Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Notary Public Definitions > Notary Public Definitions > Flashcards

Notary Public Definitions Flashcards

1
Q

Abstract

A

A summary of the public records of the title to a piece of land.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Acknowledge

A

To recognize as one’s own. 2. In the notarial act called an acknowledgment, the document signer recognizes before a Notary that a signature on a document is his or her own and indicates that it was made voluntarily.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Acknowledgment

A

Notarial act in which a Notary certifies having positively identified a document signer who personally appeared before the Noary and admitted having signed the document freely.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Adjustable Rate Mortgage (ARM)

A

A mortgage in which the interest rate is adjusted periodically based on an index.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Adjustment Interval

A

For an adjustable rate mortgage, the time between changes in the interest rate charged.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Administer

A

To give formally, e.g., “administering” an oath or affirmation.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Administrative Penalty

A

Action taken against the commission of a Notary Public by the commissioning authority. Penalties may include fines and commission denial, suspension or revocation.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Affiant

A
  1. Signer of an affidavit. 2. Taker of an oath or affirmation.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Affidavit

A

Written statement signed before a Notary (or other authorized official) by a person who swears or affirms the statement is true.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Affirm

A

To make a solemn promise on one’s own personal honor with no reference to a Supreme Being.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Affirmant, Affirmation - Taker

A

One who makes an affirmation.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Affirmation

A

Spoken, solemn promise on one’s personal honor, with no reference to a Supreme Being, that is made before a Notary in relation to a jurat or as a notarial act in its own right.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Age of Majority

A

Age at which persons can exercise all normal legal rights – varying from 18 to 21 years, depending on state law. Also called “legal age”.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Agent’s Commission

A

Fee for performing as a representative or advocate on behalf of another person.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

AKA

A

Abbreviation for “also known as”; otherwise named.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

All - Purpose Acknowledgment Certificate

A

Acknowledgment certificate wording that is adaptable to any signer’s representative capacity.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Alteration

A

Method of creating a false identification document by tampering with a valid ID.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Amortization

A

Literally to “kill off;” the repayment of a mortgage loan by installments with regular payments to cover the principal and interest.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Annexed

A

Attached or accompanying.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Annual Percentage rate (APR)

A

The cost of a mortgage stated as a yearly rate; includes such items as interest, mortgage insurance and loan origination fee. The annual percentage rate is often higher than the interest rate for the loan.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Apostille

A

Authenticating certificate required by the Hague Convention on Authentication that replaces a traditional chain of certificates.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Appointment

A

Written authorization to perform notarial acts issued by a stat’s Governor, Secretary of State, or other empowering official. Called a “commission” in some states and jurisdictions.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Appraisal

A

The determination of a home’s market value based on recent sales information of similar properties.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Appraised Value

A

An opinion of a home’s market value, based on a qualified appraiser’s knowledge, experience and analysis.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Appraiser

A

A person qualified by education, training, and experience to estimate the value of real and personal property.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Assessed Value

A

The value placed on a home by a public tax assessor for property tax purposes.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

Assessment

A

the procedure of process of placing a value on real property for property tax purposes.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

Assignment

A

The transfer of a mortgage from one person to another.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

Assumable Loan

A

A loan that may be passed on from a seller of a home to the buyer. The buyer “assumes” all outstanding payments.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

Attorney in Fact

A

Person, not necessarily a lawyer, who is given authoity to sign or act on behalf of another individual (the principal) through a document called a power of attorney.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

Authentication

A

Process of proving the genuineness of the signature.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

Authority

A

Legal empowerment to sign form another person, organization, or legal entity, as the case of an attorney in face, trustee, corporate officer, partner and others.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

Awareness

A

Ability to understand a document’s significance.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

Backdate

A

Deceptive and sometimes illegal act of dating a document with a time before the actual signing or execution.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

Background Screening

A

Under the Interagency Guidelines, background screening of employees with responsibilities for or access to customer information is one of eight suggested security measures that financial institutions must consider and adopt, as appropriate, in their information security program designed to protect the personal financial information of customers.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

