RE - Set 15 Flashcards
WILL
A written instrument by which a person makes a disposition of his or her property to take effect after his or her death.
HOLOGRAPHIC WILL
Written in the maker’s own handwriting, dated, and signed by the maker.
STANDARD POLICY
A policy of title insurance covering only matters of record.
TESTATOR/TESTATRIX
A person who has made a will.
BEQUEST
A gift of person property by will (see legacy).
ADMINISTRATOR/ADMINISTRATRIX
A person appointed by the court to handle the affairs of a deceased person when there is no one mentioned in the will.
SECURITY AGREEMENT
The device commonly used to secure a loan on personal property.
INTERMEDIATION
The process of transferring capital from those who invest funds to those who wish to borrow.
FINANCIAL INTERMEDIARIES
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.
GRACE PERIOD
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.
LESS-THAN-FREEHOLD ESTATE
A leasehold estate that is considered to exist for a definite period of time or successive periods of time until termination.
FEE SIMPLE
The largest, most complete ownership recognized by law; also known as a fee simple absolute, or fee.
ALTA POLICY
American Land Title Association policy of extended title insurance; can be purchased by lender or buyer.
CLOSING
The act of finalizing the transaction in which the deed is delivered to the buyer, the title is transferred, and all costs are paid.
TITLE
Evidence of ownership of land.
METES AND BOUNDS
A method of land description in which the dimensions of the property are measured by distance and direction.
LINEAR FOOT
A measurement meaning one foot or twelve inches in length as contrasted to a square foot or a cubic foot.
FREEHOLD ESTATE
An estate in real property which continues for an indefinite period of time.
FEE SIMPLE QUALIFIED
An estate in which the holder has a fee simple title that is subject to return to the grantor if a specified condition occurs.
LITTORAL
Land bordering a lake, ocean, or sea as opposed to a land bordering a stream or river (running water).
REAL ESTATE BROKER
Someone permitted by law to employ persons holding a salesperson’s license and who may also negotiate sales.
REAL ESTATE AGENT
Someone licensed by the Department of Real Estate, holding either a broker or salesperson license, who negotiates sales for other people.
REAL ESTATE SALES ASSOCIATE
The same as a real estate salesperson, holding a real estate license, employed by a broker.
SUSPEND
Temporarily make ineffective.
BASE LINE
A survey line running east to west, and used as a reference when mapping land.
EXECUTOR/EXECUTRIX
A person named in the will to handle the affairs of a deceased person.
