RE - Set 15

Question 1

WILL

Answer 1

A written instrument by which a person makes a disposition of his or her property to take effect after his or her death.

Question 2

HOLOGRAPHIC WILL

Answer 2

Written in the maker’s own handwriting, dated, and signed by the maker.

Question 3

STANDARD POLICY

Answer 3

A policy of title insurance covering only matters of record.

Question 4

TESTATOR/TESTATRIX

Answer 4

A person who has made a will.

Question 5

BEQUEST

Answer 5

A gift of person property by will (see legacy).

Question 6

ADMINISTRATOR/ADMINISTRATRIX

Answer 6

A person appointed by the court to handle the affairs of a deceased person when there is no one mentioned in the will.

Question 7

SECURITY AGREEMENT

Answer 7

The device commonly used to secure a loan on personal property.

Question 8

INTERMEDIATION

Answer 8

The process of transferring capital from those who invest funds to those who wish to borrow.

Question 9

FINANCIAL INTERMEDIARIES

Answer 9

An organization that obtains funds through deposits and then lends those funds to earn a return; savings and loan associations, commercial banks, credit unions, and mutual savings banks.

Question 10

GRACE PERIOD

Answer 10

An agreement upon time after the payment of a debt is past due during which a party can perform without being considered in default; usually 10 to 15 days.

Question 11

LESS-THAN-FREEHOLD ESTATE

Answer 11

A leasehold estate that is considered to exist for a definite period of time or successive periods of time until termination.

Question 12

FEE SIMPLE

Answer 12

The largest, most complete ownership recognized by law; also known as a fee simple absolute, or fee.

Question 13

ALTA POLICY

Answer 13

American Land Title Association policy of extended title insurance; can be purchased by lender or buyer.

Question 14

CLOSING

Answer 14

The act of finalizing the transaction in which the deed is delivered to the buyer, the title is transferred, and all costs are paid.

Question 15

TITLE

Answer 15

Evidence of ownership of land.

Question 16

METES AND BOUNDS

Answer 16

A method of land description in which the dimensions of the property are measured by distance and direction.

Question 17

LINEAR FOOT

Answer 17

A measurement meaning one foot or twelve inches in length as contrasted to a square foot or a cubic foot.

Question 18

FREEHOLD ESTATE

Answer 18

An estate in real property which continues for an indefinite period of time.

Question 19

FEE SIMPLE QUALIFIED

Answer 19

An estate in which the holder has a fee simple title that is subject to return to the grantor if a specified condition occurs.

Question 20

LITTORAL

Answer 20

Land bordering a lake, ocean, or sea as opposed to a land bordering a stream or river (running water).

Question 21

REAL ESTATE BROKER

Answer 21

Someone permitted by law to employ persons holding a salesperson’s license and who may also negotiate sales.

Question 22

REAL ESTATE AGENT

Answer 22

Someone licensed by the Department of Real Estate, holding either a broker or salesperson license, who negotiates sales for other people.

Question 23

REAL ESTATE SALES ASSOCIATE

Answer 23

The same as a real estate salesperson, holding a real estate license, employed by a broker.

Question 24

SUSPEND

Answer 24

Temporarily make ineffective.

Question 25

BASE LINE

Answer 25

A survey line running east to west, and used as a reference when mapping land.

Question 26

EXECUTOR/EXECUTRIX

Answer 26

A person named in the will to handle the affairs of a deceased person.