Balloon Mortgage

A

Usually a fixed-rate loan that has smaller payments for a certain period of time and one large payment for the remaining amount of the principal at a specified date.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

Bankruptcy

A

A court proceeding in which a debtor who owes more than his or her assets can relieve the debts by transferring his or her assets to a trustee.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

Beneficial Interest

A

Any advantage, not necessarily financial, that results in an actual or potential gain to a Notary.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

Beneficiary

A

The party designated to receive the income from a Deed of Trust, estae or trust.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
40
Q

Bilingual

A

Able to read, write and speak two languages.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
41
Q

Biweekly Payment Mortgage

A

A mortgage that requires payments to reduce the debt every two weeks, instead of the stand monthly payment schedule.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
42
Q

Bond, Notary

A

Written guarantee that money up to a limit will be paid by a surety to a person financially damaged by a Notary’s misconduct in the event the Notary fails to do so.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
43
Q

Bound Pages

A

Pages securely fastened together to deter their unauthorized removal or replacement.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
44
Q

Calendar Integrity

A

The practice of keeping appointments, arriving for appointments on time and, in general, maintaining one’s personal schedule with honesty.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
45
Q

Cap

A

A set percentage amount by which an adjustable rate mortgage may be adjusted each adjustment period.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
46
Q

Capacity

A

Specific role of a representative signer – attorney in fact, trustee, corporate officer, partner or other – when signing for another person, organization or legal entity.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
47
Q

Cash-Out Refinance

A

A refinance transaction in which the amount

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
48
Q

Certificate of Authority

A

Paper stating the signature and seal on an attached document belong to a legitimate Notary or other offical.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
49
Q

Certificate of Prothonotary

A

Certificate of authorityissued by a prothonotary – the equivalent of a county clerk in some states.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
50
Q

Certificate, Notary

A

Wording completed, signed and sealed and sealed by a Notary that states the particulars of a notarization and appears at the end of a signed document or on a paper attached to it.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
51
Q

Certificed Copy

A

Document certified by an official, such as a Notary, ot be an accurate reproduction of an original.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
52
Q

Chain Certification

A

Traditional authentication procedure that requires sequential attachment of certificates of authority, each validating the genuineness of the preceding one.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
53
Q

Chain of Personal Knowledge

A

Knowledge of identity linking the Notary with the signer through a credible identifying witness to establish the signer’s identity. The Notary personally knows and can identify the credible witness, and the credible witness personally knows and can identify the document signer.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
54
Q

Chronological

A

In the sequence of occurrence.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
55
Q

Civil Lawsuit

A

Legal action taken by a private person, corporation or other legal entity to recover losses caused by a Notary’s alleged misconduct.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
56
Q

Civil Penalty

A

Payment of funds by a Notary resulting from a lawsuit to recover financial losses that were claimed to have been caused by the Notary’s misconduct.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
57
Q

Clear Title

A

A title that is free of liens or disputed interests.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
58
Q

Closing

A

A meeting at which a sale of a property is finalized by the buyer signing mortgage documents and paying closing costs. Also called a “settlement.”

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
59
Q

Closing Agent

A

An individual or firm handling the closing and legal transfer of title and ownership from the seller to the buyer in a real property transaction.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
60
Q

Closing Costs

A

Fees paid by the borrower when property is purchased or refinanced.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
61
Q

Cloud on Title

A

Any conditions revealed by a title search that adversely affect the title to a property.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
62
Q

Collateral

A

An item of value, such as a car or a home, that guarantees the repayment of a loan.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
63
Q

Collections

A

The process of claiming a payment as due and receiving payment.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
64
Q

Commission Revocation

A

Voiding the notarial powers of a Notary.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
65
Q

Commission Suspension

A

Voiding the notarial powers of a Notary for a specific period of time.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
66
Q

Commission

A

To authorize to perform notarial acts; written authorization to perform notarial acts issued by a state’s Governor, Secretary of State or other empowering official. Called an appointment in some states and jurisdictions.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
67
Q

