Transfer And Closing

Question 1

Chain of Title

Answer 1

A chronological history of a property’s ownership

Question 2

Legacy

Answer 2

A gift of personal property by will (see bequest)

Question 3

Testator/Textatrix

Answer 3

A person who has made a will

Question 4

Closing

Answer 4

The act of finalizing the transaction in which the deed is delivered to the buyer, the title is transferred, and all costs are paid

Question 5

Preliminary Title Report

Answer 5

An offer to issue a policy of title insurance in the future for a specific fee

Question 6

Administrator/Administratix

Answer 6

A person appointed by the court to handle the affairs of a deceased person when there is no one mentioned in the will 

Question 7

Guarantee of Title

Answer 7

An assurance of clear title

Question 8

Constructive Notice

Answer 8

Public notice given by recording a document with the county recorder

Question 9

Holographic Will

Answer 9

Written in the maker’s own handwriting, dated, and signed by the maker

Question 10

Extended Title Policy

Answer 10

An extended title insurance policy

Question 11

Grantor

Answer 11

The person conveying or transferring the property

Question 12

Title Plant

Answer 12

The storage facility of a title company which holds and stores the complete title records of properties in its area

Question 13

Will

Answer 13

A written instrument by which a person makes a disposition of his or her property to take affect after his or her death

Question 14

Intestate

Answer 14

Dying without leaving a will

Question 15

Settlement Statement

Answer 15

A complete breakdown of all cash received, all charges and credits made, and all costs involved in the transaction

Question 16

Principal

Answer 16

Someone who directs or authorizes another to act in his or her place in regard to relations with third persons; buyer or seller

Question 17

Vesting

Answer 17

The way title will be taken

Question 18

Proration

Answer 18

The division and distribution of expenses and/or income between the buyer and seller of property as of the date of closing or settlement

Question 19

Sheriff’s Deed

Answer 19

A deed given to a buyer when property is sold through court action in order to satisfy a judgment for money or foreclosure of a mortgage

Question 20

Gift Deed

Answer 20

Used to make a Gift of property to a grantee who is usually a close friend or relative

Question 21

Closing Disclosure

Answer 21

Settlement statement created by the consumer financial protection bureau that must be used for any conventional residential mortgage loans that will be sold to Fannie Mae or Freddie Mac, or that are subject to RESPA

Question 22

Standard Policy

Answer 22

A policy of title insurance covering only matters of record

Question 23

Execution

Answer 23

Completion of an act or process

Question 24

Recording

Answer 24

The act of filing written documents affecting the title to real property with the county recorder

Question 25

Marketable Title

Answer 25

Good or clear salable title reasonably free from risk of litigation over possible defects

Question 26

Beneficiary Statement

Answer 26

A statement of the unpaid balance of a loan and the condition of the debt

Question 27

Acknowledgement

Answer 27

A signed statement, made before a notary public by a named person; confirming the signature on a document and that it was made of free will

Question 28

Escrow

Answer 28

The deposit of funds or documents with a neutral third-party who is instructed to carry out the provisions of an agreement

Question 29

Quitclaim Deed

Answer 29

Transfer any interest the grantor may have at the time the deed is signed with no warranties of clear title

Question 30

ALTA Policy

Answer 30

American Land Title Association policy of extended title insurance policy; can be purchased by lender or buyer

Question 31

Title

Answer 31

Evidence of ownership of land

Question 32

Good and Indefeasible Title

Answer 32

Title that cannot be defeated, set aside, or made void by a superior claim

Question 33

Escrow Instructions

Answer 33

Written directions, signed by a buyer and seller, detailing the procedures necessary to close a transaction and directs the escrow agent in how to proceed

Question 34

Public Grant

Answer 34

The transfer of title by the government to a private individual

Question 35

Grantee

Answer 35

The person receiving the property or to whom it is being conveyed

Question 36

Actual Notice

Answer 36

Notice given by possession of property

Question 37

Love and Affection

Answer 37

The consideration used in a gift deed

Question 38

Impound Account

Answer 38

A trust account set up for funds set aside for future, recurring cost relating to a property

Question 39

Devise

Answer 39

A gift of real property by will

Question 40

Codicil

Answer 40

A change in a will before the maker’s death

Question 41

Warranty Deed

Answer 41

A deed used to transfer title to property, guaranteeing that the title is clear and the grantor has the right to transfer it; no longer used in California

Question 42

Title Commitment

Answer 42

A contract to issue a title insurance policy

Question 43

Abstract of Title

Answer 43

A full summary of all consecutive grants, conveyances, wills, records and judicial proceedings affecting title to a specific parcel of real estate

Question 44

Escrow Holder

Answer 44

An independent third party that acts as a neutral agent of both buyer and seller

Question 45

Bequest

Answer 45

A gift of personal property by will

Question 46

Title Insurance

Answer 46

An insurance policy that protects the insured against loss or damage due to defects in the property’s title

Question 47

Witnessed Will

Answer 47

One prepared by an attorney, that is typed and signed by the laker and two witnesses

Question 48

Executor/Executrix

Answer 48

A person named in the will to handle the affairs of a deceased person