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B law > Chapter 17 > Flashcards

Chapter 17 Flashcards

(74 cards)

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1
Q

What does real estate include ?

A 
Land
Minerals
Vegetation
Building
And items permanently attached to the land
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2
Q

3 other names that refer to real estate

A

Realty
Real property
Land

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3
Q

2 common ways to sell land

A

Sale by owner

Sale through a realtor

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4
Q

Agreement authorizing a realtor to be the sellers agent for the purpose of soliciting offers in real estate

A

Listing agreement

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5
Q

Does a realtor have power to sign contract for the seller ?

A

No

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6
Q

What is a multi list agreement

A

Allows for other realtors in the community to show and entertain offers on the land

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7
Q

Standard form contract realtors request to be the only one who can sell the land

A

Exclusive listing agreements

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8
Q

Under an exclusive listing agreement, if your realtor can’t find a buyer but your cousin works out a price with you and she buys the home who will receive the full commission ?

A

The real estate agent

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9
Q

a realtor finds a buyer, but you change your mind about moving because your job offer fell through. If the realtor sues you who will win?

A

The realtor because they fulfilled the Duty to produce a buyer ready , willing and able to buy at the asking price

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10
Q

2 types of real estate contracts

A

Cash in closing

Installment land contract (contract for deed)

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11
Q

Entire purchase price is paid prior to transfer of position sand seller immediately gives the buyer the deed

A

Cash on closing

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12
Q

The seller finances the purchase and retains the title and deed until consideration is paid in full

Cash in closing
Installment land contract

A

Installment land contract / contrsct for deed

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13
Q

Contrsct for deed strongly favors the _____

Buyer
Seller

A

Seller

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14
Q

Document which transfers title to the land

A

Deed

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15
Q

Person who transfers title by deed

A

Grantor

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16
Q

Person who received a deed and title to the real estate

A

Grantee

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17
Q

3 types of deeds

A

Warranty deed
Quitclaim deed
Deed of release

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18
Q

________ is a deed under which the grantor guarantees that the title is good

A

Warranty deed

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19
Q

Deed under which the grantor transfers ownership interest the grantor has without any warranty of title

A

Quitclaim deed

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20
Q

Which deed is much preferable to the buyer of the property

Warranty deed
Quitclaim deed
Deed of release

A

Warranty deed

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21
Q

Almost all property is transferred through what deed

A

Warranty deed

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22
Q

Under a ________ , each co owners share will go to his or her heirs in the event of that co owners death

A

Tenancy in common

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23
Q

What parties take title to real estate as tenents in common?

Related
Unrelated

A

Unrelated

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24
Q

Under _______, there is a right of survivorship in which each co owners share will go to the other co owner

A

Joint tenancy

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25
Joint tenancy is most common among people who are Related Unrelated
Related
26
A tenancy by entireties is only available for
Spouses
27
Form of ownership which protects the land from creditors of only one of the spouses Surviving spouse will take ownership in event of a death
Tenancy by entireties
28
Grantor specifies who the property will go to in the event of the grantee death
Transfer on death provision
29
What does TOD provision stand for
Transfer on death
30
Can transfer on death provision be used for transferring tangible personal property like cars?
Yes
31
What is POD provision
Pay on death provision
32
What can be used to transfer title to monetary items like bank accounts upon the death of the owner Transfer on death Pay in death
POD
33
Transfers the entirety of the ownership of the land to another parry B
Fee simple absolute
34
Transfers the entire ownership interest in the land but subject to a condition
A fee simple defeasible
35
If you transfer land to charity so long as it is used for charitable purpose is an example of Fee simple absolute transfer A fee simple defeasible transfer
Fee simple defeasible
36
Permanent right to use a portion of another's land without owning it
Easement
37
Is a easement permanent or temporary ?
Permanent
38
What is a license in context of real estate ?
Temporary, revocable right to use land
39
An example of a license is a
Concert ticket , gives you temporary right to use land
40
Rights to entree the land of another and remove something of value from it
Profits
41
2 examples of profits
Mineral right | Timber rights
42
Gives a lender the right to foreclose in land if an obligation is breached
Mortgages
43
Gives the holder the right to exclusive possession of land for a term based upon someone's life span
Life estate
44
I am a tenant in your property until my death under a
Life estate
45
Can a life estate be based on anyone's life , even someone who has no interest in the transaction ?
Yes
46
2 ways to assure good title
1. Purchase title insurance | 2. Have a abstract of title examined by a lawyer
47
What is the most common way buyers assure good titles
Purchasing title insurance
48
What is one of the key importance to the buyer of real estate
Financing the real estate
49
When a borrower signs a mortgage over to the lender, the lender received title and possession to the property until the Law Day
Title theory of mortgages
50
Today we follow the ___ theory of mortgages Title Lien
Lien
51
Under the ____ theory of mortgages, a motrsgrge gives the lender the right to foreclose and sell the property in the event of a default on the loan, but the borrower retains title and possession of the real estate
Lien
52
In a mortgage transaction, the _____ is the borrower who transfers the mortgage
Mortgagor
53
Lender who holds the mortgage
Mortgage
54
Lien on real estate where the holder personally exercises foreclosure rights
Mortgage
55
A mortgage is a lien on real estate where the _________ personally exercises foreclosure rights
Mortgagee
56
Lien on real estate where a third party holds the lien in his or her name and exercised for closure rights on behalf of the holder
Deed of trust
57
For a mortgage or deed of trust to be valid (3)
Signed Notarized Delivered
58
Mortgage used to secure some type of line of credit
Open end mortgage
59
Mortgage that is lower in priority and usually later in time than the original mortgage on the property B
Second mortgage
60
Allows lender to declare that rhe entire loan balance is due if there is a default in the payment on the loan
Acceleration clause
61
T or F. Paying back payments remedies default.
False
62
After acceleration the borrower must pay _____ to avoid foreclosure
The entire balance
63
Allows the holder of the mortgage to accelerate the balance due if any interest in the land is sold
Due on sale clause
64
Allows the mortgage to have a private foreclosure sale
Power of sale clause
65
3 basic rights of the mortgage holder
1. Declaration that the entire balance is due 2. Hold a private or judicial foreclosure 3 right to seek a deficiency judgement
66
Court order requiring the borrower to pay the amount still due after a foreclohrse sale
Deficiency judgement
67
Debtor rights during foreclosure process
Statutory notice of the foreclosure sale | Redemption (equity and statutory )
68
2 types of redemptions for debtors in foreclosure sale
Equity of redemption | Statutory redemption
69
_____ redemption gives mortgagor the right to repurchase the real estate by paying the entire balance due prior to foreclosure
Equity
70
_______ redemption allows mortgagor to repurchase the foreclosed property shyer the foreclosure sale
Statutory
71
_____ statue provides that the first to record a mortgage or deed wit the recorder of deeds has priority to real estate
Race
72
Under ______statute one who has notice of another's interest prior to receiving an interest in the land cannot defeat the others interest
Notice
73
Under _______ statute, the first to record after taking an interest in the land without notice of another's interest has top priority to the Kane
Race notice statute
74
What statute does Missouri have Race Notice Race notice
Race notice

B law (4 decks)

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