Community Property

A

A form of ownership under which property acquired during a marriage is owned jointly.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
68
Q

Common Law

A

Legal system of English, its former colonies and the United States that evolved out of custom and unwritten law.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
69
Q

Confidentiality

A

Restricted access to information that is classified, sensitive and personal.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
70
Q

Conformed Copy

A

Reproduction of an original documetn whose unreproduced parts are filled in on the copy by hand.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
71
Q

Conforming Loan

A

Generally, a mortgage loan under the maximum dollar amount of loans established by Fannie Mae and Freddie Mac.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
72
Q

Conservator

A

Guardian; person with the lawful power and duty to manage the affairs of another individual.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
73
Q

Conspiracy

A

Association of persons to commit a crime; unlawful plot.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
74
Q

Construction Loan

A

A short-term loan for funding the cost of construction.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
75
Q

Consulate

A

The office of an official, called a consul, appointed by his or her home country to reside in a foreign nation and care for the interests of that government’s citizens through notarization, authentication of documents and other functions.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
76
Q

Conventional Loan

A

A mortgage neither insured by the Federal Housing Administration (FHA) nor guaranteed by the U.S. Department of Veterans Affairs (VA).

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
77
Q

Conversion

A

The right of a borrower to convert an adjustable-rate loan or balloon loan into a fixed-rate loan.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
78
Q

Conveyance

A

Transfer of title or ownership.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
79
Q

Copy Certification by Document Custodian

A

Alternative to a Notary-certified copy. The custodian of a document signs a declaration that a copy of that document is identical to the original; the Notary uses a jurat to notarize the custodian’s signature on this declaration.

80
Q

Copy Certification

A

Notarial act in which a Notary certifies that a copy of a document is a true and accurate reproduction of the original.

81
Q

Corporate Officer

A

Agent appointed to act for a corporation.

82
Q

Corporation

A

Legal entity with many of the rights of an individual that may own property and sign contracts through its officers and agents.

83
Q

Counterfeit

A

False document made from scratch in imitation of an authentic one, in contrast to a false document made by altering an existing authentic document.

84
Q

County Auditor

A

County recorder, in some states.

85
Q

County Clerk

A

Official whose duties may include keeping a file of the bonds and signed oaths of office of Notaries and accepting custody of journals surrendered by those Notaries upon retirement. See also “Prothonotary”.

86
Q

County Recorder

A

Official who registers deeds and certain other documents in the public record.

87
Q

Court Reporter

A

Person whose training in stenography qualifies him or her to transcribe spoken words into such form as a deposition.

88
Q

Credible Identifying Witness

A

Person who identifies a document signer to the Notary after taking an oath or affirmation. The credible identifying witness should know the document signer personally and also should be personally known by the Notary.

89
Q

Credible Witness

A

Credible identifying witness.

90
Q

Credit Report

A

A report documenting the credit history and current credit standing, including late payments, defaults or bankruptcies.

91
Q

Crime

A

Law violation punishable, in the case of a misdemeanor, by a fine and/or confinement in a jail; or, in the case of a felony, usually by confinement in a penitentiary.

92
Q

Criminal Penalty

A

Action taken against a person for violation of a criminal law. Penalties generally include fines and/or imprisonment.

93
Q

Custodian

A

Keeper of a document.

94
Q

Custodian/Certified Copy

A

Document verified to be an accurate reproduction of an original by the original’s permanent custodian.

95
Q

Customer Identification Program (CIP)

A

Under the USA PATRIOT Act, financial institutions must establish a CIP to identify all new account holders, maintain account holder identification information and check this information against lists of known terrorist or terrorist agencies provided by the government.

96
Q

Date of Documents

A

Date of signing or, in the case of multiple signers, of the most recent or final signing.

97
Q

Deed of Trust

A

A legal instrument pledging a property to a neutral third party as security for payment of a debt. The document used in some states instead of a Mortgage.

98
Q

Deed

A

The legal document that conveys title to real property.

