real estate 2

Question 1

substitution of a new contract ( debt or obligation) between the same or different parties

Answer 1

specific lien

Question 2

Notice given by recording document in the public records, the law presumes one could know upon diligent investigation

Answer 2

constructive notice

Question 3

a policy insuring the buyer

against loss of tit

Answer 3

title insurance

Question 4

a loan document that places the property as collateral for the loan

Answer 4

deed of trust

Question 5

the borrower, who gives the mortgage

Answer 5

mortgagor

Question 6

used to achieve fairness and uniformity

Answer 6

equalization factor

Question 7

changing the property of a lien, moving a lien from 1st priority to 2nd priority

Answer 7

subordination

Question 8

an agreement where both parties are obligated to perform, such as a purchase agreement “a promise for a promise”

Answer 8

bilateral contract

Question 9

refers for real estate tax assessment, it means “according to value”

Answer 9

ad valorem

Question 10

a type of deed that offers the most protection to the buyer

Answer 10

liquidated damages

Question 11

personal property, aka personalty

Answer 11

chattel

Question 12

interests, benefits and right of ownership

Answer 12

real property

Question 13

the land and all things permanently attached

Answer 13

real estate

Question 14

changing real property to personal property

Answer 14

severance

Question 15

attached to property by a tenant for use in the business

Answer 15

trade fixture

Question 16

the number of ready and willing buyers in a market

Answer 16

demand

Question 17

title held by two or more natural or legal persons such as joint tenancy

Answer 17

co-ownership

Question 18

an easement that “runs with the land” allowing one property owner to use the land of another

Answer 18

appurtenant easement

Question 19

corporate owned building accupied by shareholders

Answer 19

cooperative

Question 20

scarcity, improvements, permanence of investment,

area preference

Answer 20

economic charcteristics off property

Question 21

the examination of public records to determine the chain of title or title defects

Answer 21

title search

Question 22

a legal process in which the property pledged as collateral for the loan is sold to satisfy the debt

Answer 22

foreclosure

Question 23

direct knowledge of facts

Answer 23

actual notice

Question 24

the lender who receives the mortgage

Answer 24

mortgagee

Question 25

a contract that has yet to be fulfilled, such as a purchase AGREEMENT THAT HAS NOT CLOSED

Answer 25

EXECUTORY CONTRACT

Question 26

THE PERSON (SELLER) DELIVERING A DEED TO ANOTHER (BUYER)

Answer 26

VODABLE CONTRACT

Question 27

AN AGREEMENT BETWEEN THE BORROWER AND LENDER THAT PROVIDES SECURITY FOR A DEBT, A THREE PARTY AGREEMENT

Answer 27

DEED OF TRUST

Question 28

THE RIGHT OF A PROPERTY OWNER TO STOP MORTGAGE OR TAX FORECLOSURE BY PAYING THE LIEN OR TAXES,, PLUS COSTS AND INTEREST

Answer 28

REDEMPTION

Question 29

ILLEGAL POSSESSION OF ANOTHER,S LAND WHICH MAY LEAD TO ACQUIRING TITLE

Answer 29

ADVRSE POSSESSION

Question 30

WHEN THE PURCHASER POSSESSION, ALSO KNOWN AS AN INSTALLMENT LAND CONTRACT FOR DEED

Answer 30

LAND CONTRACT

Question 31

A LOAN CHARGE THAT HAS THE EFFECT OF INCREASING THE LENDERS YIELD, ONE DISCOUNT POINT INCREASES YIELD BY 1/8TH OF 1 %

Answer 31

DISCOUNT POINT

Question 32

THE ACT OF PLACING A DOCUMENT IN THE PUBLIC RECORD

Answer 32

RECORDING

Question 33

A CLAUSE IN A MORTGAGE OR DEED OF TRUST THAT REQUIRES THE LENDER TO RECORD A RELEASE OF LIEN UPON REPAYMENT OF THE LOAN

Answer 33

DEFEASANCE CLAUSEA

Question 34

CLAUSE IN A DEED WHEREBY THE SELLER PROMISES TO DEFEND THE BUYER,S CLAIM OF TITLE

Answer 34

QUIET ENJOYMENT

Question 35

REAL PROPERTY TRANFERRED THROUGHT A WILL

Answer 35

DEVISE

Question 36

A PERSONAL JUDGMENT AGAINST THE BORROWER WHEN THE FORECLOSURE SALE DOES NOT PRODUCE ENOUGHT MONEY TO FULLY PAY THR DEBT

Answer 36

DEFICIENCY JUDMENT

Question 37

A RECORD OF SUCCESSIVE TRANSFERS OF TITLE FROM ONE OWNER TO THE NEXT CONTINUING FROM THE BEGINNING TO THE LAST CONVEYANCE

Answer 37

CHAIN OF TITLE

Question 38

AN AGREEMENT BETWEEN THE BORROWER AND THE LENDER PLEDGING REAL ESTATE AS SECURITY FOR A LOAN

Answer 38

MORTGAGE

Question 39

A CLAUSE IN AMORTGAGE OR DEED OF TRUST THAT REQUIRE THE ENTIRE BALANCE BE PAID IF THE BUYER TRANSFERS OWNERSHIP OF THE PROPERTY

Answer 39

ALIENATION CLAUSE

Question 40

THE RIGHT TO OR OWNERSHIP OF PROPERTY

Answer 40

TITLE

Question 41

A TAX ON THE TRANSFER OF PROPERTY, USUALLY REQUIRE STAMPS TO BE AFFIXED TO THE DEED

Answer 41

TRANSFER TAX

Question 42

WHEN A DEFAULTING BORROWER PAYS THE LATE PAYMENT AND FEES BEFORE THE FORECLOSRE SALE, REINSTATING LOAN

Answer 42

EQUITABLE REDEMPTION

Question 43

UREQUIRES A FINANCING STATEMEN AND SECURITY INTRUMENT WHEN PERSONAL PROPERTY IS USED AS SECURITY FOR A LOAN

Answer 43

UNIFORM COMMERCIAL CODE

Question 44

WHEN A PERSON DIES WITHOUT A WILL, PROPERTY WILL PASS TO HEIRS ACCORDING TO STATE LAW

Answer 44

INESTATE

Question 45

THE "TO HAVE AND TO HOLD " CLAUSE IN A DEED, DESCRIBING THE TYPE OF OWNERSHIP OF THE BUYER

Answer 45

HABENDUM CLAUSE

Question 46

THE PLEDGING OF REAL PROPERTY AS COLLATERAL FOR A LOAN, USUALLY THROUGH A MORTGAGE OR DEED OF TRUST

Answer 46

HYPOTHECATIONA

Question 47

A DEED THAT OFFERS NO WARRANTIES OR PROMISES TO THE BUYER AND TRANSFERS WHATEVER OWNERSHIP THE SELLER POSSESSES

Answer 47

QUITCLAIM DEED

Question 48

A LEGAL PROCESS WHERE A COURT WILL DETERMINE THE VALIDITY OF ANY WILL, THE ASSETS OF ESTATE, AND WHO WILL INHERITS PROPERTY

Answer 48

PROBATE

Question 49

A CLAUSE IN A MORTGAGE OR DEED OFTRUST THAT PERMITS THE LENDER TO REQUIRE THE ENTIRE BALANCE BE PAID UPON A BUYER DEFAULT

Answer 49

ACCELERATION CLAUSE

Question 50

EVIDENCE OF THE DEBT, THIS LOAN DOCUMENT STATES THE TERMS OF REPAYMENT, A NOTE MAY BE SOLD

Answer 50

PROMISSORY NOTE