Transfer & Closing

Question 1

Retaliatory Eviction

Answer 1

When a Landlord Evict the tenant because he or she complain multiple times or some complain the make.

Question 2

holographic will

Answer 2

written in maker’s own handwriting date and signed by the maker.

Question 3

Closing Disclosure

Answer 3

Created by consumer financial protection bureau, used for any conventional residential mortgage, that will be sold to fannie mae and freddie mac. / or subject to RESPA

Question 4

Curb Appeal

Answer 4

Impression Gained good or bad of a property when it is first seen, usually from the street.

Question 5

Administrator

Answer 5

a person who is chosen by the court to handle the affairs of a deceased person. when no one mentioned in the will.

Question 6

Legacy / Bequest

Answer 6

A gift of personal property by will .

Question 7

Intestate

Answer 7

dying without leaving the will.

Question 8

Estate at will

Answer 8

possession of real estate belonging to another with their permission/ indefinite period of time/ 30 day notice before ending the tenancy

Question 9

Executor /Executrix

Answer 9

A person Named in the will to handle the affairs of a deceased person

Question 10

Demise

Answer 10

conveyance of the real property to someone for a period of time ,as in a lease.

Question 11

Retrofit

Answer 11

an act of adding a component or accessory to something that did not have it when manufactured.

Question 12

Mobile Home

Answer 12

Prior to june 15 1976, constructed on chassis or wheels

Question 13

Unlawful detainer Action

Answer 13

rental property => A lawsuit filed with the court against the tenant who remains on unlawful possession of rental property.

Question 14

reversionary right

Answer 14

Lessor , landlord grant the right of possession to lessee. retain the right to take the possession after the lease term expired.

Question 15

Title plant

Answer 15

Storage facility of the title company, holds and stores the complete title records of properties in the area.

Question 16

Beneficiary statement

Answer 16

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

Question 17

Constructive notice

Answer 17

PUBLIC notice given by recording a document with the county recorder.

Question 18

preliminary title report

Answer 18

An OFFER issue a policy of title insurance in the future for a specific fee.

Question 19

Sheriff’s deed

Answer 19

A deed given to a buyer after a foreclosure through court action to satisfy the judgement for money.

Question 20

Acknowledgement

Answer 20

signed statement/ made before a notary public / by a named person / it was made of free will

Question 21

ALTA policy

Answer 21

American Land title association policy of extended title insurance policy can be purchased by lender or buyer

Question 22

impound account

Answer 22

Trust account set up for funds, set aside for future, recurring cost relating to the property

Question 23

Actual notice

Answer 23

notice given by possession of the property .

Question 24

Devise

Answer 24

the gift of real property by will.

Question 25

Manufactured home

Answer 25

after June 15 1976/ build in the factory/ follow federal manufactured home construction and safety standards.

Question 26

Codicil

Answer 26

A change in a will before the maker’s death

Question 27

Closing

Answer 27

Deed deliver to the buyer
The title is transferred
All costs are paid.

Question 28

Probate Sale

Answer 28

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

Question 29

witnessed will

Answer 29

One prepared by an attorney/ 2 witnesses / signed by the maker.

Question 30

Working capital

Answer 30

Liquid assets available for the conduct of daily business.

Question 31

Estate for years

Answer 31

leasehold estate with definite end date / must be renegotiated/ used for commercial leases.

Question 32

Writ of Possession

Answer 32

COURT ORDER/ directing the sheriff to remove the tenant /within 5 days !

Question 33

CCRS

Answer 33

Restrictions => certain type of property and limit the activities of owners.