99
Q

Default

A

Failure to meet legal obligations in an agreement, including the failure to make the monthly payments on a mortgage loan.

100
Q

Defendant

A

Person accused of causing damages and from whom compensation is sought in a lawsuit.

101
Q

Deponent

A

Person who, under oath or affirmation, gives oral testimony that is transcribed for use in legal proceeding.

102
Q

Depose

A

To make a deposition; to testify under oath or affirmation orally or in writing.

103
Q

Deposition

A

Written statement used in a lawsuit that is transcribed from words spoken by a person (deponent) under oath or affirmation and that is usually signed by this person.

104
Q

Direct Work

A

A loan document signing assignment received through a lender, broker, or closing agent without going through a middleman.

105
Q

Disability

A

Physical, intellectual, or legal condition rendering one incapable of performing certain functions such as writing, communicating and handling one’s own affairs.

106
Q

Discretion

A

Freedom to act or judge on one’s own; freedom of choice.

107
Q

Dishonor

A

Refusal to pay the sum of money promised or requested.

108
Q

Disqualifying Interest

A

Advantage or potential advantage resulting in ineligibility to perform a notarial act.

109
Q

Document Custodian

A

Permanent keeper of an original document.

110
Q

Down Payment

A

The difference between the purchase price and that portion of the purchase price being financed.

111
Q

Duress

A

Compulsion, coercion or threat of injury to force compliance.

112
Q

Easement

A

A right of way giving persons other than the owner access to or over a property.

113
Q

Emancipated Minor

A

Person under the age of majority who has been freed from the control and responsibility of his or her parents.

114
Q

Embosser Seal

A

Plier- or press-like device that imprints a raised image into a paper surface to form a notarial seal.

115
Q

Encumbrance

A

Anything that affects or limits the fee simple to title to a property, such as mortgages, leases, easements or restrictions.

116
Q

Endorsement

A

Public expression of approval.

117
Q

Equity

A

The difference between the fair market value of real estate and any outstanding mortgage loan(s) against the property.

118
Q

Errors and Omissions Insurance

A

Contract between a Notary and an indemnity company whereby, in the event of a lawsuit against the Notary resulting from certain acts in performing a notarization, the insurance company absorbs the Notary’s costs and financial liabilities up to an agreed limit.

119
Q

Escrow Company

A

Neutral third party that handles all funds in a real estate transaction. Escrow pays the real estate broker’s commission, pays off any loans or liens against the property, pays real estate taxes and any other fees associated with the transaction and sends the balance of the money to the seller.

120
Q

Ethics

A

Principles of good conduct; moral values.

121
Q

Fair and Accurate Credit Transactions (FACT) Act of 2003

A

A federal law which enables consumers to request and obtain a free credit report once every twelve months from each of the three nation wide consumer credit reporting companies. The FACTA also contains provisions to help reduce identity theft.

122
Q

Fair Market Value

A

The highest price a buyer, willing but not compelled to buy, would pay; and the lowest a seller, willing but not compelled to sell, would accept.

123
Q

False Certificate

A

Notarial wording that contains incorrect information.

124
Q

Federal Home Loan Mortgage Corporation (FHLMC, Freddie Mac)

A

A stockholder-owned corporation chartered by Congress to create a continuous flow of funds to lenders to support homeownership and rental housing.

125
Q

Federal Housing Administration (FHA)

A

An agency of the U.S. Department of Housing and Urban Development (HUD). Its main activity is the insuring of residential mortgage.

126
Q

Federal National Mortgage Corporation (FNMC, Fannie Mae)

A

A congressionally chartered, shareholder-owned company that is the nation’s largest supplier of home mortgage funds.

127
Q

Federal Register

A

A daily publication of the United States Government that provides notice to the public of a federal government agency’s proposed new or amended rules.

128
Q

Fee Simple

A

A term used to describe the most complete ownership that a person can have over a property.

129
Q

Felony

A

A serious crime typically imposing the punishment of imprisonment, fine or both.

