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)
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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.

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