Chapter 21: Public Records, Titles And Closings. Key Terms Part 1 Flashcards Preview

Real estate license study > Chapter 21: Public Records, Titles And Closings. Key Terms Part 1 > Flashcards

Flashcards in Chapter 21: Public Records, Titles And Closings. Key Terms Part 1 Deck (21)
Loading flashcards...
1
Q

Abstract of title

A

A condensed history of all documents affecting a parcel of real estate.

2
Q

Actual notice

A

Constructive notice, or what a buyer could find out.
The information one actually knows.
Direct knowledge.

3
Q

Affidavit

A

A sworn statement

4
Q

Arrears

A

After the end of period for which the payment is due…..payment after the service has been rendered.

5
Q

Attorneys opinion of title

A

A lawyer’s statement after studying and abstract.

6
Q

Caveat emptor

A

Let the buyer beware.

7
Q

Chain of title

A

A title traced from each owner of the following one and so on.

8
Q

Closing statement

A

An account of debits and credits is for each party.

9
Q

Constructive notice

A

Notice given to the world by recorded documents. Occupation of property is also considered as giving constructive service.

10
Q

Credit

A

The money due and payable to one party at closing.

11
Q

Debit

A

The money to be paid by one party at closing.

12
Q

Escrow closing

A

A closing handled by a neutral third-party. This is rarely done in New Jersey.

13
Q

Evidence of title

A

Abstract, lawyer’s opinion, Torrance certificate, or title insurance.

14
Q

Marketable title

A

A good or a clear title reasonably free from defects.

15
Q

Proration

A

Expenses either prepaid or paid in arrears that are divided or distributed between buyer and seller at the closing. A corrective distribution of future expenses.

16
Q

Public records

A

A counties collection of documents relating to real estate.

17
Q

Real estate settlement procedures act (RESPA)

A

The federal law regulating real estate closings. This law ensures that buyer and seller receive / have knowledge of all settlement costs (an accounting).

Administered by the consumer financial protection Bureau (CFPB)

2016 the parties have 10 days to review.

18
Q

Realty transfer fee

A

The tax to the state of New Jersey at closing

19
Q

Suit to quiet title

A

The court action to remove cloud on title. Cloud on title means an outstanding claim or encumbrance that if valid effects or impairs the owners title.

20
Q

Title insurance policy

A

A title companies guarantee of clear title.

21
Q

Uniform settlement statement

A

The standard HUD – 1, required to be furnished by RESPA for buyer and seller. Used to detail the financial particular’s of a transaction.

Decks in Real estate license study Class (32):