q

Auction Date, to be auctioned at a specific time

A

Sale date

65
Q

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

A

Offer

66
Q

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

A

Net

67
Q

A landlord legal removal of a tenet from his rental property

A

Eviction

68
Q

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

A

Heir of the estate

69
Q

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

A

Reinstate

70
Q

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

A

Title

71
Q

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

A

Keep your home California

72
Q

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

A

Duties and Liabilities

OVH Education (3 decks)

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