RE - Set 13

Question 1

LOVE AND AFFECTION

Answer 1

The consideration used in a gift deed.

Question 2

BENEFICIARY STATEMENT

Answer 2

A statement of the unpaid balance of a loan and the condition of the debt.

Question 3

QUITCLAIM DEED

Answer 3

Transfers any interest the grantor may have at the time the deed is signed, with no warranties of clear title.

Question 4

GRANTEE

Answer 4

The person receiving the property or to whom it is being conveyed.

Question 5

FUNCTIONAL UTILITY

Answer 5

The combined factors of usefulness with desirability.

Question 6

ACCEPTANCE

Answer 6

An unqualified agreement to the terms of an offer.

Question 7

MIS-REPRESENTATION

Answer 7

An innocent or negligent mis-statement of a material fact which causes someone loss or harm.

Question 8

DEFINITE AND CERTAIN

Answer 8

Precise acts to be performed are to be clearly stated.

Question 9

OFFEREE

Answer 9

The party receiving an offer.

Question 10

FRAUD

Answer 10

An act meant to deceive in order to get someone to part with something of value.

Question 11

DURESS

Answer 11

The use of force to get agreement in accepting a contract.

Question 12

TIMELY MANNER

Answer 12

An act must be performed within certain time limits as described in a contract.

Question 13

DIVIDED INTEREST

Answer 13

An interest in various parts of a whole property, such as the interest of the fee owner, lessee, or mortgage.

Question 14

STEERING

Answer 14

The illegal practice of only showing clients property in certain areas.

Question 15

COVENANTS, CONDITIONS AND RESTRICTIONS (CC&Rs)

Answer 15

Restrictions are placed on certain types of real property and limit the activities of owners.

Question 16

ALTA

Answer 16

American Land Title Association

Question 17

GOODWILL

Answer 17

An intangible, salable asset arising from the reputation of a business; the expectation of continued public patronage.

Question 18

PROBATE SALE

Answer 18

A court approved sale of the property of a deceased person.

Question 19

BROKERAGE

Answer 19

The occupation of a broker. A real estate brokerage is the business of selling real estate through a broker who negotiates the sale for commission.

Question 20

WORKING CAPITAL

Answer 20

Liquid assets available for the conduct of daily business.

Question 21

ACKNOWLEDGEMENT

Answer 21

A signed statement, made before a notary public by a named person; confirming the signature on a document and that it was made of free will.

Question 22

ACTUAL NOTICE

Answer 22

Notice given by possession of property.

Question 23

ABSTRACT OF TITLE

Answer 23

A full summary of all consecutive grants, conveyances, wills, records and judicial proceedings affecting title to a specific parcel of real estate.

Question 24

USURY

Answer 24

The act of charging a rate of interest in excess of that permitted by law.

Question 25

MENACE

Answer 25

Using a threat of violence to get agreement in accepting a contract.

Question 26

PRINCIPAL

Answer 26

Someone who directs or authorizes another to act in his or her place in regard to relations with third persons; buyer or seller.