Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

ahora si es que es > transfer of title #1 > Flashcards

transfer of title #1 Flashcards

1
Q

Title insurance

A

protects buyers and lenders agains any financial loss that might be incurred beacause of title defects discoverd after closing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Abstract of title

A

is a summary of thee title history.e

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

chain of title.

A

history of ownership which shows conveyances and encumbrances. the chain beguins with the current owner and works backwards

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

markatable titile

A

is a clean title has no deffects or clouds to which a reasonable buyer would object. it is not necesseraly a perfect title.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

insurable title

A

its one agains there may be known deffects such as easment, but the title compays have notify the parties of the defect and has a greed to insure against it

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

a clound on the title (aka title defect)

A

is any encumbrances, such as a lien or inheritance claim, that prevent the seller from having a clear, marketable title.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

mechanics lien

A

A lien created by statute for the purpose of securing priority of payment for the price or value of work performed and materials furnished in construction or repair of improvements to land, and which attaches to the land as well as the improvements.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

property tax liens

A

A tax lien is a legal claim against the property of an individual or business that fails to pay taxes owed to the government

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

covenant of seisin

A

the grantor holds title and possession of the property. he has legal Rights that he owns it. The grantor’s warrants that there are no encumbrances and is free of liens

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

convenient of right to convey

A

the grantor has the right to convey both titles to and possession of the property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

convenant agains encombranses

A

the grantors assure the grantee that there are no encumbrances against the title other than those identified in public records or the deed itself

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

the real property owner is called…?

A

grantor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

the new owner of a house is called …?

A

grantee

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

convenient of further assurances

A

the grantor promises to take whatever actions necessary within his power to correct any title defects

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

convenient of warranty or warranty forever

A

its the most important convenant, the grantor promises to protect and defend the title against lawful claims made by others.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

general warranty

A

seller warrants or guarantees the title against defects that may have arisen during
the entire life of the property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

special warranty

A

seller only warrants or guarantees the title against defects that may have arisen during the period of ownership of the property.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

QUITCLAIM deed

A

transfers the title of a property from one person to another, with little to no buyer protection. The grantor, the person giving away the property, gives their current deed to the grantee, the person receiving the property. The title is transferred without any amendments or additions.

deed releasing a person’s interest with no warranties. Typically in non-sale situations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

special warranty deed

A

offers protection to the buyer through the seller’s guarantee that the title has been free and clear of encumbrances during their ownership of the property.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

bargain a sale deed

A

indicates that only the seller of a property holds the title and has the right to transfer ownership. This type of deed offers no guarantees for the buyer against liens or other claims to the property, so the buyer could be responsible for these issues if they turn up.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

habendum clause

A

states the property is transferred without restrictions. This means the new owner has absolute ownership of the property upon satisfying their conditions (usual payment in full) and has the right to sell or bequeath the property to an heir and so on.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

acknowledgment

A

means that the party signing the deed indicates that the signature is their own and they signed voluntarily

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

constructive notice

A

Signifies that a person should have known as a reasonable person would have.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

actual notice

A

is when a person actually knows about the existence of a fact.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

real estate settlement procedures act (RESPA)

A

ensures that buyers receive an estimate of closing cost at least 3 business days before closing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

the closing disclosure (CD)

A

is a five-page form that provides final details about the mortgage loan you have selected. It includes the loan terms, your projected monthly payments, and how much you will pay in fees and other costs to get your mortgage (closing costs). lenders must provide this at least 3 days before closing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

Loan Estimate (LE)

A

a three-page form that you receive after applying for a mortgage. The Loan Estimate tells you important details about the loan you have requested. The lender must provide you a Loan Estimate within three business days of receiving your application

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

Prorations

A

share expenses that either party own at closing are prorated ( divided between) the parties depending on when closing occurs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

foreclosure

A

is a property being sold by the lender due to buyers default

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

debit is a …?

A

the charge that a party must pay

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

credit is a …?

A

a charge that a party has already paid, an amount that will be reimbursed, or an amount that is promised

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

property taxes are calculated based on…?

A

properties assessed value

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

the first course of action for disputed home warranty claims is typical…?

A

meditation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

if it is unsuccessful the course of action for disputed homes to go through meditation, disputed claims will go to…..?

A

arbitration

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

short sale

A

is a property that the seller, with the lender’s permission, is selling for less than the seller owes against the property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

acceleration clause

A

maybe in effect once a borrower defaults. this clause allows the lender to make the entire loan amount due immediately.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

real estate owned (REO)

A

is the term for a property owned by a lender because it failed to sell in a foreclosure auction after the borrower defaulted on their mortgage

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

accrued expenses

A

items that the seller owes on the closing day but that will eventually be paid by the buyer and appears in the seller debit column and the buyer’s credit column

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

prepaid expenses

A

are those already paid by the seller but that the buyer should pay a portion of .these items are credited to the seller and debited to the buyer.

