Transfer of Property

Question 0

The Granting aspect of Deed is that it

promises

Answer 0

That the grantor has not conveyed
Property title to any other grantee
And the property it’s free of any liens

Question 1

Grant Deed

Answer 1

A document that transfers title

Question 2

Implied warranties

Answer 2

Owner has not convey title to oders and property it’s free of any other encumbrances

Question 3

Quit claim deed

Answer 3

Conveys present right or interest one
may have on the property
Makes no promises

Question 4

Cloud on title

Answer 4

Any encumbrances or discrepances the title may have

Question 5

Accession

Answer 5

On aquires additional land due to natural causes or man made

Question 6

Accretion

Answer 6

The addition of a land through to natural causes such as earthquakes rain and so

Question 7

TDS

Transfer Disclosure Statement

Answer 7

Due always when selling or with an option to sell property and for residential estates

Question 8

TDS Exceptions

Answer 8

On standar residential leases, private, bankruptcy, law, espouses. Joint tenancy,

Question 9

Property Taxes

Answer 9

Are paid annually

Question 10

1031 exchange

Answer 10

Allows a seller to defer(exempt) taxes if property is held for investment not residential use.
If property is exchanged for like kind property
Certain times for replacements are met

Question 11

Parcel description

Answer 11

To distinguish one from another

Question 12

Preliminary title report

Answer 12

Prepared once escrow opens and prior to issuing a title insurance
Ordered before ordering a title search

Question 13

Notice of non responsibility

Answer 13

Used by an owner when improvements are made by someone else

Question 14

FHA insured loans

Answer 14

Are related to MMI and MIP

Question 15

In replacement cost approach

Answer 15

The newer the building the easier to appraise due to depreciation

Question 16

In community property

Answer 16

Either party can commit the other to listing but both are required to sell

Question 17

Best hedge against inflation

Answer 17

Property that will maintain its value

Question 18

Abstract of Title

Answer 18

Title search

Question 19

Preliminary report is good for

Answer 19

1 year or less if a final report takes place or a new prelim has to be made due to any changes

Question 20

Injunction

Answer 20

Court order used to enforce private property restrictions

Question 21

Easement

Answer 21

Gives one the right of use of some else’s property

Question 22

Planning commission purpose

Answer 22

To draw blue prints of a community and to set zoning assignments

Question 23

Easement by prescription

Answer 23

Right to use another’s land through 5 years of continuous use

Question 24

Alluvion

Answer 24

Increase on earth of shore by natural action of water

Question 25

Alluvium

Answer 25

Deposits of sediment or soil created by alluvion

Question 26

Avulsion

Answer 26

Sudden violent tear away of land

Question 27

Reliction

Answer 27

Increase of land due to withdrawal of water

Question 28

Encroachment

Answer 28

Trespassing

Question 29

Transfer by occupancy

Answer 29

Gain of ownership through abandonment, adverse possession or prescription (use)

Question 30

Adverse Possession

Answer 30

Must have paid taxes for 5 years

Question 31

Purpose of escrow

Answer 31

To make sure the terms of the deal are met before closing

Question 32

Escrow is created when

Answer 32

A written agreement tells a third party to hold funds and proceed with all terms are met

Question 33

And escrow officer can be

Answer 33

A corporation an attorney or a real estate broker

Question 34

Escrow is complete

Answer 34

When all terms and conditions have been met

Question 35

Chain of title

Answer 35

Recorded public history

Federal, county or recorders office

Question 36

Title insurance

Answer 36

Protects owner against loss due to title defects

Question 37

RESPA

Real Estate Settlement Procedures Act

Answer 37

Gives borrowers the opportunity to shop for settlement services
Law covers residential

Question 38

Proposition 13

Answer 38

Taxes 1% of market value to march 1, 1975 of property plus a max of 2% per yr thereafter

Question 39

Lease-back

Answer 39

Seller becomes the tenant

Question 40

Blanket trus deed or blanket encumbrance

Answer 40

Has a release clause to release parcels upon payment

Question 41

Relationship vendor vendee

Answer 41

Beneficiary and trustor on a trust deed

Question 42

Documentary transfer tax

Answer 42

Tax is paid on the sale price of the property minus any loans that are assumed

Question 43

Proration

Answer 43

The allocation of property expense and other charges to buyer or seller is part of a transaction

Question 44

Hud 1 uniform settlement statement

Answer 44

Must to be available to the fire one day prior to closing upon request. If the buyer waves a ride to the Leavy of the HUD one before closing the same and must be mailed us in the spectacle after closing escrow

Question 45

Reconveyance deed

Answer 45

Used when Trustor paid debt in full and beneficiary instructs the trustee to reconvey or give back legal title to borrower

Question 46

Escrow

Answer 46

Neutral depository where all documents and money are held

Question 47

Legatee

Answer 47

A receiver of personal property but I will

Question 48

Acquisition

Answer 48

The act of procuring property

Question 49

Alienation

Answer 49

To separate yourself from the property.

To sell. may activate a due on sale clause which will accelerate the loan balance requiring to be paid in full

Question 50

CLTA

Answer 50

California land title Association. standard coverage

Question 51

Guarantee of Title

Answer 51

Used prior to title insurance

Question 52

Certificate of Sale

Answer 52

Given to the highest bidder for default to properties sold under the laws of Mortgage

Question 53

Action of quiet title

Answer 53

A judicial proceeding where the judge hears all parties then make a decision regarding title