Transfer and Closing Flashcards Preview

RE Licensing Exam - Terms Study > Transfer and Closing > Flashcards

Flashcards in Transfer and Closing Deck (48)
Loading flashcards...
1
Q

Execution

A

Completion of an act or process

2
Q

Principal

A

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

3
Q

Impound Accout

A

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

4
Q

Abstract of Title

A

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

5
Q

Escrow Instructions

A

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

6
Q

Marketable Title

A

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

7
Q

Good and Indefeasible Title

A

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

8
Q

Beneficiary Statement

A

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

9
Q

Will

A

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

10
Q

Actual Notice

A

Notice given by possession of property

11
Q

ALTA Policy

A

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

12
Q

Grantee

A

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

13
Q

Love and Affection

A

The consideration used in a gift deed

14
Q

Warranty Deed

A

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

15
Q

Quitclaim Deed

A

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

16
Q

Guarantee of Title

A

An assurance of clear title

17
Q

Closing Disclosure

A

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

18
Q

Sheriff’s Deed

A

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

19
Q

Title Insurance

A

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

20
Q

Gift Deed

A

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

21
Q

Closing

A

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

22
Q

Extended Title Policy

A

An extended title insurance policy

23
Q

Vesting

A

The way title will be taken

24
Q

Codicil

A

A change in a will before the maker’s death

25
Q

Holographic Will

A

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

26
Q

Administrator/Administratrix

A

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

27
Q

Escrow

A

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

28
Q

Grantor

A

The person conveying or transferring the property

29
Q

Intestate

A

Dying without leaving a will

30
Q

Devise

A

A gift of real property by will

31
Q

Legacy

A

A gift of personal property by will (see bequest)

32
Q

Standard Policy

A

A policy of title insurance covering only matters of record

33
Q

Escrow Holder

A

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

34
Q

Title Commitment

A

A contract to issue a title insurance policy

35
Q

Chain of Title

A

A chronological history of a property’s ownership

36
Q

Settlement Statement

A

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

37
Q

Executor/Executrix

A

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

38
Q

Preliminary Title Report

A

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

39
Q

Title Plant

A

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

40
Q

Proration

A

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

41
Q

Constructive Notice

A

Public notice given by recording a document with the county recorder

42
Q

Witnessed Will

A

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

43
Q

Testaor/Textatrix

A

A person who has made a will

44
Q

Acknowledgement

A

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

45
Q

Title

A

Evidence of ownership of land

46
Q

Recording

A

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

47
Q

Public Grant

A

The transfer of title by the government to a private individual

48
Q

Bequest

A

A gift of personal property by will (see legacy)