130
Q

FHA Mortgage

A

A mortgage that is insured by the Federal Housing Administration (FHA).

131
Q

Finance Charge

A

The total dollar amount a loan costs the borrower.

132
Q

Financial Interest

A

Monetary consideration of benefit to the Notary which would limit the Notary’s impartiality to perform a notarial act.

133
Q

First Mortgage

A

A mortgage that is the primary lien against a property.

134
Q

Fixed-Rate Mortgage

A

A mortgage where the interest rate does not change for the life of the loan.

135
Q

Foreclosure

A

The act of enforcing payment of a debt secured by a Mortgage or Deed of Trust by depriving the owner of its possession and selling the property.

136
Q

Foregoing

A

Preceding.

137
Q

Forgery

A

False signature, writing, document or other creation made to imitate a genuine thing; the act of making such a false creation.

138
Q

Fraud

A

Deception aimed at causing a person unknowingly to surrender money, property, rights or advantages without compensation.

139
Q

Fraudulent

A

Deliberately falso or deceptive.

140
Q

FSBO

A

For sale by owner.

141
Q

Gramm-Leach-Bliley Financial Services Modernization Act (GLBA) of 1999

A

A federal law enacted to protect the privacy of customer information held by financial institutions.

142
Q

Grantee

A

The person to whom an interest in real property is conveyed.

143
Q

Grantor

A

The person conveying an interest in real property.

144
Q

Guardian

A

Person with the lawful power and duty to manage the affairs of another individual; conservator.

145
Q

Hague Convention

A

Hague Convention Abolishing the Requirement of Legalization for Foreign Public Documents is a treaty signed by more than 80 nations, including the United States, that simplifies authentication of notarized documents sent between nations.

146
Q

Hand

A

Signature.

147
Q

Hazard Insurance

A

A form of insurance that protects the insured from certain losses, such as fire, vandalism, storms and certain other natural causes.

148
Q

Holographic

A

Handwritten.

149
Q

Homestead

A

A legal form signed by the owner to exempt property used as a home from forced sale to settle a judgment.

150
Q

HUD-! Settlement Statement

A

A document that provides an itemized listing of the funds that are payable at closing.

151
Q

HUD

A

The U.S. Department of Housing and Urban Development.

152
Q

Identification Document (ID Card)

A

Document or card that establishes the bearer’s identity. Examples include passports, driver’s licenses and nondriver’s IDs.

153
Q

Identification

A

Knowing who a person is without doubt or suspicion; positive identification.

154
Q

Illiteracy

A

Inability to read and write.

155
Q

Immigration Consultant

A

One who advises and assist another in the legal process of immigrating to the United States, especially in preparing the necessary paperwork. Also called an immigration specialist, immigration expert and immigration counselor.

156
Q

Immigration

A

Entering a country to become a legal resident, whether permanent or temporary.

157
Q

Impartial Witness

A

Observer without bias; one who has no financial or beneficial interest in the transaction.

158
Q

Impersonation

A

Acting as a Notary Public without a valid commission.

159
Q

Impostor

A

Person with a false identity.

160
Q

Imposture

A

Pretending to have another identity.

161
Q

Impounds

A

That portion of a borrower’s monthly payments held by the lender or servicer to pay for taxes, hazard insurance, mortgage insurance, lease payments and other items as they become due.

162
Q

Improper Influence

A

The act of attempting to influence a person to sign or not to sign, act or not to act or to proceed or not proceed in any lawful transaction requiring a notarial act.

163
Q

Independent Contractor

A

A person who earns a livelihood other than as a salaried employee.

164
Q

Independent Contractor’s Agreement

A

An agreement defining the business relationship between a signing service or a closing agency and a Notary Signing Agent.

165
Q

Index

A

A published interest rate not controlled by the leader to which the interest rate on an Adjustable Rate Mortgage (ARM) is tied.

166
Q

Information Security Program

A

A main component of the GLBA that financial institutions must implement to ensure the privacy of the personal financial information of customers.

