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Florida Real Estate Exam > Transfer and Closing > Flashcards

Transfer and Closing Flashcards

1
Q

An offer to issue a policy of title insurance in the future for a specific fee

A

Preliminary Title Report

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2
Q

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

A

Grantee

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3
Q

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

A

Abstract of Title

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4
Q

A gift of personal property by will (see Legacy)

A

Bequest

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5
Q

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

A

ALTA Policy

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6
Q

A contract to issue a title insurance policy

A

Title Commitment

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7
Q

Evidence of ownership of land

A

Title

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8
Q

A person who has made a will (men/women)

A

Testator/Testatrix

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9
Q

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

A

Quitclaim Deed

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10
Q

A man/woman named in a will to handle the affairs of a deceased person

A

Executor/Executrix

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11
Q

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

A

Holographic Will

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12
Q

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

A

Beneficiary Statement

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13
Q

A gift of real property by will

A

Devise

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14
Q

The transfer of title by the government to a private individual

A

Public Grant

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15
Q

A policy of title insurance covering only matters of record

A

Standard Policy

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16
Q

An extended title insurance policy

A

Extended Title Policy

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17
Q

Written directions, signed by a buyer and seller, detailing the procedures necessary to close a transaction and directs the escrow agent in how to proceed

A

Escrow Instructions

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18
Q

The division and distribution of expenses and/or income between the buyer and seller of property as of the date of closing or settlement

A

Proration

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19
Q

Notice given by possession of property

A

Actual Notice

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20
Q

Settlement statement created by the Consumer Financial Protection Bureau that must be used for any conventional residential mortgage loans that will be sold to Fannie Mae or Freddie Mac, or that are subject to RESPA

A

Closing Disclosure

21
Q

Dying without leaving a will

A

Intestate

22
Q

A change in a will before the maker’s death

A

Codicil

23
Q

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

A

Closing

24
Q

The way title will be taken

A

Vesting

25
Q

The storage facility of a title company which holds and stores the complete title records of properties in its area

A

Title Plant

26
Q

One prepared by an attorney, that is typed and signed by the maker and two witnesses

A

Witnessed Will

27
Q

An insurance policy that protects the insured against loss or damage due to defects in the property’s title

A

Title Insurance

28
Q

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

A

Administrator/Administratrix

29
Q

An assurance of clear title

A

Guarantee of Title

30
Q

Good or clear salable title reasonably free from risk of litigation over possible defects

A

Marketable Title

31
Q

An independent third party that acts as a neutral agent of both buyer and seller

A

Escrow Holder

32
Q

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

A

Acknowledgement

33
Q

Public notice given by recording a document with the county recorder

A

Constructive Notice

34
Q

The person conveying or transferring the property

A

Grantor

35
Q

Title that cannot be defeated, set aside, or made void by a superior claim

A

Good and Indefeasible Title

36
Q

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

A

Principal

37
Q

A deed given to a buyer when property is sold through court action in order to satisfy a judgment for money or foreclosure of a mortgage

A

Sheriff’s Deed

38
Q

Completion of an act or process

A

Execution

39
Q

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

A

Will

40
Q

The consideration used in a gift deed

A

Love and Affection

41
Q

A deed used to transfer title to property, guaranteeing that the title is clear and the grantor has the right to transfer it; no longer used in California

A

Warranty Deed

42
Q

A gift of personal property by will (see bequest)

A

Legacy

43
Q

The deposit of funds or documents with a neutral third party who is instructed to carry out the provisions of an agreement

A

Escrow

44
Q

Used to make a gift of property to a grantee who is usually a close friend or relative

A

Gift Deed

45
Q

A trust account set up for funds set aside for future, recurring cost relating to a property

A

Impound Account

46
Q

The act of filing written documents affecting the title to real property with the county recorder

A

Recording

47
Q

A chronological history of a property’s ownership

A

Chain of Title

48
Q

A complete breakdown of all cash received, all charges and credits made, and all costs involved in the transaction

A

Settlement Statement

Florida Real Estate Exam (3 decks)

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