40
Q

Convenient of right to convey

A

Grantor has the title to convey

41
Q

Convenient against encumbrances

A

Title has no encumbrances excepted for those specified

42
Q

Survey

A

Shows boundaries and proves no encroachment exist

43
Q

Bargain and sale deed

A

Implied good title but no warranties to protect the grantee

44
Q

A legal description can contain

A

3 primary types of legal description are
Metes and bounds, lot and block and rectangular government survey system

(description of real estate that identifies its precise location, boundaries and any easements for the purpose of a legal transaction, such as a transfer of ownership

45
Q

A testator

A

Person who drafts a will

46
Q

Recording provides

A

Constructive notice

47
Q

Schedule of exceptions

A

The list of items a title insurance policy does not cover

48
Q

Tax relief act of 1997

A

Allows buyers to use retirement funds for closing costs in certain circumstances

49
Q

Tax relief program are available for

A

First time Maryland home buyers

50
Q

What does property taxes pay for?

A

They pay for schools, police, roadways basically everything that keeps a town running

51
Q

For incoming producing residential property, the investor would use the _____ years depreciation schedule

A

27.5

52
Q

For incoming producing COMERSIAL property, the investor would use the ____ year depreciation schedule

A

39 years

53
Q

What forms the boundaries of a township?

A

Township lines and range lines

54
Q

What type of value is of interest to taxing authorities?

A

Assessed value

55
Q

What are the two types of physical depreciation?

A

Curable nad incurable

56
Q

Local authorities lack police power over which of the following?

A

Federal government construction projects

57
Q

When a mortgage is used as a security instrument, who holds the mortgage and the promissory note?

A

The lender hold the mortgage and the note

58
Q

The ____ lients take priority over all other liens

A

HOA

59
Q

Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 states that its purpose, in part, is to require that real estate appraisals used in connection with federally related transactions be performed ______.

A

In writing and in accordance with the uniform standard

60
Q

a valuation is another term for a _______ appraisal

A

Formal appraisal

61
Q

Mortgage value

A

The price of lender believes a property will bring at a foreclosure sale

62
Q

Insured value

A

The cost to replace a destroyed building

63
Q

Investment value

A

Expected rate of return on an investment property

64
Q

Value in use

A

What a property’s Worth to the person using it

65
Q

Assessed value

A

What the local taxing authority thinks it’s worth

66
Q

Market value ( also called fair market value)

A

The price at wish a buyer and seller will agree to under usual market conditions

67
Q

Indirect cost

A

Fees and administrative cost

68
Q

Direct cost

A

Labor and materials

69
Q

Value

A

What the property is worth

70
Q

Price

A

What the seller accepts and the buyer pays

71
Q

Cost

A

What will take to recreate the property

72
Q

Demand

A

How attractive and move in ready is the property, are there more buyers and sellers or more sellers than buyers

73
Q

Utility

A

Low utility = lower demand = downward pressure on value, and vice versa

74
Q

Scarcity

A

Related to the man, and reflects the supply or lack of supply of property

75
Q

Transferability

A

How easily a property can be transferred to another, if a property can be easily transferred, it’s value falls

76
Q

The replacement cost

A

Reflects the cost to build a functionally equivalent improvement

77
Q

The reproduction cost

A

Is the cost to build an exact replica of the subject, with the same materials and deficiencies

78
Q

Physical depreciation

A

Is a loss and value caused by deterioration and physical condition, may be curable or incurable

Wear and tear

79
Q

Functional obsolescence

A

Is a loss and value caused by defects in the sign, such as poor floor plan or A typical or incompetent sizes/types of rooms

80
Q

External depreciation or economic obsolescence

A

Is it loss and value caused by an undesirable or hazardous influence of sight

81
Q

A CMA comparative market analysis determines the ____

A

Appropriate listing price range

82
Q

If a listing reads “cash sell only” it’s likely the home____

A

Can’t be financed because it needs major repairs

83
Q

Appraiser Independence requirements (AIR)

A

to insure that no person applies any pressure on the appraiser to report a value other than the fair market value opinion developed and reported by the appraiser.

84
Q

The uniform standard of professional appraiser practice (USPAP) use 4 steps which are ….

A
  1. State the problem
  2. Identified data needed
  3. gather and analyze data
  4. Determine highest and best use
85
Q

Curable depreciation

A

Refers to an item of physical deterioration or functional options where the cost to cure the item is less than or the same as the anticipated increase in the properties value after the item is cured

Is the cost to correct the condition or defect is less than the amount of value restore

86
Q

The reproduction cost

A

Approach determines the cost to build an exact replica of the property with the same materials and deficiencies

87
Q

The replacement value

A

Approach bases value on the cost to build a functionally equivalent property

88
Q

Incurable depreciation

A

Includes items not practical to correct

89
Q

Capitalization rate or cap rate

A

It’s an annual rate of return from an income producing property. Used by a pricers to estimate value of rent generating properties.

90
Q

Bracketing

A

Refers to selecting properties with features that are inferior, similar, and superior to the subject property to determine a probable range of values for property

91
Q

The principal of regression

A

It’s a decline in value due to the decline in value of neighboring properties

92
Q

The principal substitution

A

A reasonable person will not pay more for a property if a comparable one can be had for less

93
Q

The principal of assemblage

A

The process of combing the parcels

94
Q

The principle of progression

A

The increase in value from increased surrounding property values

95
Q

The principle of anticipation

A

isa method used by an appraiser where the appraiser uses the income approach to determine the value of a property. The appraiser will estimate the present worth of future benefits for the property.

96
Q

Real estate licenses perform comparative Market analysis CMAs to help client ____

A

Make price decision

97
Q

A miner can transfer a title but, such a transfer can only be voidable by….

A

The minor

ahora si es que es (14 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions