RE - Set 08

Question 1

KEY LOT

Answer 1

Surrounded by the back yards of other lots. It is least desirable because of the lack of privacy.

Question 2

STRAIGHT NOTE

Answer 2

A promissory note in which payments of interest only are made periodically during the term of the note, with the principal payment due in one lump sum upon maturity; May also be a note with no payments on either principal or interest until the entire sum is due.

Question 3

ASSIGNMENT OF RENTS

Answer 3

An agreement between a property owner and the holder of a trust deed or mortgage by which the holder receives, as security, the right to collect rents from tenants of the property in the event of default by the borrower.

Question 4

REVOCATION

Answer 4

The canceling of an offer to contract by the person making the original offer.

Question 5

CORNER LOT

Answer 5

A lot found at the intersection of two streets.

Question 6

FORECLOSURE

Answer 6

A legal procedure by which mortgaged property, in which there has been default on the part of the borrower, is sold to satisfy the debt.

Question 7

MORTGAGE

Answer 7

A legal document used as security of a debt.

Question 8

DEFICIENCY JUDGMENT

Answer 8

A judgment against a borrower for the balance of a debt owed when the security for the loan is not sufficient enough to pay a debt.

Question 9

STATUTE OF LIMITATIONS

Answer 9

A statute limiting the period of time during which legal action may be taken on a certain issue.

Question 10

LAND GRANT

Answer 10

A grant of public lands by the government usually for roads, railroads, or agricultural colleges.

Question 11

CONSIDERATION

Answer 11

Something of value, such as money, a promise, property or personal services.

Question 12

DEPOSIT RECEIPT

Answer 12

Primary document used to present an offer on real property; also known as a sales contract.

Question 13

TRUSTEE’S SALE

Answer 13

The forced sale of real property, by a lender, to satisfy a debt.

Question 14

ASSIGNOR

Answer 14

The person transferring a claim, benefit, or right in property to another.

Question 15

UNILATERAL RESCISSION

Answer 15

Legal action taken to repeal a contract by one party when the other party has breached a contract.

Question 16

SEVERALTY

Answer 16

Ownership of real property by one person or entity.

Question 17

ACCRETION

Answer 17

A build-up of soil by natural causes on property bordering a river, lake, or ocean.

Question 18

RELICTION

Answer 18

Occurs when land that has been covered by water is exposed by the receding of the water.

Question 19

ESTATE IN FEE

Answer 19

The most complete form of ownership of real property; also known as an estate of inheritance.

Question 20

EMBLEMENTS

Answer 20

Annual crops produced for sale, by a tenant using or occupying the property.

Question 21

BUNDLE OF RIGHTS

Answer 21

An ownership concept describing all the legal rights that attach to the ownership of real property.

Question 22

OPTION

Answer 22

A right, given for consideration, to a party (optionee) by a property owner (optionor).

Question 23

LEGAL TITLE

Answer 23

Title that is complete and perfect in regard to the right of ownership; can be held by a trustee.

Question 24

NOTICE OF DEFAULT

Answer 24

A notice to a defaulting party that there has been a nonpayment of debt.

Question 25

NOTICE OF TRUSTEE’S SALE

Answer 25

Notice given, and published, that a trustee’s sale will be held to sell a property to satisfy a debt.

Question 26

PRELIMINARY TITLE REPORT

Answer 26

An examination of the public land records to determine the extent to which someone has legal interest in a parcel; a report on the quality of the title that searches for encumbrances and liens or any other items of record that might affect ownership.