167
Q

Inking Seal

A

Device that imprints ink on paper to form a photocopiable notarial seal.

168
Q

Installment

A

The regular periodic mortgage payment a borrower pays to a lender. Installments can be made either monthly or biweekly.

169
Q

Instrument

A

Document.

170
Q

Intellectual Disablility

A

Mental condition, resulting either from lack of education (illiteracy) or intellectual incapacity, that can make signing or understanding a document impossible.

171
Q

Interagency Guidelines

A

Joint rules and standards promulgated in 2001 by the Office of the Comptroller of the Currency, Department of the Treasury; Board of Governors of the Federal Reserve System; Federal Deposit Insurance Corporation (FDIC); Office of Thrift Supervision (OTS), Department of the Treasury; National Credit Union Administration; the Securities and Exchange Commission and the Federal Trade Commission to implement the Gramm-Leach-Bliley Act.

172
Q

Interest Rate

A

The periodic charge, expressed as a percentage, for use of credit.

173
Q

Interpreter

A

Person who explains or translates orally for parties conversing in a different language.

174
Q

Invoice

A

An itemized list of services a Notary SIgning Agent renders to a closing agent, lender or signing service for payment of services.

175
Q

IRS Form 1040 Schedule C (or C-EZ)

A

Attachment to an individual’s federal income tax return in which the totals for income and expenses receive frmo self-employment appear.

176
Q

IRS Form 1040 Schedule SE

A

Attachment to an individual’s federal income tax return in which the individual figures the smount due for self-employment taxes.

177
Q

IRS Form 1099-MISC

A

A federal income tax form received by a Notary SIgning Agent who has earned $600 or more in income from a closing agent, lender, or signing service for provding loan document signing services.

178
Q

Joint Tenancy

A

A form of co-ownership giving each tenant equal interest and equal rights in the property, including the right of survivorship.

179
Q

Journal of Notarial Acts

A

Detailed, chronological record of the official acts of a Notary Public.

180
Q

Journal Shortcuts

A

Methods for speedily entering information in the Notary’s journal.

181
Q

Judicial Official

A

Public officer who uses considerable judgment or discretion in the performance of official duties.

182
Q

Jumbo Loan

A

A loan that exceeds Fannie Mae’s mortgage amount limits. Also called a “non-conforming” loan.

183
Q

Jurat

A

Notarial act in which a Notary certifies having whached the signing of a document and having administered an oath or affirmation in which the signer declares the document to be truthful and accurate.

184
Q

Jurisdiction

A

Geographic area in which a Notary is authorized to perform notarial acts.

185
Q

L. S.

A

Abbreviation of the Latin term locus sigilli, meaning “place of the sear.” Traditional element marking where the seal imprint is to be placed.

186
Q

Legal Age

A

Age of majority.

187
Q

Legal Description

A

A property desciption, recognized by law, sufficient enough to locate and identify the property without oral testimony.

188
Q

Legal Disability

A

Legal status, including being under legal age or proven legally insane, that can restrict or disqualify persons from signing on their own behaves.

189
Q

Legalization

A

Authentication

190
Q

Lender

A

The bank, mortgage company or mortgage banker that originates a loan and lends money.

191
Q

Liability

A

Obligation to suffer the penalties for misconduct.

192
Q

Lien

A

A voluntary or involuntary encumbrance

193
Q

Line of Credit

A

An agreement by a financial institution to extend credit up to a certain amount for a certain time to a specified borrower.

194
Q

Loan-to-Value Ratio

A

The relationship between the amount of the mortgage loan and the sales price or appraised value of the property expressed as a percentage.

195
Q

Lock-in

A

A written agreement guaranteeing the homebuyer a specified interest rate provided the loan is closed within a set period of time.

196
Q

Loose Certificate

A

Notary certificate wording on a separate sheet of paper that is attached to a document when no Notary wording or incorrect Noatry wording is present.

197
Q

Margin

A

An amount, usually a percentae, which is added to the index to determine the interest rate for adjustable rate mortages.

Notary Public Definitions (1 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions