Forms of Ownership Exam 4 Flashcards
1
Q
Holographic Will can convey property, must follow state law, be in the handwriting of testator but DOES NOT
A
Need to be signed by a witness
2
Q
A person who receives a gift of real property is called a
A
Devisee
3
Q
To devise property is to
A
convey property through will
4
Q
An abstract of title contains
A
net effect of EACH recorded document in summary form
5
Q
Title insurance protects against
A
New liens recorded AFTER closing
6
Q
Which closing costs have ZERO tolerance for increase:
A
Appraisal fee where lender chose company
7
Q
What is the allowable change between Good Faith Estimate and Actual Closing Costs
A
10%
8
Q
How soon must lender repay difference in estimates
A
60 days
